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Century Properties posts record sales, sets P17-B new projects

Century Properties reported a 15 percent growth in reservation sales in 2013 to P24.6 billion, the highest level it achieved in its 27-year history, while preparing to launch P17 billion worth of projects this year.

In a statement, the firm said reservation sales came from its Century City, Azure Urban Resort Residences, Acqua Private Residences, and Commonwealth by Century locations.

To date, Century Properties has almost 30 buildings in different stages of development, which cater to the luxury, middle income, and affordable market segments. Its projects are over 90 percent sold.

Century  Executive Chairman of the Board Jose E.B. Antonio attributed the growth to the continuing expansion of the real еstatе industry and the unwavering strength of overseas Filipino workers and remittances.

“Given the strength of OFW remittances, even during the global financial crisis, we purposely differentiated our marketing strategy to cater to the needs of OFWs and foreigners,” Antonio said.

He added that, “over the years, we have created a strong international sales and marketing team, which have enabled us to access the underserved overseas market. Today, Century has over 60 international sales offices and affiliates in 4 continents.”

The firm is looking to launch at least P17 billion worth of new projects in its in-city locations this year, inclusive of the recently launched Century Spire interior designed by Armani Casa.

In the coming months, Century expects to complete two buildings equivalent to over 1,000 units, plus the Century City Mall in Kalayaan Avenue and an urban beach club designed by Paris Hilton at the Azure Urban Resort Residences in Parañaque City.

For the first nine months of 2013, the company reported that it sustained its growth trajectory as net income grew by 12 percent to P1.6 billion from the P1.4 billion posted in the same period last year.

Consolidated revenues amounted to P8.1 billion, also a 12 percent increase from the same period last year. Rеal еstatе sales increased by 7 percent, which comprised the bulk of consolidated revenues.

Source: Yahoo News Philippines | January 29, 2014


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