Century Properties Group Inc. said over the weekend net income in the first nine months grew 12 percent to P1.6 billion from P1.4 billion year-on-year, on sustained real еstatе sales.

Century Properties said in a statement consolidated revenues in the January-September period increased 12 percent to P8.1 billion while real еstatе sales rose 7 percent.

The property developer said it remained confident about growth prospects in the coming months, given the continued strength of pre-reservation sales, as well as the diversification into investment properties, including retail and office space.

It said reservation sales as of end-September reached P18.1 billion, which was on track to hit the P24-billion target for the whole year. Unbooked sales stood at P29.6 billion as of end-September.

Century Properties chief finance officer Jose Carlo Antonio said given the solid financial performance from residential sales, the company was now focusing on boosting commercial projects to provide attractive returns for the company.

The company’s initial foray into retail segment involves the construction of Century City Mall, which will have a gross floor area of 49,000 square meters at the Century City mixed-use development in Makati City.

Source: Manila Standard Today | November 18, 2013