Rеal еstatе developer Century Properties Group Inc. posted a 12-percent increase in first-half net income to P1.1 billion from a year ago, led by strong and sustained residential sales and growing earnings from property management.

Century said revenues increased 7 percent to P5.3 billion in the January-June period. Reservation sales in the first six months reached P12.1 billion, in line with its full-year target of P24 billion.

“These strong financial results have allowed the company to grow the business on all fronts. The sustained momentum in residential sales drives the completion and delivery of Century projects every few months. It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” Century Properties said.

The company said it posted strong sales in Century City in Makati, Azure Urban Resort Residences in Parañaque City, Acqua Private Residences in Mandaluyong City and the Residences at Commonwealth in Quezon City.

“Our buyers have become increasingly confident with their property purchases as they get to see our developments rising and getting completed on time or ahead of schedule,” Century Properties said.

Source: Manila Standard Today | August 16, 2013