January 5, 2026
Rating Action: ‘AA+’ Issuer Rating Reaffirmed; Outlook: Positive
Rating Rationale: The Credit Rating and Investors Services Philippines, Inc. (CRISP) reaffirms its issuer rating on the Century Properties Group, Inc. (CPG) based on its review of CPG’s latest available financial and market reports.
CRISPviews CPG’s portfolio diversification as a strategic advantage. CPG has established a strong foothold in the vertical housing market, delivering 30 developments totaling over 1.24 million square meters of ground-floor area and 17,481 completed units.
CPG entered the horizontal affordable housing market in 2017, gaining a foothold in a reliable segment. Through its joint venture with Mitsubishi Corporation, PHirst Park Homes (PPHI) has launched 16 communities spanning 293 hectares, comprising over 19,800 units worth P34.4 billion across eight provinces in Luzon. To further expand its socialized, economic, and middle-income housing offerings, CPG formed Century PHirst Corporation (CPC), increasing its price range from ₱580,000 to ₱8 million.
On November 24, 2023, CPG announced that it had acquired full ownership of PHirst through a share purchase agreement with Mitsubishi Corporation, which previously held a 40% stake in PHirst Park.
CPG’s portfolio also includes five leasing assets with an 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, including notable properties such as office buildings,
condominiums, major banks, medical facilities, an embassy, and a school.
As of December 31, 2024, the Company has completed 39 projects, including 34 residential developments with 18,810 units covering 1,514,275 sqm, several commercial and office buildings, and its first hotel venture. Additionally, 13,517 affordable homes have been built. Before 2010, Meridien, the founding principals’ former group, developed 19 buildings with 4,128 units and 548,262 sqm of GFA, including notable properties such as Essensa East Forbes and SOHO Central.
Resilient Financial Position. CPG experienced revenue downturns at the height of the pandemic but eventually began to show signs of recovery. In FY 2022, CPG revenue grew by 18% to P11.2 billion. In FY2024, CPG revenues increased by 15% compared to the same period in 2023.
Well-managed debt. CPG maintains stable debt metrics, with total debt-to-equity of approximately 74%, total debt-to-capital of 35%, and total liabilities-to-assets of 61%.
CRISP assigns a Positive Outlook, indicating a possible upgrade in FY 2026 in anticipation of CPG developing and delivering a realistic marketing program to enhance its market position in the affordable horizontal housing market. CRISP also views the twin objectives of affordability and profitability as essential elements of CPG’s business model and marketing strategy.
CPG entered the affordable horizontal housing market in 2017, gaining a foothold in the segment. Through its joint venture with Mitsubishi Corporation, PHirst Park Homes, Inc. (PPHI) launched 16 communities spanning 293 hectares, comprising over 19,800 units worth ₱34.4 billion across eight provinces in Luzon. To further expand its socialized, economic, and middle-income housing offerings, CPG formed Century PHirst Corporation (CPC), increasing its price range from ₱580,000 to ₱8 million.
On November 24, 2023, CPG announced that it had acquired full ownership of PPHI through a share purchase agreement with Mitsubishi Corporation, which previously held a 40% stake in PPHI and Tanza Properties, Inc.
CPG’s portfolio also includes 5 leasing assets totaling 146,675 square meters of gross leasable area. These include the Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower and Novotel Suites Manila.
As of September 30, 2025, CPG, through its subsidiary Century Properties Management, Inc., has established itself in the property management sector, with 63 projects consisting of 98 buildings and 22 villages, and a total gross floor area of 7.075 million square meters under management, including notable properties such as office buildings, condominiums, major banks, medical facilities, an embassy, and a school.
As of September 30, 2025, CPG has completed 41 projects, including 36 residential developments with 18,303 residential condominium units, covering 1,279,262 square meters; several commercial and office buildings; and its first hotel venture. Additionally, 16,057 affordable homes have been built. Before 2010, Meridien, the founding principals’ former group, developed 19 buildings with 4,128 units and 548,262 square meters of gross floor area, including notable properties such as Essensa East Forbes and SOHO Central.
| LTM | ||||
| 12 months | 12 months | 12 months | 12 months | |
| Short Term Liquidity | Dec-31-2022 | Dec-31-2023 | Dec-31-2024 | Sep-30-2025 |
| Current Ratio | 3.4x | 2.1x | 2.4x | 2.3x |
| Quick Ratio | 1.7x | 1.0x | 1.3x | 1.2x |
| Long Term Solvency | ||||
| Total Debt/Equity | 0.7 | 1.0 | 0.8 | 0.8 |
| Total Debt/Capital | 0.424 | 0.502 | 0.433 | 0.425 |
| LT Debt/Equity | 0.62 | 0.61 | 0.659 | 0.61 |
| 12 MONTHS | 12 MONTHS | 12 MONTHS | 12 MONTHS | 12 MONTHS | |
| For the Fiscal Period Ending | Dec-31-2022 | Dec-31-2023 | Dec-31-2024 | September 30-2025 | September-30-2024 |
| TOTAL REVENUE | 11,126,646,235 | 12,701,416,652 | 14,640,267,285 | 16,261,815,262 | 13,697,149,303 |
| Growth over the prior year | 18% | 14% | 15% | 19% | |
| TOTAL COST | 6,316,425,178 | 6,772,102,552 | 7,566,077,515 | 8,454,674,661 | 6,915,293,889 |
| Gross Profit | 4,810,221,057 | 5,929,314,100 | 7,074,189,770 | 7,807,140,601 | 6,781,855,414 |
| Margin % | 43% | 47% | 48% | 48% | |
| EBITDA | 2,417,674,708 | 3,208,201,880 | 4,176,990,288 | 4,818,802,274 | 3,983,576,196 |
| Margin % | 22% | 25% | 29% | 30% | |
| EBIT | 2,361,681,245 | 3,126,325,990 | 4,018,215,052 | 4,571,861,226 | 3,904,624,978 |
| Margin % | 21% | 25% | 27% | 28% | |
| Earnings from operations | 1,404,759,079 | 1,854,643,360 | 2,442,531,320 | 2,778,060,845 | 2,319,692,710 |
| Margin % | 13% | 15% | 17% | 17% | |
| Net Income attributable to parent | 901,290,468 | 1,321,395,610 | 2,442,531,320 | 2,778,060,845 | 2,243,092,257 |
| Margin % | 8% | 10% | 17% | 17% |
Note: Ratings issued by the Credit Rating and Investors Services Philippines, Inc. (CRISP) are not a recommendation to buy, hold, or sell any financial securities, directly or indirectly. CRISP ratings are not and should not be construed as comments on the adequacy of market prices of securities, or appropriate risk profile, and their suitability for types of investors.