MANILA – Century Properties Group Inc is launching at least P17 billion worth of new projects this year after raking in record reservation sales.
In a statement, Century Properties Executive Chairman of the Board Jose EB Antonio said the new projects include Century Spire, whose interior is designed by Armani Casa.
Last year, Century Properties grew its reservation sales by 15 percent to P24.6 billion, the highest in the company’s 27-year history and beating its full-year target of P24 billion.
Antonio attributed the strong sales to the robust real еstatе sector and the sustained growth of remittances from overseas Filipino workers (OFWs).
“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. 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 4 continents,” the former ambassador said.
Reservation sales came from its Century City, Azure Urban Resort Residences, Acqua Private Residences, and Commonwealth by Century locations. To date, Century Properties has almost 30 buildings in different stages of development, which cater to the luxury, middle income, and affordable market segments. Its projects are over 90 percent sold.
In the coming months, the property developer expects to complete two buildings equivalent to over 1,000 units, the Century City Mall in Kalayaan Avenue and an urban beach club designed by Paris Hilton at Azure.
Century Properties is the company behind branded residential developments such as the Trump Tower Manila, a tie-up with American real еstatе mogul Donald Trump; Milano Residences, designed by world-renowned fashion brand Versace; Acqua Livingstone, a tie-up with Italian brand MissoniHome; Acqua Iguazu, designed by John Hitchcox and Philippe Starck; and Century Spire, designed by Armani and Studio Daniel Libeskind.
The real еstatе firm is also venturing into the development of office buildings to beef up its recurring income.
The property developer recently tied-up with Japanese gaming tycoon Kazuo Okada for a five-hectare residential and retail project at the former’s integrated resort and gaming complex at the Entertainment City of state-owned Philippine Amusement and Gaming Corp.
Century Properties’ nine-month earnings rose 12 percent to P1.6 billion last year from the P1.4 billion in the same period of 2012 on higher residential sales.
Source: Interaksyon | January 28, 2014