Century Properties Achieves P2-Billion Preferred Share Milestone

In a significant financial development, Century Properties Group Inc. (CPG), under the leadership of the Antonio family, has successfully closed a preferred share offering valued at P2 billion. This strategic move provides CPG with additional financial leverage, enhancing its capacity for further growth and expansion. The newly issued shares, characterized by their perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible nature, made their debut on the Philippine Stock Exchange last Thursday.

As a prominent developer recognized for prestigious projects such as the Trump Tower Philippines and various high-end residential towers, Century Properties has been actively diversifying into the more affordable housing segment. The favorable market response to the share offer enabled CPG to set dividend rates at a competitive 7.5432 percent, considered advantageous amidst the backdrop of declining benchmark interest rates and diminishing inflationary pressures.

CPG’s leadership expressed profound gratitude towards the investment community, including institutional and retail investors, transaction partners, and other stakeholders, for their solid trust and support. Marco R. Antonio, the company’s President and CEO, highlighted the pivotal role of this financial endeavor in reinforcing CPG’s commitment to judicious fiscal management and sustained growth initiatives.

The capital raised from this offering is earmarked for bolstering the company’s expansion projects, particularly in the domain of affordable housing—a sector Century Properties is keenly focusing on through its subsidiary, PHirst Park Homes Inc. This strategic pivot is further evidenced by the acquisition of Mitsubishi’s 40% stake in PHirst Park Homes, making it a fully owned subsidiary and underlining CPG’s ambitions in affordable housing.

Furthermore, CPG has unveiled several projects slated for the first half of the year, including a mid-rise residential development at Azure North in San Fernando, Pampanga, signaling a robust start to 2024. The company’s financial performance remains strong, with a reported profit of P1.3 billion for the first nine months of 2023, marking a 13 percent increase from the previous year and capturing 88 percent of its pre-pandemic profit levels in 2019.