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Century advancing acquisition plans

Listed property developer Century Properties Group Inc. (CPG) is advancing its acquisition plans in Makati and Taguig in Metro Manila and Pampanga province.

Moreover, the company is on track to hitting its P24-billion presales target for 2013 as it registered a total of P12.1-billion presales during the first two quarters of this year. Marco Antonio, President and CEO  of CPG, told reporters after the company’s annual stockholders meeting that the company is looking to firm up its plan to acquire and develop certain properties in Makati, Pampanga and Fort Bonifacio, Taguig.

“Pampanga is a geographical diversification in key secondary cities. Our market study shows that a lot of our kababayans [countrymen] abroad are actually from this particular area,” Antonio said.

“We found a beautiful property [in Pampanga] . . . so it is going to be a mixed-use development with a concentration of residential products. It is going to be an affordable project in Pampanga,” he added, saying that the firm hasn’t identified yet any timetable for its project in the province.

In Makati, Antonio specified that the company is at the final stages of negotiations on some of the projects it plans to launch.

“In Makati, it would be an office building; in Fort Bonifacio, it would be office; in Pampanga, it would be residential,” he added.

“The Makati [property] is for purchased, the Pampanga [property] is for joint venture and the Fort Bonifacio [office building] is projected to be a long-term lease,” he added.

According to Antonio, the group is in the process of firming up its presence in the business process outsourcing (BPO) industry, explaining that the office building the company intends to develop in Makati will have four lease offices totaling 30,000 square meters of gross floor area.

“With the continued projection of the increased employment and the revenues to be generated by the BPO sector, we believe that now is the time for Century [Properties] to take advantage of this market,” he said.

“Just to add to that, around five or so projects, we are earmarking to build around a hundred thousand square meters of office space for recurring income for the next few years,” he added.

Meanwhile, the CPG chief financial officer, Jose Carlo Antonio, announced that the company’s presales for the second quarter of 2013 rose to P6.3 billion, representing a 15.9-percent year-on-year growth from the P5.4-billion presales record in the same period of last year. This means that the company is on track to hitting its year-on-year presales target of P24 billion.

Source: Manila Times | July 1, 2013


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