Century Properties, Mitsubishi create joint venture in affordable housing

Century Properties Group Inc. (CPG) and Mitsubishi Corporation signed on Wednesday a joint venture agreement establishing a company to develop affordable housing.

The joint venture company—Phirst Park Homes Inc.—will put up development projects in the Calabarzon and Central Luzon regions.

The company will incorporate after securing approval from the Philippine Competition Commission (PCC) which is mandated to review mergers and acquisitions valued at P2 billion and above to ensure anti-competitive behavior would result from the transaction.

“Capitalizing on the country’s demand for affordable housing, which has an estimated backlog of roughly 6.6 million units, the new joint venture company will pursue the development of projects of scale in key locations outside of Metro Manila,” it said.

After the company finds footing in its initial markets, Century Properties intends to expand in the Visayas and Mindanao regions.

“Our joint venture partnership with Mitsubishi Corporation solidifies Century’s plans of diversification and strengthens its positioning not just in the affordable housing category, but in the broader first home buyer market,” CPG chairman and CEO Jose E.B Antonio said.

“The big housing demand, coupled with the natural and good chemistry between Century Properties and Mitsubishi Corporation, led us to a great milestone today—the signing of an agreement to form a joint venture company for affordable housing,” said Hidetoshi Suzuki,  Mitsubishi Corporation general manager for ASEAN Urban Development Department.

CPG’s development portfolio includes Century City in Makati City, Azure Urban Resort Residences in Parañaque City, and Acqua Private Residences in Mandaluyong City.

It also owns Azure North in San Fernando, Pampanga, the Residences by Commonwealth in Quezon City, and Canyon Ranch in Carmona, Cavite

Mitsubishi Corp. is in the business of industrial finance, energy, metals, machinery, chemicals, and daily living essentials. —Jon Viktor Cabuenas/VDS, GMA News