High-end property developer Century Properties Group, Inc. said it is on track to complete a total of 31 buildings covering roughly 1.67 million square meters within the next six years.
Located within the company’s master-planned developments, the 31 buildings consist of residential projects for the luxury, middle-income and affordable markets, as well as retail, office and medical office developments.
“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 Antonio.
Specifically, Century is developing an office building in Fort Bonifacio, while its land bank for future developments consists of properties in Pampanga, Quezon City and Batangas.
The group is likewise expected to complete six commercial buildings totaling roughly 160,000 square meters by 2019.
In a previous disclosure, Century announced its plan to issue unsecured fixed rate peso retail bonds worth P3 billion to partially finance capital expenditures for a portion of its second-generation projects.
Antonio said this is in line with the company’s strategy to diversify its funding base and pursue growth opportunities for the company and its shareholders.
According to him, the proceeds of this bond issue will be used for six projects of Century, both in the residential and commercial segments located in the Fort, Makati, Paranaque and Quezon City with a total capital expenditure of over P12 billion.
In 2013, Century’s revenues hit a record high of P10.8 billion, while its net income amounted to P1.8 billion.
Source: Manila Times | July 3, 2014