Century Properties ‘cautiously optimistic’ for next year

LISTED property developer Century Properties Group, Inc. (CPG) expects to perform better in 2024, said its top official who remains cautious despite his optimism for the year ahead.

“Our outlook [for next year] is actually cautiously optimistic. There are many reasons why we believe it’s going to be a good year. Our affordable housing business is growing very rapidly. As you are probably aware, we’ve launched many projects,” CPG President and Chief Executive Officer Marco R. Antonio said in a media briefing last week.

“I think overall, 2024 should be a banner year for the company,” he said, describing the coming year as “better than this year.” 

From January to September, CPG logged a 13% increase in its net income to P1.3 billion while its revenues climbed by 10% to P9.7 billion.

“2023 is proving to be a very strong year for the company… We’re already reaching our pre-pandemic levels,” Mr. Antonio said. 

According to Mr. Antonio, the company’s commercial leasing business has been performing “above market” in terms of occupancy rates. 

“For commercial leasing, it is kind of a mixed bag,” he said, citing the challenges faced by the office sector such as the pandemic, the contraction of the Philippine offshore gaming operators or POGO market, and work-from-home arrangements. 

“With that said, I think our properties are performing above market in terms of both occupancies,” Mr. Antonio said.

“We don’t plan any new speculative office developments in the near future. We’re focusing our efforts into really filling up all of our current office and retail spaces,” he added.

On CPG’s retail business, Mr. Antonio said the company is looking at driving occupancy in retail spaces.

“I think there’s a lot to be excited about in retail. But specifically for Century City Mall, we’ve seen already the positive inflection point where we’ve been able to drive up the occupancy for the mall significantly this year, which we plan to continue next year,” Mr. Antonio said.

Based on its website, CPG’s office and retail spaces include Century City Mall, Century Diamond Tower, Century Spire Offices, and Asian Century Center BGC.

The company is also engaged in residential projects, hospitality projects, mid-income and affordable housing, and property management.

Shares of CPG at the local bourse were last traded on Nov. 24 at 30 centavos apiece. — Revin Mikhael D. Ochave