CENTURY PROPERTIES Group, Inc. (CPGI) is looking at P9.5 billion in potential revenue from three major projects to be launched in the second half of the year, in addition to P8.4 billion in sales from a 60-storey tower launched last month.
Around P2.2 billion is expected from the sale of residential units in Acqua Private Residences in Mandaluyong City, which will be launched in the third quarter, according to Kristina Lowella I. Garcia, Century Properties director for Investor Relations.
“It has a gross floor area of 40,000 square meters (sq.m.). 10,000 sq.m. will be kept for recurring income because this is a condotel, and 30,000 sq.m. will be for residential users,” Ms. Garcia told reporters last Thursday after the launch of Century Spire in a mixed-use development called Century City.
In addition, the residential component of Azure North, a mixed-use complex in San Fernando, Pampanga, will contribute “roughly P1.8 billion,” Ms. Garcia said.
It will be launched “later in the year” and has a total gross floor area of 240,000 sq.m.
The company in August last year acquired the eight-hectare plot in Pampanga from the House of David Realty and Development Corp. It expects a largely local market for the project.
Last month, the company launched Century Spire, the 3.4-hectare flagship mixed-use development in Makati City for upscale residences, a lifestyle center, a mall, and an outpatient medical building.
Century Spire, which is set to open in 2018, has a total of 500 units and is the eighth tower to rise in Century City along Kalayaan Avenue in Makati.
Ms. Garcia said the company’s capital expenditure this year will be roughly similar to the “P8 to P9 billion” programmed in 2013.
Century Properties first-quarter net income rose 2% from a year earlier to P513.062 million. Consolidated revenue rose 10% to P2.85 billion while revenue from real еstatе sales rose 8% to P2.39 billion.
Shares in Century Properties closed unchanged on Friday at P1.41.
Source: Businessworld Online | June 1, 2014