Listed property developer Century Properties Group, Inc. said it will complete 31 buildings covering roughly 1.67 million square meters within the next six years, which will be located within the company’s master-planned developments 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.
The 31 buildings comprise residential projects for the luxury, middle income and affordable markets, as well as retail, office and medical office developments. Apart from these, Century is also developing an office building in Fort Bonifacio. Its land bank for future development also consists of properties in Pampanga, Quezon City and Batangas.
It earlier announced that it is expected to complete six commercial buildings totaling roughly 160,000 square meters by 2019. “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 Chief Operating Officer Jose Marco R. Antonio.
In its 28-year history and prior to its listing in 2012, Century has already completed 25 condominiums totaling 873,127 square meters with 8,777 units.
In a previous disclosure, Century announced its plans to issue unsecured fixed rate peso retail bonds 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.
Credit Rating and Investors Services Philippines Inc. (CRISP) as of June 6, 2014 has assigned an ‘AA+’ issue rating with a stable outlook on the bonds due to “Century’s strong market presence, healthy financial position, and excellent land banking strategy”. CRISP further believes that Century will be able to maintain its hold on its market segments and continue to diversify such segments further. The use of proceeds for this bond will be 6 projects of Century, both in the residential and commercial segment located in Fort, Makati, Paranaque, and Quezon City with a total capex of over Php12B.
In 2013, Century’s revenues hit a record high of P10.8 billion. Net income amounted to P1.8 billion.
Century Properties Group, Inc. is a forerunner of premium real еstatе developments in the Philippines. Since it was founded 28 years ago, Century has transformed over 850,000 square meters of space into premier residential and office developments in and outside Metro Manila. Through its global brand partnerships that underscore premium asset values and product differentiation in the industry, the company has become synonymous with quality real еstatе projects that showcase innovative and world-class design, contributing to the transformation of the Philippines into a global destination.| www.century-properties.com