Century Properties Group Inc. (CPG), the property firm of Executive Chairman of the Board Jose E.B. Antonio, said it has pre-sold about 95 percent of a total of 3,000 units in six residential condominium towers, which should generate more than P15 billion in revenues.
In a statement, the company said the six residential projects, set for completion this year, are 95-percent pre-sold and were availed of mostly by overseas Filipino workers (OFW).
CPG investor relations director Kristina Garcia said the strong sales performance was driven by strong demand from the mid-market and the affordable housing sector of the OFWs.
“We continue to give importance to the largely underserved overseas market with its strong demand and the strength of OFW remittances. This market is 11-million strong and is spread across all continents. They are profiled as prudent spenders of their hard-earned income and are mostly end users,” Garcia said.
“Our marketing strategy was validated by recent reports, which showed that the Philippines still has a serious shortage of housing units with a backlog of almost 4 million units for affordable housing alone,” she added.
The P15-billion worth of residential projects include: affordable and mid-market units at the Positano and Miami towers at Azure Urban Residences in Parañaque City; Niagara and Sutherland towers of the Acqua Private Residences in Mandaluyong City; Osmeña West tower of The Residences along Commonwealth in Quezon City; and the luxury development Milano Residences at Century City, Makati City.
Even with the boost in CPG’s commercial leasing portfolio, Garcia said the growth of residential property projects will be maintained mostly catering to OFWs and foreigners.
“Century Properties maintains a healthy and positive outlook for Philippine real еstatе in 2015. With six projects scheduled for completion and more in the pipeline for residential, commercial and office, for us at Century it will truly be a very busy year,” Garcia said.
The company said it expects to complete a total of 31 residential buildings from its listing in 2012 to 2019. Its portfolio of launched residential projects is over 90 percent pre-sold.
CPG’s net income went up slightly in the first nine months of 2014 to P1.59 billion from P1.585 billion a year earlier.
Incorporated in 1975, CPG is involved in the real еstatе business through its wholly-owned subsidiaries Century City Development Corp., Century Limitless Corp., Century Communities Corp., and Century Properties Management.
Source: The Manila Times | January 8, 2015