The board of Century Properties Group Inc. (CPG) has approved the company’s buyout of its Japanese partner Mitsubishi Corp. (MC) in their affordable housing venture. Know more:
The board of Century Properties Group Inc. has approved the company’s buyout of its Japanese partner Mitsubishi Corp. in their affordable housing venture.
The CPG board has approved the company’s acquisition of the 40 percent stake of Mitsubishi in Phirst Park Homes Inc. and Tanza Properties Inc., giving the real estate developer full ownership of the fast-growing business unit. “We remain cognizant of the strong fundamentals of the affordable housing market. The housing backlog continues to be a reality, which has caused us to fare well despite macro-economic headwinds,” CPG President and CEO Marco R. Antonio added.
“PPHI has expanded to become one of MC’s core businesses in the real estate market in the Philippines. With MC’s business management system and value-added cyclical growth model, we believe that together with CPG, MC was able to incubate and increase the value of PPHI by contributing to various fields,” Kuga said.
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