MANILA — Century Properties Group Inc said on Wednesday it would acquire shares of Mitsubishi Corp in the affordable housing PHirst Park Homes Inc and Tanza Properties, Inc. (TPI).
Mitsibushi Corp redirects its focus to other market opportunities in the Philippines and the Asian Region, Century Properties said in a disclosure to the stock exchange.
Century Properties said it would fully own the affordable housing company after acquiring an additional 40 percent stake.
“This acquisition is part of the group’s strategic move to consolidate interests in the business segment where the market is robust, allowing us to create more value for our stakeholders, contribute more to serving the needs of our fellow Filipinos for decent, quality and affordable first homes while helping address the huge housing backlog that the administration is working on,” CPG Executive Chairman and Amb. Jose
E.B. Antonio said.
PPHI was launched in 2017. It aims to launch 15 projects by 2023 which it set out to do with Mitsubishi Corp 5 years ago, Century Properties said.
“The great outcome that we initially projected to achieve in 10 years’ time
has been substantially realized within 5 years. As MC has already achieved its optimal goal for this particular investment, we believe that it is the ideal opportunity to pursue new seeds of growth in other emerging
markets both in the Philippines and the Asian region," Mitsubishi Corporation’s Executive Vice President and Group CEO for Urban Development Group Takuya Kuga said.
Century Properties announced in 2022 it would venture into socialized and economic housing as well as mid-income residential markets under Century PHirst Corp.
“Century Properties is committed to meeting the housing needs of first-time homebuyers and will continue to explore opportunities to expand its portfolio,” CPG President and Chief Executive Officer Marco R. Antonio said.