LISTED DEVELOPER Century Properties Group, Inc. plans to spend P4.1 billion to build an eight-tower condominium complex near Commonwealth Ave. in Quezon City, as it adds budget housing to its portfolio.
The project dubbed The Residences at Commonwealth will rise near Don Antonio Heights subdivision and will feature 2,300 residential units.
It is expected to rake in P10 billion in total sales upon completion, Century Properties said.
“We believe that Quezon City is ready to receive a new breed of residents who will truly appreciate the great value of the Commonwealth by Century home. The location is very accessible, being situated in one of the few cities in the metropolis that is less congested,” said Jose Marco R. Antonio, Century Properties President and CEO.
Moreover, the development is also seen to establish the company’s portfolio in the affordable market, a departure from its typical upscale projects.
“By entering the affordable price category we would like to tell home buyers that there is a Century [Properties] home for each budget and preference for location within Metro Manila,” Mr. Antonio said.
The project’s eight residential towers will be named after Commonwealth-era politicians, with the first 11-storey building, dubbed Osmeña West set to be turned over by 2015.
The units will be offered as 21- to 49-square-meter (sq. m.) one-bedroom and 64- to 72- sq.-m., two-bedroom configurations, with each unit costing between P2 million to over P5 million.
The residential project will also feature amenities such as gardens, full-size basketball and badminton courts, an athletic boot camp area, club house, gym, yoga deck, and multipurpose hall.
In terms of safety and security, The Residences at Commonwealth will include perimeter fences, lighting systems, smoke detectors, fire sprinklers and exits, among other features.
Century Properties, established in 1986, is a high-end developer with over 40 projects in its total portfolio as of last year.
It debuted on the Philippine Stock Exchange last September by way of backdoor, replacing dormant energy firm East Asia Power Resources Corp.
The company has programmed a capital expenditure of P8.3 billion for this year, more than three times higher than its P2.6 billion budget last year.
Nearly a bulk of this year’s capex figure may be bankrolled by bank borrowing, earlier reports stated.
In addition, Century Properties is looking to enter the growing local tourism sector via a development on a 142-hectare prime lot in Nasugbu, Batangas, which it plans to turn a into a resort еstatе in joint venture with Group Developers, Inc., Caylaway Development Corp. and Batulao Bio-loop Farms, Inc.
As of end-2011, the developer had already completed 4,128 units in 20 condominium buildings, all with a total gross floor area (GFA) of 548,262 sq. m.
This portfolio is expected to grow upon the completion of four master planned communities in Metro Manila and Cavite that will add a combined estimated GFA of 1.19 million sq. m.
For the full year, Century Properties expects to double its bottom line versus 2011 levels as it looks to book higher revenues from completed and ongoing projects, translating into a likely 2012 income of at least P1.73 billion, compared to a 2011 net income of P866 million, earlier reports said.
Century Properties recorded a 310% surge in its January to March net income to P453.50 million from P110.50 million in the same period last year on the back of revenue growth from its residential property projects despite unit oversupply fears.
Total revenues climbed by 121% to P2.48 billion versus P1.12 billion, year on year.
Costs and expenses, meanwhile, were said to have nearly doubled to P1.85 billion from P964.75 million last year.
Century Properties shares fell by 2.67% to P1.46 apiece at the end of trading on Friday from P1.50 at its previous close.
Source: BusinessWorld Online | August 3, 2012