Century Properties Group. said Tuesday reservation sales hit a record P26.5 billion in 2013, up 15 percent from a year ago, on strong inflows of remittances from Filipinos working overseas.
Reservation sales are partial payments collected by a real еstatе company from buyers who have signed contracts to reserve a property unit.
The company said it would launch P17 billion worth of residential projects to sustain growth this year.
Century Properties Executive Chairman of the Board Jose Antonio said in a statement the growth last year was led by the expansion of the real еstatе sector and the unwavering strength of migrant Filipino workers and remittances.
“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,” Antonio said.
“Over the years, we have created a strong international sales and marketing team, which have enabled us to access the underserved overseas market. Today, Century has over 60 international sales offices and affiliates in four continents,” he said.
Reservation sales came from residential projects targeting the middle-income market, including the Century City, Azure Urban Resort Residences, Acqua Private Residences and Commonwealth by Century.
Century Properties said it expected to complete two residential buildings with a total 1,000 units this year and was set to open its first high-end shopping outlet called Century City Mall along Kalayaan Avenue in Makati City and an urban beach club designed by Paris Hilton at the Azure Urban Resort Residences in Parañaque City.
Century Properties developed premium market leadership through design and teamed up with world-renowned brands such as Trump for the Trump Tower at Century City, Missoni Home for Acqua Livingstone residences, Versace Home for Milano Residences, John Hitchcox and Philippe Starck through yoo inspired by Starck for Acqua Iguazu residences, and Armani and Studio Daniel Libeskind for Century Spire.
Source: Manila Standard Today | January 29, 2014