Century Properties to invest P7B in mass projects
Property developer Century Properties Group (CPG) plans to invest P7 billion this year to boost its affordable residential property portfolio, encouraged by the brisk sales take-up of its debut offering into this segment.
CPG reported that its Residences project on Commonwealth, Quezon City—an eight-tower mid-rise development with units worth P1.5 to P3 million each, and targeting young professionals and start-up families—has attracted strong reservation sales since its recent launch.
“Sales have been brisk, with Century almost fully pre-selling two towers since the launch one month ago. This is positive proof that Commonwealth by Century has been tremendously well-embraced by the public for its affordability and lifestyle offering,” CPG co-chief operating officer Marco Antonio said.
“Our Commonwealth project is only the first of a series of master-planned developments that Century plans to roll out in key cities nationwide for this category. We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans,” Antonio said in a statement.
The P4.1-billion Commonwealth project is a mid-rise development offering a total of 2,300 units and a sales value of over P10 billion.
CPG plans to significantly boost its portfolio for the affordable market segment with its P7 billion allotment to this segment for this year alone.
“The market is hungry for unique products with intrinsic value, and attainable monthly amortization stretched over a two-year to five-year period,” Antonio added.
For the second quarter, CPG reported P5.4 billion in pre-sales, of which 19 percent, 40 percent and 41 percent came from the luxury, middle-income and affordable markets, respectively.
This suggests the build-up of potential revenue contribution once significant progress on the construction of these projects is made.
Property developers recognize revenues out of pre-sold property units only after construction milestones are reached.
With 26 years in the business of real estate development, marketing and property management, CPG has completed 20 condominium buildings (4,128 units) with a total gross floor area of 548,262 square meters.
It manages 51 properties as of end-2011. CPG seeks to deliver “differentiated, quality real estate.”
Designed by the award-winning firm Broadway Malyan with Century’s in-house architecture team, the eight residential towers of CPG’s Commonwealth project are named after the prominent personalities of the Commonwealth period.
Osmeña West, the first building, will rise at 11 floors with 200 units and will be delivered in 2015. Succeeding buildings such as the Quezon, Roxas, Osmeña and Quirino towers will rise to as high as 22 stories.
Units will come in suites and one-bedroom configurations that range from 21 to 49 square meters with an average price of P80,000 per square meter.
Larger-cut two-bedroom units from 64 to 72 square meters worth at least P5 million are also available.