PHirst segment buoys Century Properties income

First-time homebuyers helped lift the nine-month profit of Antonio family-led Century Properties Group Inc. (CPG) by 38 percent to P1.8 billion, with the real estate developer eyeing more locations outside Metro Manila amid high demand in the provinces.

In a stock exchange filing on Thursday, CPG said revenues during the period jumped by 11 percent to P10.8 billion on robust sales in its first-home residential development (PHirst) segment.

This segment, which mainly caters to first-time homebuyers, contributed P6.9 billion, or 64 percent, to the group’s total revenues.

Bigger footprint

Meanwhile, the premium segment accounted for 24 percent, or P2.6 billion. The commercial leasing and property management segments pitched in the remaining 13 percent, or P1.4 billion.

Earnings before interest, taxes, depreciation and amortization soared by 31 percent to P3.4 billion, mainly due to contributions from the PHirst platform.

“We attribute [CPG’s] strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” CPG chief finance officer Ponciano Carreon Jr. said in a statement.

CPG’s major projects include the mixed-use Century City Makati and mid-income and affordable housing projects under the PHirst brand.

In July, CPG unveiled its massive P110-billion expansion plan for PHirst in the next five years spanning 35 new projects with around 50,000 units.