Century Properties Group, Inc. said it will complete roughly 1.67 million square meters of properties within the next six years, covering 31 buildings, which will be located within the company’s master-planned developments in Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Paranaque, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.
“The 31 buildings comprise residential projects for the luxury, middle income and affordable markets, as well as retail, office and medical office developments,” Century Properties said.
“Apart from these, Century is also developing an office building in Fort Bonifacio. Its landbank for future development also consists of properties in Pampanga, Quezon City and Batangas,” it added.
The company earlier announced that it is expected to complete six commercial buildings totaling roughly 160,000 square meters by 2019.
“Century is now evolving from being a top residential developer in Metro Manila to a well-diversified real еstatе developer with recurring revenue streams,” said Jose Marco R. Antonio, Century Properties President and CEO.
In its 28-year history and prior to its listing in 2012, Century has already completed 25 condominiums totaling 873,127 square meters with 8,777 units.
In a previous disclosure, Century announced its plans to issue unsecured fixed rate peso retail bonds to partially finance capital expenditures for a portion of its second-generation projects. Antonio said this is in line with the company’s strategy to diversify its funding base and pursue growth opportunities for the company and its shareholders.
Credit Rating and Investors Services Philippines Inc. (CRISP) as of June 6, 2014 has assigned an ‘AA+’ issue rating with a stable outlook on the bonds due to “Century’s strong market presence, healthy financial position, and excellent land banking strategy”. CRISP further believes that Century will be able to maintain its hold on its market segments and continue to diversify such segments further. The use of proceeds for this bond will be 6 projects of Century, both in the residential and commercial segment located in Fort, Makati, Paranaque, and Quezon City with a total capex of over Php12 billion.
In 2013, Century Properties reported that profit hit P1.8 billion on P10.8 billion revenues.
Source: Malaya | July 4, 2014
