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Century Properties cites project targets for the year

LISTED real еstatе developer Century Properties Group, Inc. plans to end this year with more Metro Manila projects completed, the company said in a press release attached to a disclosure yesterday.

Century Properties had earlier said reservation sales last year reached P24.6 billion, “the highest it has achieved in its history.”

“Century Properties opened 2014 riding high with a record pre-sales growth, and we intend to keep this momentum going with the same aggressive and impassioned approach we took in the past year,” the statement quoted company Executive Chairman of the Board Jose E.B. Antonio as saying.

“The results were tremendous so we expect to perform no less in 2014.”

He noted that the company in December 2013 completed more than 1,300 units of Knightsbridge Residences at Century City along Kalayaan Avenue, Makati City, and that unit inspection and turnover to owners have started.

At the same time, Century City Mall is scheduled for a soft opening this month. The company said 17,000 square meters of the retail center’s net leasable space is over 90% leased out to more than 100 tenants, including a high-end supermarket, premium cinemas, cafés, restaurants, boutiques and specialty stores.

By the end of 2014, Century said it hopes to turn over more than 500 clinic suites at Centuria Medical Makati, a 28-storey outpatient medical arts building also at Century City.

There are more buildings in Century City that are in various stages of development and construction, namely: Milano Residences (scheduled for a 2015 turnover), Trump Tower (scheduled for a 2016 turnover), the office-residential building called Century Spire (slated for a 2018 turnover).

By the end of this month, the company also plans to turn over close to 600 units at the newly completed St. Tropez building at the Azure Urban Resort Residences in Parañaque City. This is the third tower within the nine-building residential resort project, which had already turned over two towers with more than 1,300 units in 2013.

Construction of Azure’s third and fourth buildings has reached top-off stage, and Azure’s ninth tower — the Bahamas — launched more than 750 units recently.

Next month, Century will open Azure’s Paris Beach Club, a multi-level amenity center designed by socialite Paris Hilton, with the international celebrity expected to personally grace the occasion.

Century Properties also announced that construction work is on schedule for its multi-tower, master-planned developments Acqua Private Residences in Mandaluyong City, and the Residences at Commonwealth in Quezon City.

Acqua’s first tower, Sutherland, will be turned over in 2015 and construction for the rest of the six-tower development is ongoing.

Construction continues on the first three buildings of the eight-tower Commonwealth project, with the first building scheduled for turnover also in 2015.

Shares of Century Properties ended yesterday’s trading at P1.34 apiece, unchanged from their finish last Monday.

Source: Businessworld Online | February 11, 2014


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