Century Properties Group Inc. said Monday it posted reservation sales of P6.3 billion in the second quarter of the year, up 15.9 percent from P5.4 billion year-on-year.

Century Properties chief finance officer Jose Carlo Antonio said during the annual stockholders’ meeting the company sustained an upward momentum in its residential portfolio in the second quarter of 2013 due to strong demand.

The brisk sales boosted the company’s reservation sales in the first half of the year to P12.1 billion, up 13.3 percent from P10.7 billion on year.

Century Properties said it was on track to meet, or even exceed, the reservation sales target of P24 billion for the year.

At least of 70 percent of the pre-sales were from overseas and 30 percent from the local market.

The company said 21 percent of the P6.3 billion in residential pre-sales during the second quarter consisted of luxury properties, which are priced at P7 million and above, 25 percent coming from the middle income segment priced at between P3.5 million and P7 million, and 54 percent from affordable residences, with a price range of P1.5 million to P3.5 million.

“We have barely scratched the surface in terms of addressing the rising demand for housing, given the country’s strong macroeconomic and real еstatе fundamentals that we foresee will continue to sustain the demand in the coming years,” Antonio said.

Among the company’s top selling projects are Trump Tower at Century City in Makati, Acqua Iguazu yoo inspired by Starck in Mandaluyong City, Azure Urban Resort Residences in Parañaque City and the Residences at Commonwealth in Quezon City.

Century Properties said it successfully secured a total of P10.2 billion in credit facilities from 12 financial institutions to finance upcoming developments.

Source: Manila Standard Today | July 2, 2013