MANILA, Philippines – Century Properties Group is venturing into the “economic housing” segment as part of its 2020 blueprint.
“We are moving into horizontal so we’ll have a four legged table — the vertical segment, our recurring income portfolio from office and retail, economic housing and leisure and tourism,” Century Properties chairman Jose E.B. Antonio told reporters after the company’s annual stockholders meeting yesterday.
Century Properties will soon launch at least two horizontal developments – one in the north and one in the south with a minimum size of 10 hectares each and with a minimum investment of P1 to P2 billion each.
“We will deliver projects that are expected to offer reliable returns in reasonable payback periods. These and a few other initiatives will steer the company towards long-term growth and profitability, which can ride the peaks and troughs of real estate cycles,” Antonio said.
Century is also on track with its plan to build more retail, office and medical facilities to boost recurring income.
For its leasing portfolio, Century expects to have roughly 300,000 square meters of gross floor area by 2020. Among its current projects include the Century City Mall, Centuria Medical Makati and the Pacific Star Low-rise Tower.
Also in the pipeline are the Forbes Media Tower at Century City, a joint venture partnership with Mitsubishi Corp., the Asian Century Center in Fort Bonifacio and Novotel Suites Manila, which are all expected to be completed by 2017 to 2019.
As for its residential projects, Century is targeted to complete 31 residential buildings comprising 18,000 units and 1.34 million square meters of gross floor area by 2020.
Last year, the company successfully completed five condominiums with around 2,500 units, of which 94 percent had been sold.
By the end of 2016, Century expects to complete 15 out of the 31 residential buildings in Century City in Makati City, Azure in Parañaque City, and Acqua in Mandaluyong City.
According to Colliers International, Century recorded one of the highest percentages of units sold among real estate developers in the Philippines for projects from 2011 to the second quarter of 2015.
Source: The Philippine Star | July 24, 2016