Century Properties Group Inc. generated lower reservation sales in the first half of the year at P7.56 billion, a 33.68 drop from P11.4 billion last year due to less product launches starting last year.
Century Properties, however, posted a 46 percent increase in actual sales to P4.49 billion in the second quarter from P3.07 billion the previous quarter due to the continuing strong demand from the overseas Filipino market, as well as the strong sales of office spaces.
Profit dropped 5.6 percent in the first half to P1 billion from P1.06 billion in the same period last year despite a 4.84 percent hike in revenues to P4.98 billion from P4.75 billion a year ago.
“Since becoming public in 2012, Century Properties has enjoyed strong historical pre-sales. Of its current inventory of launched projects, around 90 percent have been pre-sold, in terms of number of units,” the company said.
Century Properties has so far completed three projects, Commonwealth Osmeña West Tower, Acqua Niagara Tower and Azure Positano Tower.
“These projects are 98 percent pre-sold as of June 2015,” it added.
Century Properties remains positive about the property industry but is moving forward in a calculated manner to prevent overexposure.
For the year it has not launched any new residential project. Century Properties caters to the high-end market.
“We continue to have a positive outlook on the Philippine real еstatе industry and remain in a high growth mode,” said Kristina Garcia, Century Properties director for investor relations. “Our optimism, however, is calculated. We will enter markets where there is determined demand, albeit where there is a serviceable gap between supply and demand.”
Among the company’s projects are Century Spire Offices at its flagship Century City in Makati City, Bahamas tower at the Azure Urban Resort Residences in Parañaque City, and Quezon South tower at The Residence at Commonwealth by Century in Quezon City.
Century Properties is also focused on completing 22 vertical developments in the near to medium term, which will total 770,000 square meters of gross floor area. For 2015 alone, it will complete six towers with close to 3,000 units, of which 97 percent has been pre-sold and are worth P15.78 billion in total sales.
The company is also in the mid of building its recurring income portfolio comprised of retail and office spaces amounting to 193,000 sq.m., in gross leasable space by 2019.
Earlier this year, the Company announced that it is diversifying into leisure and tourism and horizontal developments for first-time homebuyers. It is currently in the midst of planning to execute such projects and is preparing for future launches.
Source: Malaya | September 2, 2015