CPG says it retains AA+ credit rating from CRISP

CENTURY PROPERTIES Group, Inc. (CPG) said it has retained an “AA+” credit rating from Credit Rating and Investors Services Philippines, Inc. (CRISP), driven by sustained market position and continued revenue growth.

In a statement on Tuesday, CPG said the rating agency cited its diversified market portfolio in maintaining its position in the market.

The revenue mix of CPG was led by vertical developments at 27%, followed by horizontal affordable housing at 58% in 2023. Commercial leasing and property management shares were 11% and 4%, respectively.

CRISP said the company has completed 30 condominium buildings with 17,479 residential units and a total gross floor area of over 1.24 million square meters (sq.m.) as of December 2023.

It also noted the company’s venture, PHirst Park Homes, which has launched over 17 home communities with over 24,583 units occupying 123 hectares of land. This venture, worth P48.73 billion, is situated in eight provinces on Luzon.

As of end-December 2023, PHirst Park Homes had 18,166 units valued at P33.43 billion.

CPG’s property portfolio includes five leasing assets with an aggregate gross leasable area of 145,026 sq.m.

These are the Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower, and the recently opened Novotel Suites Manila at Acqua.

The firm manages 97 buildings covering 7.55 million sq.m. of gross floor area, including properties such as office buildings, condominiums, major banks, medical facilities, an embassy, and a school.

The rating agency noted that CPG’s revenue increased by 14% to P12.7 billion, a recovery from the downturn. While its gross profit ratio stood at 47% and earnings before interest, depreciation, and amortization margin at 26.5%.

CPG’s total real estate segments contributed a 79% share of net income after tax, followed by commercial leasing at 18%. — Aubrey Rose A. Inosante