Century Properties Group Inc., a developer of upscale residential towers, said net income in the first nine months of the year rose 81 percent—the result of its diversification to affordable housing and commercial leasing.
Century Properties said in a statement on Tuesday that net income from January to September this year hit P1.2 billion from P661 million in the same period in 2018. Total revenue went up 36 percent to P9.8 billion.
Company president and CEO Marco Antonio attributed the gains to its new business segments.
“We are very confident because the plan is materializing and income contributions from our new businesses are growing,” he said in the statement.
So far this year, sales of residential towers still accounted for the lion’s share at 65 percent or P773 million. Affordable housing accounted for 18 percent or P220 million while leasing contributed 14 percent or P166 million. Its property management business accounted for 3 percent or P35 million.
In the first nine months of the year, Century Properties completed new projects such as the Roxas West tower with 500 units at the Residences at Commonwealth in Quezon City and the Iguazu yoo inspired by Starck tower with 492 units.
In the last two months of the year, CPG will substantially complete Quirino West and East towers at Commonwealth with 1,015 units; the 41-story Century Diamond Tower office building at Century City Makati with 63,110 square meters of gross floor area; and 325 more housing units at PHirst Park Homes Tanza and Lipa.
Moreover, its affordable housing segment launched last month the first 900 homes in PHirst Park Homes Pandi, Bulacan. This is the company’s first project in Central Luzon after Tanza, Cavite; Lipa, Batangas, and San Pablo, Laguna. PHirst will launch two more projects with a total of 2,931 units in Laguna and Batangas this year.
“We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy,” Ponciano S. Carreon, Jr., company chief finance officer and head for investor relations, said in the same statement.—MIGUEL R. CAMUS