MANILA, Philippines – Upscale realty firm Century Properties Group Inc. (CPG) said its net earnings grew more than four-fold to P453.5 million in the first quarter, driven by robust sales from its residential projects.
In a financial report submitted to securities regulators, CPG said total revenues more than doubled to P2.48 billion. Pre-sales amounted to P5.3 billion, equivalent to 812 units.
“There continues to be a strong demand for residential property in the Philippines. We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units,” said CPG chief financial officer Jose Carlos R. Antonio.
He added the company remains on track to meet its P20 billion pre-sales target for the year given low interest rates, a growing middle class, and continuous remittance inflows from Filipinos living overseas. CPG also expects net earnings to double this year from P866 million in 2011.
“Given that the real еstatе industry is benefiting from a continuous low interest regime, expanding population, tamed inflation rates, and a rise in the middle class where home buying remains to be a prime aspiration, Century has been able to achieve one of the highest growth rates in the real еstatе sector. It has transformed itself from a one-building developer to a destination mixed-used developer in multiple price points in the Metro Manila area,” Antonio said.
The company is currently developing Trump Tower and Milano Residences in Century City, a 3.4-hectare flagship development in Makati. Trump and Milano cater to the high-end segment of the market, and are now 68 percent and over 70 percent sold, respectively.
CPG has also expanded in the middle income market through Acqua Residences in Mandaluyong City, which has fully sold three out of its six buildings. It is currently pre-selling the fourth building, Livingstone Residences.
The company’s first project under its affordable line, Azure Urban Residences in Parañaque City, has fully sold five out of nine buildings.
CPG is also set to turn over units at Gramercy Residences in Century City by the end of the year. Construction of the Century City Mall is ongoing and is slated for completion next year.
In addition, the company is building a P4-billion mid-rise building along Commonwealth Ave. in Quezon City. It will offer a total of 2,000 affordable housing units.
Antonio said CPG’s existing landbank is sufficient for the next five years.
The company is also venturing into tourism-related development with its partnership with Group Developers Inc., Caylaway Development Corp. and Batulao Bio-loop Farms Inc. to convert a 142-hectare property in Batulao, Batangas into a major leisure and resort community.
As of end-March this year, CPG’s net cash position stood at P1.8 billion, having raised P2.3 billion from an equity offering in February.
To our Century Properties partners, stakeholders, and communities,
As we closely monitor the developments on the coronavirus (COVID-19) and the government’s declaration of a community quarantine in the National Capital Region, we recognize that we have entered a unique and challenging time.
Despite this, we want to assure you that your safety and well-being are our priority. We are grateful that you continue to choose us as your partner and developer, and trust us to handle your business, property investment, and home with utmost professionalism and genuine care.
To safeguard your health, we have implemented steps to ensure that all safety measures and guidelines from the Department of Health and the World Health Organization are disseminated to our properties and communities, and our property management teams are well staffed and prepared with the proper contingencies to assist the needs of our tenants and residents. We are prepared for medical emergencies, and protocols are in place should we encounter COVID-19 cases within our properties. We have no reported cases at this time, but we are preparing for all eventualities.
We also augmented our equipment and know-how to implement additional precautionary measures in our communities, including the regular disinfection of common areas and tapping the expertise of hospital-grade cleaning providers to train our teams in applying high standards of sanitation in our properties.
Our employees are likewise important to us, as they are the lifeblood of our operations and services to you. Our valuable concierge, security personnel, housekeeping, and engineering staff will continue to serve you round the clock. And to do so without compromising their health and safety, they have been equipped with protective gear and are strictly observing hygiene measures to reduce the risks of transmission.
Furthermore, our support staff who are servicing our partners, tenants, and property buyers are adopting flexible working arrangements to continue to assist you. We will be open with augmentation from personnel who will be working from home as part of the contingencies we have in place. Our partner and client-facing teams will inform you of any adjustments on this end, and we hope for your understanding as we also protect the health of our employees and their families, and support government efforts to contain the further spread of COVID-19 in the country.
Rest assured that no matter the difficulties, we are here for you and we are here to stay. Our company has been around for 34 years, with our strong foundations built upon the wisdom and experience of our management, and the expertise of our young, committed, and dependable team. We have endured disasters and economic downturns for more than three decades, and with your help and cooperation we can weather this challenge together and come back from this even stronger.
As you also do your personal assessment of what’s going on, let us know how we can help you.
If you have any concerns with your property purchase, call your agent or send our documentations and collections team a message. We are going to provide utmost consideration and assistance to our clients who have been diagnosed with COVID-19. Let’s talk and please don’t worry.
If you are feeling unwell or need medical assistance, call or Viber our building concierge. Our Urgent Care Clinic at Centuria Medical Makati, located in Century City, is open 24 hours for your medical needs should you feel worried about possible coronavirus symptoms or other illnesses.
Retail tenants are also welcome to contact us for questions concerning the latest guidelines from the government as malls and other public-facing establishments reduce operating hours.
In case stores have run out of alcohol, sanitizers, or hygiene kits, let our concierge know and we will do our best to help source them for you.
Contact details of our various support teams are below. Or simply reply to this e-mail so we can have someone assist you immediately.
We are here to help ease your concerns. We are confident that the resilience of Filipinos, coupled with everyone’s perseverance and cooperation, will help our country emerge stronger from this challenge.
Thank you for your time and please remember to take the necessary health precautions for you and your family. We pray for everyone’s safety as we navigate this challenge and will update you as we have new and pertinent information.
MARCO R. ANTONIO
President and CEO
Century Properties Group
Please contact us for your concerns:
Urgent Care Clinic
Centuria Medical Makati
+63 2 7793 8750
Property Management Office
+63 8888 4726
+63 917 589 6560+63 8478 5157
Property Management Office
+63 917 672 4050
+63 2 8860 9500
local 100 and 101+63 2 8860 9500
local 555 and 333