MANILA, Philippines – Century Properties Group Inc. has breached its target of hitting P23 billion in reservation sales for 2013 due to strong take-up from its multi-tower developments.
The property firm controlled by the Antonio family will launch at least P17 billion worth of new projects this year as it completes existing developments, the company said.
In a regulatory filing, the firm said its reservation sales reached a record of P24.6 billion last year, up 15 percent from P21.4 billion in 2012.
“Reservation sales came from its Century City, Azure Urban Resort Residences, Acqua Private Residences, and Commonwealth by Century locations,” Century Properties said.
So far, Century Properties has almost 30 buildings in different stages of development, catering to the luxury, middle income, and affordable market segments, almost 90 percent of which are already sold.
The continuing expansion of the real еstatе industry and the influx of overseas Filipino workers (OFW) remittances delivered the growth for the company, said Century Properties Executive Chairman of the Board Jose E.B. Antonio.
“Given the strength of OFW remittances, even during the global financial crisis, we purposely differentiated our marketing strategy to cater to the needs OFWs and foreigners,” he said.
Specifically, the company created an international sales and marketing team, increasing access to the underserved overseas market.
Century Properties now has more than 60 international sales offices and affiliates in four continents.
“The company is looking to launch at least P17 billion worth of new projects, inclusive of the recently launched Century Spire interior designed by Armani Casa, for this year in its in-city locations,” the firm said.
In the coming months, Century Properties will complete two buildings equivalent to over 1,000 units, plus the Century City Mall in Kalayaan Avenue and an urban beach club designed by Hollywood socialite Paris Hilton at the Azure Urban Resort Residences in Parañaque City.
In January to September last year, the company’s net income grew 12 percent to P1.6 billion while consolidated revenues rose 12 percent to P8.1 billion.
With 27 years in the business of real еstatе development, marketing and property management, Century Properties has completed more than 20 condominium buildings, transforming 744,576 square meters of space into premier residential and office developments in and outside Metro Manila.
Source: The Philippine Star | January 29, 2014