Listed property developer Century Properties Group Inc. expects 2016 as another banner year, as it also described 2015 as such.
In a disclosure to the Philippine Stock Exchange on Thursday, Century Properties said it was able to complete six residential condominiums in 2015, and expects to build seven more in the next two years.
In 2015, Century built a total of 3,000 units in its master-planned communities.
The company said 97 percent of these properties have been sold, with a total sales value of P16 billion.
Specifically, the completed condominiums are: the Positano and Miami towers at Azure Urban Resort Residences in Parañaque City, the Niagara and Sutherland towers at Acqua Private Residences in Mandaluyong City, the Osmeña West Tower at Commonwealth by Century in Quezon City, and the luxury-type The Milano Residences, with interiors designed by Versace Home, at the firm’s flagship Century City in Makati.
For 2016 to 2017, Century aims to complete seven more residential condominiums, with a total of 3,100 units. Already 95-percent sold, the upcoming developments are worth P 20.3 billion in sales value.
Set to be finished soon are the Maldives and Maui towers at Azure, Acqua Livingstone and Dettifoss towers at Acqua, Quezon North, Roxas East towers at Commonwealth, and Trump Tower at Century City.
Meanwhile, the firm said it is in the process of diversifying into allied and real еstatе segments, in addition to its residential projects.
Century earlier announced its Century 2020 blueprint, which is diversifying its business, by branching out to horizontal developments and focusing on leisure and tourism projects.
“We believe that the structural story for Philippine real еstatе remains intact and we are steadfast in our commitment to our shareholders to build our business,” said Kristina Garcia, Century Properties Director for Investor Relations. “At the same time, however, we remain prudent in managing our inventory levels and managing risks, disciplines that built the company over the last thirty years.”
Source: The Manila Times | January 28, 2016