SSS acquires 740-M Century Properties shares

LISTED real estate developer Century Properties Group, Inc. (CPG) has sold P500 million worth of shares to the state-led Social Security System (SSS) through a block sale transaction.

SSS acquired 740.74 million CPG shares at P0.675 per share, the company said in a regulatory filing on Thursday.

CPG is primarily engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, in the leasing of retail and office space, and in property management.

The company, through its subsidiary PHirst Park Homes, Inc., is planning to launch around 10 projects over the next two years, including its first development in Mindanao, set for the third quarter of this year.

“The next five years will see continued growth and sustained launches from PHirst, highlighting our vision of becoming a leading enabler of first-time home buyers in the country,” Century Properties President and Chief Executive Officer Jose Marco Antonio said during the company’s annual stockholders’ meeting last month.

PHirst President Ricky M. Celis said the segment is on track to open six to eight new projects across different brands in 2025, covering about 100 hectares.

The upcoming developments will consist of more than 10,000 units, with a projected sales value of P25 billion.

For the first three months, CPG saw its net income rise by 16% year on year to P473 million, while consolidated revenue grew by 4% to P3.72 billion. PHirst accounted for 60%, or P2.24 billion, of total revenue.

On Thursday, CPG shares closed unchanged at P0.71 each. — Sheldeen Joy Talavera