Century reports reservation sales of P24.6 B
MANILA, Philippines —Property developer Century Properties Group posted growth of 15 percent in reservation sales last year to reach a record-high level of P24.6 billion, as demand from overseas Filipinos buoyed up the real estate market.
To fuel growth in the years ahead, CPG plans to bring to the property market this year at least P17 billion worth of new projects, including the recently launched Century Spire interior-designed by Armani Casa, the company said in a press statement on Tuesday.
In the coming months, CPG also expects to complete two residential buildings with 1,000 apartment units, plus the Century City Mall on Kalayaan Avenue and an urban beach club designed by Paris Hilton at the Azure Urban Resort Residences in Parañaque City. This will allow the company to recognize more revenues from residential development and likewise book recurring rental income from its inaugural retail venture.
For 2013, the reservation sales worth P24.6 billion marked the highest level achieved by CPG in a single year in its 27-year history. Reservation sales came from its Century City, Azure Urban Resort Residences, Acqua Private Residences, and Commonwealth by Century locations, the company reported.
To date, Century Properties has almost 30 buildings in different stages of development, catering to the luxury, middle income, and affordable market segments. Its projects are over 90 percent sold, the company said.
Century chair and chief executive officer Jose E.B. Antonio attributed the growth in reservation sales to the continuing expansion of the real estate industry and the strength of overseas Filipino workers (OFWs) and remittances.
“Given the strength of OFW remittances, even during the global financial crisis, we purposely differentiated our marketing strategy to cater to the needs OFWs and foreigners. Over the years, we have created a strong international sales and marketing team, which have enabled us to access the underserved overseas market. Today, Century has over 60 international sales offices and affiliates in four continents,” Antonio said.
Among CPG’s ongoing projects are the Trump Tower at Century City, Acqua Livingstone residences, Milano Residences, Acqua Iguazu residences, and Armani and Century Spire. It is also starting to build up recurring income by putting up business process outsourcing office buildings.
For the first nine months of 2013, CPG grew net income by 12 percent year-on-year to P1.6 billion.
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