Century Properties Group, Inc. (CPG) will add more than double to its current commercial leasing portfolio this year. The property developer listed 30 million preferred shares on the Philippine Stock Exchange last week. This is equivalent to P3 billion fundraised. The double subscription added to the value of the shares. After the offering, CPG disclosed that the proceeds from the listing will be utilized for the expansion of its commercial leasing portfolio. Both development and capital expenditure will be focused on as the company aims to expand its portfolio.
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This year, the expanded commercial leasing portfolio will be more than double and this will help CPG boost its revenues. The project to be completed this year include the Century Diamond Tower in Century City with 95,000 SQM and the Novotel Suites Manila at Acqua Private Residences in Mandaluyong with 39,000 SQM. Around P2 billion in revenues will be generated this year and double when it comes to its leasable space.
Let’s get more detailed about the success of CPG in the previous year. According to the company, the 9th and last tower located at the Azure Urban Resort Residences in Paranaque City were completed last month. This project has a sales value of P26.2 billion, having 5,350 units. Another completed project of CPG is the Roxas West Tower at The Residences at Commonwealth situated in Quezon City. This tower has 500 units. Meanwhile, its Quirino West and East Towers are scheduled to be completed by the end of 2019. These towers have a total of 1,015 units. There are also Acqua Iguazu Yoo with 492 units and Novotel Suites Manila completed this 2019 which will open next year. The Acqua Private Residences project in Mandaluyong was built with 3,168 units and a P18.4 billion sales value.
CPG is eyeing to increase its commercial spaces to 300,000 square meters. This will help the company earn P2 billion in revenues next year. The company believes that the record high completions and launches in line with its business expansion in 2019 are an indication that the company holds on to its commitment to boost the growth trajectory of the firm over time and increase the value of its shareholders. Over the next three years, CPG is willing to spend about P30 billion on capital expenditures to finance its existing projects and expansion plans.