REAL ЕSTATЕ developer Century Properties Group, Inc. plans to introduce its lowest-priced line to more cities outside Metro Manila as it aims to increase contribution of these projects to total sales to 46% by the second quarter of 2013 from 41% currently, an official said over the weekend.
In a statement last Saturday, the developer said it will be launching more “affordable” master-planned developments in major cities nationwide following its announcement last July of work on The Residences at Commonwealth by Century mid-rise residential complex in Quezon City.
JUST THE FIRST
“Our Commonwealth project is only the first of a series of master-planned development that Century plans to roll out in key cities nationwide for this category,” Jose Marco R. Antonio, Century Properties managing director and co-chief operating officer, said in the statement without offering details.
“We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans.”
Century had said in July that units in its Commonwealth project will sell for as low as P1.5 million to “over P5 million.”
Since the launch, reservation sales for the Century by Commonwealth’s two towers have been “well-received,” Century Properties claimed in the statement without elaborating.
Century Properties said that by the second quarter next year, contribution of “affordable” projects to the company’s pre-sales should have increased. “We will aim for 46%,” Terrie Fucanan-Yu, vice-president for corporate communications, said in a text message last Saturday.
In the second quarter, Century Properties booked P5.4 billion in pre-sales, with the luxury segment accounting for 19%, middle-income segment making up 40% middle-income, and the “affordable” line, 41%, the statement said.
“The market is hungry for unique products with intrinsic value and attainable monthly amortizations stretched over a two-year to five-year period,” Mr. Antonio said in the statement.
Century Properties, established in 1986, is a high-end property developer with over 40 projects in its total portfolio as of last year, according to its 2011 annual report. It debuted on the Philippine Stock Exchange last September by way of backdoor listing, replacing dormant energy firm East Asia Power Resources Corp.
The company has programmed capital expenditure of approximately P7 billion this year, bulk of which may be bankrolled by borrowings, reports published last February said.
As of end-2011, the developer had already completed 4,128 units in 20 condominium buildings with a total gross floor area of 548,262 square meters (sq. m.), according to its latest financial statement.
This portfolio is expected to grow upon the completion of four master-planned communities in Metro Manila and Cavite that will add a combined 1.19 million sq. m.
Century Properties expects to double its net income to P1.73 billion this year from P866 million in 2011.
The company saw first-half net income surge 91% to P944 million from P496 million the previous year.
Source: BusinessWorld Online | September 2, 2012