CENTURY Properties Group, Inc. saw a slowdown in pre-sales in the first half of the year as the property developer deliberately held back on new project launches to sell remaining inventory.
The property firm of Jose E.B. Antonio, a former diplomat, registered a 24% drop in pre-sales to P4.49 billion in the second quarter from the P5.9 billion seen a year ago, Kristina I. Garcia, Century Properties director for investor relations, said in a phone interview.
“That dragged the six-month tally by a third to P7.56 billion from P11.3 billion in the same period last year,” Ms. Garcia said.
“Purposely, we didn’t launch as much projects this year so we can dispose our excess inventory,” Ms. Garcia said.
However, pre-sales in the second quarter was 46% higher compared to the P3.07 billion posted in the first three months of the year due to strong demand for residential units from the overseas Filipino market, and for-sale office spaces, Century Properties said in a statement.
Source: Businessworld Online | September 1, 2015