Property developer Century Properties Group Inc. said profit in the nine months through September rose 12 percent to P1.6 billion as sales for its mainly upscale offerings increased.

During the period, it noted that consolidated revenues hit P8.1 billion, up 12 percent, as real еstatе sales increased by 7 percent. Rеal еstatе sales constituted the bulk of consolidated revenues.

Shareholders’ equity stood at P11.2 billion, a 35-percent increase from P8.3 billion last year.

“Century Properties remains confident about its growth prospects, given the continued strength of its pre-sales, as well as its diversification into investment properties, specifically retail and office,” the builder said in the statement.

Pre-sales as of the end of September reached P18.1 billion and it noted that it remained on track to hit the full-year target of P24 billion compared to P21.4 billion last year. So-called unbooked sales, meanwhile, hit P29.6 billion.

Jose Carlo Antonio, Century Properties chief financial officer, said the company was in the process of investing in several commercial projects after the “turnover” of residential properties within Metro Manila.

With the turnover of the Gramercy Residences at Century City, two Azure Urban Resort condos, Century Properties will soon complete its initial commercial project Century City Mall, which will have a gross floor area of 49,000 square meters (sqm) at its Century City mixed-use development in Makati City.

In August, the Company broke ground on a 3,000-sqm lot in a prime area of Bonifacio Global City for an office building, which will have a gross floor area of about 39,000 square meters.

It also topped off its upcoming medical facility called Centuria Medical Makati, a building that will house doctors’ clinics and modern outpatient care facilities that will offer professional care in a hotel-like environment. The facility, to be completed in December 2014, is designed in partnership with GE Healthcare and will have a total gross floor area of 71,000 sqm.

The company this month announced a deal with Kazuo Okada’s Universal Entertainment Corp. that will allow Century Properties to develop five hectares within the former’s 44-hectare Manila Bay Resort in the 120-hectare Entertainment City casino complex.

Source: Philippine Daily Inquirer | November 18, 2013