MANILA - Century Properties Group Inc said Wednesday it was eyeing a longer and broader partnership with Mitsubishi Corp through their joint venture PHirst Park Homes Inc (PPHI) to build more residential and non-residential projects.
Mitsubishi's international experience as among the most prominent Japanese businesses "will further add to the combined group's experience and business strategies," Century Properties executive chairman Jose Antonio said in a disclosure to the stock exchange.
PPHI offers affordable housing, among others.
Century Properties said the company aims to address the country's backlog in the affordable housing market.
"Our team would like to work hard with you and make sure to go into the new growth stage," Mitsubishi Corp COO for Urban Development Naoshi Ogikubo said.
The joint venture PPHI contributed P1.75 billion to Century Properties' consolidated revenues of P4.43 billion for the first half of 2021.
For the first 9 months, its total contribution to the consolidated revenues of Century Properties is at P2.76 billion, it said.