Century Properties upbeat about 2024

REAL estate firm Century Properties Group Inc. (CPG) is optimistic that 2024 will be a better year due to continued improvements across its business segments.

“Our outlook is actually cautiously optimistic,” CPG President and Chief Executive Officer Marco Antonio told reporters last week.

“I think overall, 2024 should be a banner year for the company. Well, banner in terms of, like, better than this year,” he added.

Antonio said CPG’s housing business was continuing to “grow rapidly,” noting that the company was planning to boost its geographical footprint with the target launch of its first project in the Visayas by the first quarter of 2024.

Developing new office spaces in the near term is not a priority, he continued, as CPG’s business strategy is focused on ramping up efforts to fill all existing office and retail spaces.

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“With that said, I think our properties are performing above market in terms of both occupancies,” Antonio said, emphasizing that CPG was also planning to drive up mall occupancy next year.

The real estate company, which recently launched its first hospitality venture, posted a consolidated net income of P1.3 billion in the first nine months of 2023, up 13 percent from last year’s P1.1 billion.

Consolidated revenues in the first three quarters rose 10 percent to P9.7 billion from P8.7 billion a year earlier due to higher contributions from its first-home residential development segment.

CPG shares slipped by 1.64 percent to 30 centavos apiece last Friday.