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Century Properties’ Income Grows 17% to P2.15b

Property developer Century Properties Group Inc. said net income in 2014 grew 17 percent to P2.15 billion from P1.84 billion in 2013, on higher real еstatе sales.

Century Properties said in financial report filed with the stock exchange gross revenues increased 18.1 percent to P12.76 billion last year from P10.8 billion a year ago, as real еstatе sales rose 16.3 percent to P10.82 billion from P9.3 billion.

The company said the strong revenue growth in 2014 was led by increased sales of its projects, the completion St. Tropez Tower of Azure Residences and construction of several high-rise condominium projects.

It said with the opening of Century City Mall in 2014, the group booked additional P207 million in leasing revenue while property management fee and other services increased 12.3 percent to P285.7 million.

The property firm earlier reported it had pre-sold six residential buildings that were scheduled for completion in 2015.

The six projects have a total of 3,000 units, of which 95 percent were sold.  These projects have projected sales value of more than P15 billion.

The property is also pursuing business expansion with its venture into leasing properties, as it is scheduled to open this year the $100-million modern outpatient medical-IT facility at Century City in Kalayaan Avenue, Makati.

The facility has 28 stories with 700 clinics and office suites that will accommodate doctors of various outpatient medical practices

The property firm said it also continued to boost residential portfolio of innovative projects that catered to global Filipinos and foreigners.

Century Properties plans to complete 10 residential buildings (359,988 square meters) and four commercial leasing developments (99,970 square meters) from 2017 to 2019.

Source: Manila Standard Today | April 27, 2015


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