Century Properties Group, Inc. reported a 3 percent improvement in net income to P513.06 million in the first three months of 2014 from the P500.56 million registered in the same period last year.

“Given the general economic sentiment and outlook and continued strong demand for residential projects, not just from Century Properties, but from other property developers as well, we remain positive about prospects for the industry,” said Century director for investor relations Kristina Garcia.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues amounted to P2.85 billion, up 10 percent from the P2.60 billion reported in the same period in 2013.

Revenues from real еstatе sales, amounted to P2.39 billion, an 8 percent increase from P2.21 billion the previous year.

The growth is attributable to a continued increase in project sales, as well as healthy collection statistics across all its residential segments.

Collections were derived from completion of its Knightsbridge Residences project in Century City and turnover of its Rio, Santorini, St. Tropez towers at the Azure Residences.

There was increased construction accomplishments in its projects in Century City in Makati, Acqua Private Residences in Mandaluyong, and the Residences at Commonwealth in Quezon City.

Revenues from its property management arm, Century Properties Management, Inc. (CPMI) increased 11 percent at P71.70 million from P64.50 million the prior year. CMPI is the largest independent property manager in the country today, with 49 buildings totaling 2.6 million square meters under management.

Pre-sales for the same period amounted to P5.3 billion of which 69 percent were affordable projects or units priced below P3.6 million, 22 percent were middle income projects or units priced between P3.7 million and P7.2 million, and 9 percent were luxury projects or units priced above P7.3 million.

Sales from the luxury segment include sales generated from the company’s latest project called Century Spire.

In addition to Century Spire, the company will soon launch a sixth tower at its Acqua project, as well as a residential tower at its Pampanga site, which will be called Azure North. The launch of Azure North will be Century Properties’ first project outside of Metro Manila.

Source: Manila Bulletin | May 22, 2014