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Bigger 2012 capex for Century Properties

Listed real еstatе developer Century Properties Group Inc. will allocate a bigger amount for its capital spending this year, as it intends to fire up its projects with more than 10 building developments and a new partnership.
“We will spend more [for our capital expenditure],” Century Properties President and Chief Executive Officer Jose E.B. Antonio told reporters, adding that the firm is eyeing four destinations where it can start establishing building developments.

”In terms of destination, we will probably have four. But in each destination, at least six to ten buildings each,” he said.

Antonio said that is definitely the growing pattern for the company, specifying that it will still focus on the mid and affordable section of the market since that is the unserved segment.

“We have consistently been very active in the property sector. We take the opportunities as they come. Right now I feel the big story is actually the rising middle class in the Philippines. Century Properties is addressing the needs of the middle class,” he said.

Antonio further mentioned that the firm will be launching one branded development this year under a new foreign partnership.

“[This will be under] new partnership, not an existing one. New name,” he said, adding that, “we are doing this to be able to send to our audience abroad the fact that the Philippines is a world-class developer with world-class products.”

Antonio said that Century Properties intends to grow its reservation sales up to 15 percent.

Source: Manila Times | March 13, 2013


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