The Philippine real estate firm Century Properties Group’s horizontal affordable housing business unit, a joint venture with Mitsubishi Corporation, continues to defy uncertainties brought by the COVID-19 pandemic as it contributes Php1.75 billion or 39% of the group’s consolidated revenues of Php4.43 billion for the first half of the year.
This is 89% higher than its Php926 million contribution in the same period last year and was driven by a strong sales take-up from continued project launches, sustained collections, and on-target construction.
CPG’s consolidated revenue was 2% lower year on year while net income for the period was Php457 million, or 16% lower than the same period last year.
Contribution of in-city vertical projects to the group’s total revenues was down to 47% compared to 68% in the same period last year, while leasing business contributed 9%, up from last year’s 8%. The lower recognized revenue was an expected outcome of the management’s phasing of capital expenditure deployment to cushion the pandemic’s impact.
“Our horizontal affordable housing business remains resilient as it continues to serve the robust demand for affordable housing through our various projects strategically located outside Metro Manila. However, the impact of restrictions and uncertainties are still weighing down the group’s in-city vertical projects as sales, collections and construction activities continue to be slower than the desired velocity. Likewise, the softening of the leasing market has limited the group’s ability to fully realize the portfolio’s potential for now,” said Chief Finance Officer Ponciano S. Carreon, Jr.
“We will continue with our strategy of keeping a healthy level of liquidity and strong balance sheet, and biased investment allocation in favor of resilient and market driven products,” Carreon further said.
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The company’s debt to equity ratio remained low at just 0.9X while current ratio is high at 2.3X.
PHirst Park Homes, CPG’s first homebuyer brand just launched its eighth development in General Trias, Cavite in July, with two more projects to be rolled out in South Luzon and one project in North Luzon within the second half of this year.
PHirst Park Homes posted reservation sales of P4.38 billion for the first half of 2021, 38% higher than P3.17 billion in the same period last year. In terms of units, reservation sales reached 2,327 or 28% more than 1,819 units in the comparative period. Total collections for the first half of 2021 hit P2.02 billion, a 172% increase over P744 million in the same period last year.