PROPERTY developer Century Properties Group Inc. said it secured a rating upgrade of its proposed P3 billion in fixed-rate retail bonds from the Credit Rating and Investors Services Philippines (Crisp) Inc.
The company said the Crisp-ratings upgrade to “AA+” was a result of the CPG’s diversified portfolio and a strong and growing presence in a traditionally competitive market.
CPG is to offer 2 billion in principal amount of debt and P1 billion in oversubscription option.
“CRISP considers as strategically beneficial to CPG’s market position its move to diversify its market portfolio. CPG has solidified its strong presence in the vertical housing market with 30 vertical housing developments with a total ground floor area of over 1.24 million square meters and a total of 17,481 residential units completed,” the ratings firm said.
The company’s entry into the horizontal affordable housing development market in 2017 provided opportunities for the company to capture a share in a traditionally reliable property market segment.
CPG’s joint venture with Japan’s Mitsubishi Corp. created Phirst Park Homes Inc. The brand has launched 16 home communities on 293 hectares of land with over 19,800 units valued at P34.4 billion in eight provinces in Luzon. As of end 2022, Phirst Park has sold 13,983 units valued at P24.6 billion and completed 6,002.
CPG’s portfolio also includes five leasing assets with aggregate gross leasable area of 146,670 square meters. These include the Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower and the recently opened Novotel Suites Manila.
CPG has established its name in the property management sector with over 100 buildings covering 3.45 million square meters that include notable properties like office buildings, condominiums, major banks, medical facilities, an embassy and a school. In 2022, CPG’s diversified portfolio consists of a more diversified revenue mix of vertical at 43 percent, affordable housing at 42 percent, commercial leasing at 11 percent and property management at 4 percent. Meanwhile, affordable housing presents a higher net income after tax share at 73 percent, followed by commercial leasing at 20 percent.