Century Properties Group (CPG) Inc. announced that it has set aside about PHP30bn (US$594m) in capital expenditures for business expansion in the next three years. The property developer focuses on office leasing, horizontal housing, and condominium projects.
According to Marco R. Antonio, CPG president and CEO, capex will be funded through credit facilities from banks and fundraising from the capital and bond markets, with the company spending an average of PHP10bn annually. CPG said it plans to increase the share of its office leasing and affordable housing businesses to change its revenue mix.
The company hopes to see office leasing, which accounts for 5% of its revenue, double to more than 10% this year. Antonio explained that in terms of leasing, they will continue to build one to two buildings every year.