Property developer Century Properties Group (CPG) posted a 15-percent growth in reservation sales last year to a record high of P24.6 billion, as strong demand from overseas Filipinos underpinned the real еstatе market.
To fuel growth in the years ahead, CPG plans to bring to the property market this year at least P17 billion worth of new projects, including the recently launched Century Spire which is designed by Armani Casa, the company said Tuesday in a statement.
In the coming months, CPG expects to complete two residential buildings that will make available 1,000 units, Century City Mall in Kalayaan Avenue and an urban beach club designed by Paris Hilton at the Azure Urban Resort Residences in Parañaque City. This will allow the company to recognize more revenues from residential development and book recurring rental income from its retail venture.
The reservation sales of P24.6 billion in 2013 marked the highest level achieved by CPG in a single year during its 27-year history. Reservation sales came from Century City, Azure Urban Resort Residences, Acqua Private Residences, and Commonwealth by Century locations, the company said.
To date, Century Properties has about 30 buildings in different stages of development, catering to the luxury, middle income and affordable market segments. The company claimed its projects were more than 90 percent sold.
Century chair and chief executive officer Jose E.B. Antonio attributed the growth in reservation sales to the continuing expansion of the real еstatе industry and the strong flow of remittances mainly from overseas Filipino workers (OFWs).
“Given the strength of OFW remittances, even during the global financial crisis, we purposely differentiated our marketing strategy to cater to the needs OFWs and foreigners. Over the years, we have created a strong international sales and marketing team, which have enabled us to access the underserved overseas market. Today, Century has more than 60 international sales offices and affiliates in four continents,” Antonio said.
Among CPG’s ongoing projects are Trump for the Trump Tower at Century City, Missoni Home for Acqua Livingstone residences, Versace Home for Milano Residences, John Hitchcox and Philippe Starck through yoo inspired by Starck for Acqua Iguazu residences, and Armani and Studio Daniel Libeskind for Century Spire.
Source: Philippine Daily Inquirer | January 28, 2014