Sogo sosha Mitsubishi Corp. is leaving its real estate joint venture with Century Pacific Group (CPG) of bilyonaryo Joey Antonio after a five-year partnership.
The CPG board chaired by Antonio approved on May 31 the purchase of Mitsubishi’s 40 percent stake in PHirst Park Homes, which is the first home division brand of the high rise builder.
The divestment is in line with the Japanese trading firm’s new business direction, according to Mitsubishi CEO for urban development Takuya Kuga.
“The great outcome that we initially projected to achieve in 10 years’ time has been substantially realized within 5 years. As Mitsubishi has already achieved its optimal goal for this particular investment, we believe that it is the ideal opportunity to pursue new seeds of growth in other emerging markets both in the Philippines and the Asian region,” said Kuga.
In its press statement, CPG said it plans to launch 15 PHirst Park projects this year, which were initially agreed upon in the deal signed with Mitsubishi in 2017.
CPG has already launched several low- and mid-cost housing projects under another property arm, Century PHirst, which it established in 2022.
Antonio said CPG is taking full ownership of PHirst Park “to consolidate interests in the business segment where the market is robust.”
CPG also claimed it was continuing to explore a new partnership with Mitsubishi despite their exit.
CPG will acquire both common and preferred shares in PHirst Park owned by Mitsubishi, with a combined worth of P1.3 billion at par value.
However, the specific buying price was not disclosed by CPG.