Century Properties reports strong growth in 2nd quarter
Listed property developer Century Properties Group Inc. recorded strong sales growth through the second quarter as the builder continued to draw buyers with upscale projects that it co-branded with famous international celebrities or designers.
The company announced at its annual stockholders’ meeting that pre-sales in the three months ending June rose 15.9 percent to P6.3 billion. This brought sales in the first half to P12.1 billion, up 13.3 percent, Century Properties president and CEO Jose E.B. Antonio said during the meeting.
The company attributed the gains to sales at the Trump Tower located at its flagship Century City in Makati, Acqua Iguazu yoo inspired by designer Philippe Starck in Mandaluyong City and Azure Urban Resort Residences in Parañaque City, the beach club component of which was designed by American celebrity and heiress Paris Hilton.
The company said most, or about 70 percent, of its products were sold to overseas buyers.
“We have barely scratched the surface in terms of addressing the rising demand for housing, given the country’s strong macroeconomic and real estate fundamentals that we foresee will continue to sustain the demand in the coming years,” Century Properties chief financial officer Jose Carlo Antonio said in a statement.
In the second quarter, bulk of the pre-sales still went to the affordable market, or those willing to pay P1.5 million to P3.5 million each unit, accounting for 54 percent. The upscale segment, where prices start at P7 million, accounted for 21 percent of pre-sales while the middle-income segment, where homes are valued at P3.5 million to P7 million, accounted for the remaining share. The company is also looking to expand its office and retail segment.
As it enters its so-called stage two growth phase, the builder is looking to ramp up its recurring income by allocating 100,000 square meters of land for commercial properties while developing more projects outside Metro Manila.
These strategies will help Century Properties hit P30 billion in pre-sales and P3 billion in net income by 2015. Century Properties has five key projects totaling 31 buildings and 955 single detached homes, its statement showed. Shares of the builder rose 2.94 percent to P1.40 each yesterday.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.