The Antonio family’s Century Properties Group will continue expanding its leasing and affordable housing businesses even as the COVID-19 pandemic slashed earnings in the first semester of the year.
During the company’s recent annual meeting, Century Properties officials said they planned to focus on more resilient sectors to blunt the impact of the economic recession triggered by the crisis.
Company executive chair Jose E.B. Antonio said affordable housing remained rooted on strong demand, especially among “first home” buyers.
“The same is true for office leasing, especially for projects located within developments that are ecosystems in themselves, such us our project in Century City, Makati, where we have residential, office and commercial establishments,” he added.
Century Properties president and CEO Marco Antonio said the strategy would also lead to a more balanced portfolio, which was once reliant on urban residential towers.
In the first half of 2020, the builder saw combined net income contributions from leasing and affordable housing jump to P225 million or 42 percent of the total net income of P546 million. This, compared to the 29-percent contribution in the same period last year.
In terms of revenue, their contribution increased to 28 percent from 15 percent last year.
More projects are on the way.
Its affordable housing brand, PHirst Park Homes, announced in July it would be launching its seventh community in Magalang, Pampanga.
PHirst has maintained its sales momentum and posted reservation sales of 1,548 units for the first six months of 2020 worth P3.12 billion from six projects in Tanza, Cavite; San Pablo and Calamba, Laguna; Pandi, Bulacan; and Lipa and Nasugbu, Batangas, totaling 97 hectares.
Century Properties also said last week it added 25,000 square meters of floor area to its commercial leasing portfolio, growing it to 137,000 square meters of gross floor area this year after it acquired the 40-percent stake of its partner in the Century Diamond Tower in Makati. INQ