Property developer Century Properties Group Inc. said net income in the first quarter grew 10 percent to P501 million from P454 million year-on-year, on higher reservation sales.

CPG said first-quarter revenues reached P2.6 billion, up 5 percent from P2.5 billion in the same period last year, as reservation sales increased 10 percent to P5.8 billion from P5.3 billion.

“Century Properties achieved reasonably strong results in the first quarter of the year. The continued momentum of our pre-sales is testament to the strength of our brand, and our company’s capability to deliver as proven by our current projects that are currently in various stages of completion,” CPG chief finance officer Carlo Antonio said.

“Our brand collaborations also showed our strong commitment to deliver quality, well-designed and masterplanned projects,” Antonio said.

The bulk of the reservation sales came from Trump Tower at Century City on Kalayaan Avenue in Makati City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth projects.

Meanwhile, the company said it was set to complete the Knightsbridge Residences, the second residential tower in Century City, the first three towers and the Paris Beach.

Source: Manila Standard Today | May 20, 2013