Century Properties

Last updated
Century Properties Group, Inc.
Company type Real Estate Developer
(Public)
(PSE: CPG)
Industry Property
Founded Manila, Philippines (1986)
Headquarters21st Floor, Pacific Star Building, Sen. Gil Puyat Avenue corner Makati Avenue, Makati, Philippines
Key people
  • Ricardo Cuerva
  • Rafael G. Yaptinchay
  • Mrs. Hilda R. Antonio
  • Ambassador Jose L. Cuisia, Jr. (Independent Director)
  • Stephen T. Cuunjieng (Independent Director)
  • Carlos C. Ejercito (Independent Director)
RevenuePHP 14.32 billionIncrease2.svg (2019) [1]
PHP 1.48 billionIncrease2.svg (2019) [1]
Number of employees
2,171 (2019)
Website www.century-properties.com

Century Properties Group is a real estate company involved in real estate development, marketing, and property management services. As a company it started operations in 1986 and was listed on the Philippine Stock Exchange under the ticker CPG:PM in 2012. More recently, through a business expansion program into allied sectors of real estate, CPG has diversified from being primarily engaged in in-city vertical residential developments (under its subsidiaries Century City Development Corporation and Century Limitless Corporation) to horizontal affordable housing (through PHirst Park Homes, Inc.) in key growth cities outside Metro Manila and the commercial leasing of retail and office spaces.

Contents

As of December 31, 2020, the company has completed 32 projects, which include the following: 28 residential buildings, consisting of 15,563 units with a total gross floor area (GFA) of 1,239,375 sq.m. (inclusive of parking); a retail commercial building with gross leasable area (“GLA”) of 26,919 sq.m. (inclusive of parking); a medical office building with GLA of 45,103 sq.m. (inclusive of parking); and two (2) office buildings with GLA of 31,952 sq.m. (inclusive of parking) and 63,101 sq.m. (inclusive of parking), respectively.

In addition, the company has completed a total of 1,536 homes under its affordable housing company, PHirst Park Homes, Inc (PPHI), which it co-owns with joint-venture partner Mitsubishi Corporation.

These completions are in addition to the 19 buildings totaling 4,128 units and 548,262 sq.m. of GFA that were completed prior to 2010 by the founding principals’ prior development companies, the Meridien Group of Companies (“Meridien”). Noteworthy developments under Meridien are the Essensa East Forbes and South of Market in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas, Le Triomphe, Le Domaine and Le Metropole in Makati City.

The company, through subsidiary Century Properties Management, Inc., (“CPMI”) also engages in a wide range of property management services, from facilities management and auction services, to lease and secondary sales. Through CPMI, the company endeavors to ensure the properties it manages maintain and improve their asset value, and are safe and secure. CPMI manages 52 projects covering 66 buildings of December 31, 2020 with 3.58 million sq.m of GFA under management. Of the total, 73% of the projects CPMI manages were developed by third-parties. Notable third-party developed projects under management include the One Corporate Centre and One San Miguel Avenue Condominium in Ortigas, BPI Makati Offices and Pacific Star Building in Makati City and Philippine National Bank Financial Center in Pasay City.

History

The company was incorporated on September 6, 1983. In 1986 with six employees, it launched its operations, focusing primarily on providing third-party marketing and sales for real estate developers.

Vertical and high-rise developments

Leveraging on the experience it gathered in real estate sales and marketing, the founders saw a solid opportunity in establishing a separate property development arm, Meridien, which focused on mid-market, central business district high-rise developments. Meridien began the development and construction of its first project, Le Grand in Makati to cater to the middle market segment.

Meridien developed at a rate of one to two buildings per year, all located in the central business districts of Makati and Ortigas. During this time, Century became known to the public as a developer of high rise condominia in the central business districts of the Philippines.

Century Properties Management, Inc. (CPMI)

On March 17, 1989, the founder established CPM to handle the Group's property management services for both Century and non-Century developments. Since its founding, CPMI has handled 43 buildings, including landmarks such as the Asian Development Bank, Philippine National Bank Headquarters, BPI Buendia Center and Pacific Star Building.

Separately, the companies continued their operations throughout the 1990s. CPG focused on generating sales for the Century-developed properties, while keeping its third-party marketing services to other real estate companies.

Essensa East Forbes

In 1997, through Meridien, CPG was given the opportunity to purchase a property in Fort Bonifacio. At this time, the company decided to develop the Essensa condominium. It was designed by the architectural firm Pei Cobb and Freed, led by Pritzker Prize winning architect I.M. Pei. Utilizing some of the finest materials in its design such as Travertine stone quarried from the same source as the Colosseum in Rome, units in the Essensa have an average unit size of 290 square meters and have prices ranging from PhP35 million to PhP60 million.

Horizontal/housing development

The company further expanded its property development business when it embarked on its first large-scale horizontal development: Canyon Ranch. Located in Carmona, Cavite, this 16-hectare gated community is situated in the hilly portion of the San Lazaro Leisure Park owned by the Manila Jockey Club, Inc.

In order to specifically manage the development of this project, the proprietors of Century decided to incorporate CCC on March 15, 1994. Canyon Ranch, launched in 2004, officially marked CCC's entry into mid-market horizontal developments, catering to modern families who prefer the quiet suburban life.

Joint venture with Mitsubishi Corporation

In 2018, Century Properties signed a joint venture partnership with Mitsubishi Corporation to establish PHirst Park Homes. [2] Capitalizing on the country's demand for affordable housing, which has then an estimated backlog of roughly 6.6 million units, the new joint venture company was established to pursue the development of projects of scale in key locations outside of Metro Manila.

Century City

In 2006, the company bought a portion of the lot formerly occupied by International School Manila. Using its experience in developing buildings and infrastructure, the Company incorporated CCDC on December 19, 2006 to expand Century's business into large-scale mixed-use developments. Presently, the said area located in Kalayaan Avenue, Makati is the venue for CCDC's current residential projects: Milano Residences, The Gramercy Residences, and The Knightsbridge Residences. It will also house a hospital, a retail center, and an IT park.

Century Limitless Corporation

Responding to the high demand for affordable housing, Century further expanded its product line with the creation of a separate company especially focused on this segment. On July 9, 2008, CLC was incorporated with the sole purpose of developing vertical projects for the affordable to middle-income housing segment. In 2009, CLC launched its first project, Azure Urban Resort Residences, providing condo living for young couples and families, Filipino expatriates, and end-users wanting to live in Parañaque City. Azure Beach Club Paris Hilton is also managed by CLC.

Subsidiaries and affiliates

The subsidiaries and affiliates of the company are segregated by the target market of each project, allowing each to specialize and focus on their buyers’ requirements in pricing, size, location, and amenities. Below is a description of the subsidiaries and affiliates of the company:

Meridien Group of Companies

Meridien is focused on single-lot developments, particularly high-rise condominia in the central business districts. Its past record includes the Le Grand, Le Triomphe, Le Metropole, Oxford Suites, Bel Air Soho in Makati, and Medical Plazas in Makati and Ortigas, and Essensa and South of Market in Fort Bonifacio.

Century Properties Management Incorporated

Incorporated on March 17, 1989, CPMI is the largest property management company in the Philippines. It is the first independent company to make use of international standards in the Philippine market. CPMI has been awarded 18 safety and security distinctions from the Safety Organization of the Philippines. It currently has 43 buildings in its management portfolio, covering a total gross floor area of about 1.9 million square meters.

Century Communities Corporation

Incorporated on March 15, 1994, CCC is focused on horizontal house and lot developments.

Century City Development Corporation

Incorporated on December 19, 2006, CCDC is focused on mixed-use developments. Founded in 2006, it is created to develop areas that incorporate the "live, work and play" concept. More than providing properties that center only on residential areas, CCDC, through its first project called Century City, a 3.4-hectare (8.4-acre) mixed use-development in Kalayaan Avenue, Makati, develops communities where residential, corporate and leisure activities happen in one place.

Century Limitless Corporation

Incorporated on July 9, 2008, CLC is the newest brand category of Century Properties Group that will develop affordable residential projects.

Digitalization

In 2020, amidst the coronavirus pandemic, CPG accelerated its digitalization programs to provide a digital homebuying experience to its clients. [3] The company also amped up its digital efforts, enhancing its websites to include virtual tours.

Shareholders

The main shareholder as of March 31, 2013 is Century Properties Group, Inc. who owns 6,469,965,032 shares or 66.7% of the company. [4]

Since February 18, 2012, APG Strategic Real Estate Pool N.V. (APG) holds 868,316,042 shares or 8.95%. [5]

Financial disclosures

In its 2019 financial reports, the company reported a Php1.2 billion net income for the first nine months of the year or 81% up from Php661 million for the same period in 2018, while the consolidated revenue rose to 36% or Php9.8 billion versus Php7.2 billion year on year. [6]

For the first half of 2020, the company posted Php1.6 billion in reservation sales equivalent to 1,925 homes or 651 units under its in-city vertical developments business and 1,274 house and lot units under PHirst Park Homes. [7]

In July 2020, the company reported that its combined net income contributions from leasing and affordable housing portfolio jumped to Php225 million or 42% of the total net income of P546 million, compared with the 29% contribution level of the same period in 2019. Their combined revenue contribution is at Php 1.27 billion or 28% from 15% in 2019. [8]

Related Research Articles

<span class="mw-page-title-main">Ortigas Center</span> Central Business District in Metro Manila, Philippines.

Ortigas Center is a central business district located within the joint boundaries of Pasig, Mandaluyong and Quezon City, within the Metro Manila region in the Philippines. With an area of more than 100 hectares, it is Metro Manila's second most important business district after the (Makati CBD). It is governed by Ortigas Center Association, Inc.

<span class="mw-page-title-main">Bonifacio Global City</span> Central business district in Taguig City, Philippines

Bonifacio Global City is a financial business district in Taguig, Metro Manila, Philippines. It is located 11 kilometers (6.8 mi) southeast of the capital city of Manila. The district experienced commercial growth following the sale of a 440 ha military base at Fort Bonifacio by the Bases Conversion and Development Authority (BCDA). The entire district used to be the part of the main Philippine Army camp.

<span class="mw-page-title-main">Bay City, Metro Manila</span> Central Business District in Metro Manila, Philippines.

Bay City, also known as the Manila Bay Freeport Zone and Manila Bay Area, is the name for the reclamation area on Manila Bay located west of Roxas Boulevard and the Manila–Cavite Expressway in Metro Manila, the Philippines. The area is split between the cities of Manila and Pasay on the north side and Parañaque on the south.

The Residences at Greenbelt – Laguna Tower is a residential condominium skyscraper in Makati, Philippines. It is the first of three buildings being constructed as part of The Residences at Greenbelt (TRAG) complex, and is the basis of the now being constructed The Residences at Greenbelt - Manila Tower. It is expected to be one of the tallest skyscraper in the Philippines with a height of 170.75 metres from the ground to its architectural top.

Robinsons Summit Center, formerly known as the JG Summit Center, is an office skyscraper located in Makati, Philippines. It is owned by JG Summit Holdings, Inc., and developed by its real estate arm, Robinsons Land Corporation. It stands at 174 meters (571 ft), is currently the 9th-tallest complete building in Makati, and is one of the tallest buildings in the Philippines.

The AIA Tower, formerly the Philamlife Tower, is an office skyscraper located in Makati, Philippines. It is owned and developed by Philam Properties Corporation, the real estate arm of the Philippine American Life and General Insurance Company. Standing at 200 meters (660 ft), it is currently the 7th-tallest building in Makati, and is the 14th-tallest building in the country and Metro Manila as well. The building has 48 floors above ground, and 5 basement levels for parking. It is also the current headquarters of AIA Philippines since 2023, which was renamed to AIA Tower.

The Shang Grand Tower, also known as simply the Shang Tower, is a high-end residential condominium skyscraper located in Makati, Philippines. It was developed by Shang Properties, Inc. The 46-storey building was opened in 2006 and rises to 180 metres from the ground to its architectural top. It is currently the 10th-tallest complete building in Makati, and is the 19th-tallest building in the country and Metro Manila as well. The 250-unit condominium was the first self-funded residential condominium of Shangri-La Hotels and Resorts’ Kuok Group in the country, and all units were sold-out as of 2006.

<span class="mw-page-title-main">The Beacon – Roces Tower</span> Residential Condominium in Makati, Philippines

The Beacon – Roces Tower is a residential condominium skyscraper in Makati, Philippines, and has a height of 158 meters (518 ft). It is the first of three towers, and part of The Beacon complex. The Beacon was developed by Geo Estate Estate Development Corporation in cooperation with New Pacific Resources Management, Inc. Groundbreaking for the project was on January 28, 2008, while actual construction works for Roces Tower started on February 8, 2008. The building opened in 2011, while the initial hand-over of units to residents started in August 2011.

The Beacon – Arnaiz Tower is a residential condominium skyscraper in Makati, Philippines. It is the second of three towers, and part of The Beacon complex. The Beacon was developed by Geo Estate Estate Development Corporation in cooperation with New Pacific Resources Management, Inc. Groundbreaking for the project was on January 28, 2008, while actual construction works for Arnaiz Tower started on May 14, 2008. The building was expected to be opened by 2011. The building was topped-off on June 15, 2012, and has started turn-over of units to its residents by August 2013.

<span class="mw-page-title-main">Greenhills, San Juan</span> Barangay in San Juan, Metro Manila, Philippines

Greenhills is an administrative division in eastern Metro Manila, the Philippines. It is an urban barangay in San Juan and is the largest barangay in the city, covering a total area of 2.09 square kilometers (209 ha) that spans over a third of San Juan's total land area.

Tata Housing Development Company (THDC) is a fully owned subsidiary of Tata Sons, a holding company of the Tata Group.

Megaworld Corporation is a real-estate company in the Philippines. It is listed on the Philippine Stock Exchange Composite Index. The company develops large-scale, mixed-use, planned communities incorporating residential, commercial, educational, and leisure components. In addition, it provides other services such as project design, construction oversight, and property management. Among its landmark projects is Forbes Town Center, a 6-hectare commercial and residential district in Fort Bonifacio, Taguig, Metro Manila. Another project by Megaworld is the 45-storey Petron Megaplaza office skyscraper, which was the tallest building in the country upon its completion in 1998. Also, last May 31, 2016, Megaworld announced that they will build two more office towers, 10-storey One Republic Plaza, and six-storey Emperador House, in Davao City. The two towers will provide an additional 30,000 sqm of office spaces for lease.

<span class="mw-page-title-main">Orient Square</span> Mixed use , (Office, Residential) in Pasig, Philippines

The Orient Square is a first-class, high-rise and tallest building along Ortigas Center's main road, F. Ortigas Jr. Avenue in Pasig, Philippines. It rises 160 metres from ground level to roof, and is currently the 7th tallest complete building in Pasig, and the 76th tallest building in the Philippines. The building has 38 levels above ground, and 7 basement levels. It will be a mixed-use building, both office and residential. Orient Square Building is currently one of the modern landmarks in Ortigas Center because of its architectural design and its one-of-a-kind curtain wall that glitters at night from the lights inside the building because of its transparency. The Philippine Economic Zone Authority (PEZA) declared it an Information Technology Building in January 2006.

<span class="mw-page-title-main">Trump Tower Manila</span> Tower in Philippines

Trump Tower Manila, also known as Trump Tower at Century City, is a residential building located in Makati, Metro Manila, Philippines. The Trump Tower Manila showroom opened in early 2012, although the company has said that unit reservations started in September 2011. Groundbreaking of the building began in June 2012, with a scheduled opening in November 2017. Construction was nearly finished as of November 2016. The $150 million tower stands 57 stories high on completion. The building is located at the Century City mixed-use complex in Makati Poblacion. It is the third tallest building in the Philippines and the second tallest in the Makati skyline.

Filinvest Development Corporation is the publicly listed holding company for the various firms in the Filinvest group. It was established in 1955 in the Philippines by Andrew L. Gotianun Sr. and his wife, Mercedes Gotianun, as a used-car financing company. It has holdings in real estate development and leasing, the sales of housing units, and hotel and resort management, banking and financial services, sugar and power. It is based in Metro Manila, Philippines, and is owned by the Gotianun family.

Century City is a 3.4-hectare (8.4-acre) mixed-use development in Makati, Philippines being developed by Century Properties. Several of the Philippines' upscale and tallest buildings, namely The Gramercy Residences, The Milano Residences, The Knightsbridge Residences, and Trump Tower Manila are located here, as well as the 17,000-square-meter (180,000 sq ft) Century City Mall. Once completed, the ₱40 billion Century City complex will comprise an office building for business process outsourcing and corporate companies, four luxury residential towers, a mixed-use building, a mall, and an IT Hospital.

<span class="mw-page-title-main">Capitol Commons</span> Mixed-use development in Pasig, Philippines

Capitol Commons is a mixed-use development in Oranbo, Pasig, Metro Manila, Philippines. It is a redevelopment of the former Rizal Provincial Capitol complex located in the village of Oranbo adjacent to the Ortigas Center financial district. The 10-hectare (25-acre) site being developed by Ortigas & Company Limited Partnership, the same developer behind Ortigas Center, features Pasig's first high-end shopping center called Estancia at Capitol Commons. Once completed, the P25-billion mixed-use commercial, residential and office development will have 35,000 square meters (380,000 sq ft) of retail space, 20,000 square metres (220,000 sq ft) of office space for knowledge process outsourcing (KPO) companies, and 280,000 square meters (3,000,000 sq ft) of residential units. The development is also home to the Capitol Commons Park, which takes up fifty percent of the development.

<span class="mw-page-title-main">Circulo Verde</span> Mixed-use development in the Philippines

Circulo Verde is a mixed-use development in Quezon City, Metro Manila, the Philippines. It is a primarily residential enclave on a meander of the Marikina River in the village of Bagumbayan on Quezon City's border with Pasig. The 12.47-hectare (30.8-acre) riverfront community is a redevelopment of the former cement plant owned by Concrete Aggregates Corp., a subsidiary of Ortigas & Company. It is one of the four major estates owned and developed by the company in Metro Manila, which in 2019 maintained a combined land bank of 50 hectares across the Eastern Manila cities of Mandaluyong, Pasig and Quezon City.

<span class="mw-page-title-main">Greenfield District</span> Place

Greenfield District is a transit-oriented mixed-use development next to a Shaw Boulevard station in Mandaluyong, Metro Manila, the Philippines. It is a redevelopment of the old United Laboratories (Unilab) pharmaceutical plant and adjacent retail market in the barangay Highway Hills adjoining the barangay Kapitolyo, Pasig to the east. The 15-hectare (37-acre) mixed commercial and residential complex is in the crossroads of EDSA and Shaw Boulevard immediately south of the Ortigas Center financial district. It consists of an office tower, condominium high-rises, a central park, retail centers and recreational facilities.

<span class="mw-page-title-main">Plainview, Mandaluyong</span> Barangay in Mandaluyong City, Metro Manila, Philippines

Plainview is an administrative division in eastern Metro Manila, the Philippines. It is an urban barangay in Mandaluyong and is home to the city's seat of government and government center. It is the fourth largest barangay in the city.

References

  1. 1 2 2019 Annual Report Century Properties Group, Inc.
  2. ↑ "Century partners with Mitsubishi for affordable housing". ABS-CBN News. 16 May 2018. Retrieved 11 November 2023.
  3. ↑ "Century Properties introduces digital home acquisition". The Manila Times . 28 July 2020.
  4. ↑ Public Ownership Report as of March 31, 2013 [ dead link ]
  5. ↑ SEC FORM 17-C (23 February 2012) [ dead link ]
  6. ↑ Annual reportcentury-properties.com Archived 2021-05-04 at the Wayback Machine
  7. ↑ "Century Properties Group pre-sells P6.1 billion in 6 months". The Philippine STAR .
  8. ↑ "Century Properties hinges grit on leasing, cheap housing businesses". 31 August 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.