Affordable housing venture boosts Century Properties’ 9-month income

The Antonio family’s Century Properties Group Inc. booked profit growth in the first nine months of the year on strong sales in affordable housing.

The developer said in a statement that net income from January to September rose 6 percent to P1.1 billion while total revenues jumped 35 percent to P8.75 billion.

“The acceleration of business activity as the Philippine economy reopened allowed the company to generate higher earnings during the nine-month period,” Century Properties chief finance officer Ponciano S. Carreon Jr. said in a statement on Tuesday.

“The demand for our residential projects, especially for affordable housing in key growth areas outside of Metro Manila remained strong despite rising inflation and interest rates,” he added.

Century Properties builds affordable homes via PHirst Park Homes Inc., its venture with Japan’s Mitsubishi Corp.

The venture contributed P4.17 billion or 48 percent of total revenues.

The developer launched PHirst Park Homes Naic in Cavite last March and PHirst Park Homes Balanga, in Bataan in April. Another project would rise in central Luzon within the year.

“With 12 affordable housing projects already launched, [PHirst Park] is fast approaching its target of launching a total of 15 projects by 2023,” according to Century Properties.

Century Properties said it wanted to serve even broader and more affordable segment due to strong demand for housing.

“This strategy allows us to address demand coming from a demographic of the first homebuyers market that has a broad range of purchasing power,” Century Properties president and chief operating officer Marco R. Antonio said.

“While we are steadfast in our pursuit of growth, we are doing so with projects that carry less risk but with faster development periods,” he added.