MANILA, Philippines – Century Properties Group Inc. is completing the development of six buildings offering residential, office and retail space in the next five years to cater to strong demand in the property sector.
In a disclosure, the property firm of the Antonio family said by 2019, it will have a portfolio of 31 buildings covering roughly 1.67 million square meters (sqm).
The buildings consist of residential projects for the luxury, middle income and affordable markets; retail projects; office developments; and medical-office space.
These will be located within the company’s masterplanned developments in Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Parañaque, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.
“Century Properties is now evolving from being a top residential developer in Metro Manila to a well-diversified real еstatе developer with recurring revenue streams,” said chief operating officer Jose Marco R. Antonio.
Century Properties expects to complete six commercial buildings totaling roughly 160,000 sqm by 2019.
The company is developing an office building in Bonifacio Global City while its landbank for future development consists of properties in Pampanga, Quezon City and Batangas.
Century Properties plans a maiden P3-billion bond issuance to support the construction of more than 3,000 residential units and about 90,000 sqm of commercial space.
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.
In the first quarter this year Century Properties said its net income inched up 2.49 percent to P513.06 million from P500.55 million. Consolidated revenues rose by a tenth to P2.85 billion from P2.6 billion as revenues from real еstatе sales climbed eight percent to P2.39 billion from P2.21 billion last year.
In almost three decades of operations, the company has completed 25 condominium and commercial buildings composed of 8,777 units with a total gross floor area of 873,127 sqm. It recently opened the 17,000-sqm Century City Mall in Makati.
It is the company behind projects such as Essensa East Forbes in Bonifacio Global City; and the Trump Tower, Gramercy Residences, The Milano Residences and Knightsbridge Residences in its masterplanned Makati development, Century City; and Acqua Private Residences in Mandaluyong City.
Source: The Philippine Star | July 4, 2014