MANILA – Century Properties Group Inc expects to finish 25 more buildings through 2019 across its various master planned communities.
In a statement, the property company of Executive Chairman of the Board Jose EB Antonio said Century Properties has committed to complete 31 buildings within the next 6 years, some of which began construction in 2012.
So far, the real еstatе firm has completed 6 buildings, namely Gramercy Residences, Knightsbridge Residences and the Century Mall in Century City as well as the first 3 towers at Azure Residences. The remaining buildings are in various stages of development.
The 31 buildings will have about 1.67 million square meters of gross floor area comprising residential projects for the luxury, middle income and affordable markets, as well as retail, office and medical office developments.
The various projects are located in Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Paranaque, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.
“Century is now evolving from being a top residential developer in Metro Manila to a well-diversified real еstatе developer with recurring revenue streams,” said Century Properties President and CEO Jose Marco R. Antonio.
Century Properties’ landbank for future development are located in Pampanga, Quezon City and Batangas.
In its 28-year history and prior to its backdoor listing through East Asia Power Corp in 2012, Century Properties has completed 25 condominiums with 8,777 units for a total of 873,127 square meters.
Last month, Century Properties cleared a plan to raise up to P3 billion from the sale of bonds to retail investors to partially finance capital expenditures for 6 projects requiring a total capital investment of over P12 billion.
Century Properties’ profit rose 3 percent year-on-year to P513.06 million in the first quarter from P500.56 million a year ago. Consolidated revenues jumped by a tenth to P2.85 billion from P2.60 billion in 2013.
Source: Interaksyon | July 3, 2014