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New tower completed for condo project

LISTED real еstatе developer Century Properties Group, Inc. has completed and turned over the third tower at Azure Urban Resort Residences, its six-hectare beach-inspired condominium project in Parañaque City, the company said in a statement last Tuesday.

Azure’s central amenity space — Paris Beach Club and the first phase of Azure Beach — have also been completed and will officially open in the middle this month, the company added.

The first two towers of Azure — Rio and Santorini — which were completed last year have a total of 1,700 units.

The third Azure tower, St. Tropez, will turn over close to 600 units within the month.

Completion of Azure’s first three of nine buildings represents 36% of total units planned for the entire beach-themed project.

As of the third quarter of 2013, Azure had pre-sold 98% or over 4,000 of its launched units.

The entire project was launched in 2010.

“Azure’s strength lies in its delivery of a permanent residence within a beach resort environment. Filipinos all over the world fully embraced the concept, because to us, life by the beach provides a relaxing and rewarding experience. We are proud to say that the Azure residents will fully experience this unique development concept… very soon,” the statement quoted Century Properties Chief Operating Officer John Victor R. Antonio as saying.

All towers at Azure are named after popular beach destinations.

Apart from Rio and Santorini, the other towers are St. Tropez, Positano, Miami, Maldives, Maui, Boracay, and Bahamas.

The Paris Beach Club, one of the centerpieces of Azure, was designed to specifications of international celebrity Paris Hilton. The three-level beach club was completed recently, with cleaning and testing of the facilities currently in final stages.

Ms. Hilton is scheduled to visit on March 10 to inaugurate the beach club.

The first phase of Azure Beach has also been completed and is undergoing final testing. This facility features fine beach sand, simulated ocean waves, waterfalls and an infinity pool that overflows into two private beach coves located at opposite ends of the project.

In the same statement, Century Properties tagged Azure Urban Resort Residences as one of its fast-selling residential developments, among other projects such as Acqua Private Residences in Mandaluyong City, the Residences at Commonwealth in Quezon City, as well as Trump Tower and the newly launched Century Spire at Century City in Makati City.

The company announced last Jan. 28 that it generated P24.6 billion in reservation sales last year, representing 15% growth from 2012 and “the highest level of reservation sales in its 28-year history.”

Its net income grew 12.32% to P1.586 billion as of September last year from P1.412 billion in the same nine months in 2012. In the same comparative periods, revenues rose 11.91% to P8.083 billion from P7.223 billion, while costs and expenses climbed 8.06% to P5.781 billion from P5.350 billion.

Since it was founded in 1986, Century Properties has been engaged in real еstatе development through subsidiaries Century City Development Corp.; Century Limitless Corp.; Century Communities Corp.; and Century Properties Management, Inc..

Its shares gained two centavos or 1.32% to close P1.53 apiece yesterday from P1.51 each last Tuesday.

Source: Businessworld Online | March 5, 2014


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