MANILA – Century Properties Group Inc is raising more funds, as it sees a double-digit growth in reservation sales on the back of its bullish outlook on the property sector.
Former ambassador Jose E.B. Antonio, Century Properties chairman, told reporters that reservation sales are expected to grow between 10-15 percent this year from the P21.4 billion recorded in 2012.
“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,” said Antonio.
Century Properties will launch new projects in four new destinations with each location housing at least 6-10 buildings, he said.
“We will be focused on the mid and affordable section of the market because we feel that is the big unserved market,” he added.
To support its expansion plan, Century Properties is tapping the capital market, mandating Standard Chartered Bank to raise $100 million from a bond offering.
Last week, the property developer raised P1.64 billion from a top-up equity placement to finance its land banking initiatives and expand its projects outside Metro Manila.
Known for its branded developments, Century Properties will announce a partnership with a “new name” this year.
“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.
Century Properties is the company behind branded residential developments. These include the Azure Urban Resort Residences, which has a beach club designed by hotel heiress Paris Hilton; Trump Tower Manila, which carries the brand of American real еstatе mogul Donald Trump; The Milano Residences, which benefited from world-renowned fashion brand Versace; Acqua Livingstone, which carries the Italian brand MissoniHome; and Acqua Iguazu yoo, which is inspired by Starck.
Century Properties nearly doubled its earnings to P1.4 billion at end-September from the P723 million the previous year, with revenues increasing 104 percent to P7.2 billion from P3.5 billion previously.
Source: Interaksyon | March 13, 2013