Listed property developer Century Properties Group Inc. (CPG) is interested in developing affordable housing, but would prefer to see where the Duterte administration stands when it comes to the economic housing market.
“We are keen on the economic housing segment of the market, but are still interested to see what the official position of the incoming administration will be with regards to housing,” CPG chairman Jose E.B. Antonio said in a statement.
Going into affordable housing is in line with the company’s Century 2020 blueprint, which includes diversifying its product.
Last year, CPG said it plans to venture into the horizontal development market also a part of its Century 2020 blueprint.
“We are in the process of diversifying into allied real estate segments to further strengthen our portfolio,” Antonio said. “We will continue our vertical developments and investment properties businesses, but will soon venture into horizontal developments for first time home buyers and leisure and tourism development estates.” Antonio said.
Under the Century 2020 plan, Antonio noted that P12 billion will be used to fund the horizontal development of 20,000 homes, while P10 billion will be earmarked for investment properties and P5 billion for vertical, leisure, and tourism developments.
The horizontal developments will be in Cavite, Laguna, and Batangas.
In a separate interview on Friday, CPG investor relations head Kristina Garcia told reporters the company is still in the process of launching projects.
“The company has projects in the pipeline, but they are timing market launches to match opportunities and needs,” Garcia said.
Garcia attributed the lower net income and revenue posted in the first quarter of the year to the fewer number of projects launched by the company.
In the first three months of the year, CPG posted a net income drop of 33.3 percent at P313 million from P469.3 million a year earlier. Gross revenue declined by 36.53 percent at P1.95 billion from P3.07 billion.