Strong sales propped up Century Properties Group’ first-quarter profit.
In a financial report, the property company of former ambassador Jose EB Antonio said its net income rose three percent to P513.06 million in the January to March period from P500.56 million in the same three months of last year.â¨The company attributed the increase to the growth in real еstatе sales, which accounted for bulk of its revenues of P2.85 billion, up 10 percent from P2.60 billion in 2013.
Revenues from real еstatе sales reached P2.39 billion, an eight percent increase from P2.21 billion the previous year.
“Such growth is attributable to a continued increase in project sales, as well as healthy collection statistics across all its residential segments,” Century Properties said.
Collections were derived from completion of the Knightsbridge Residences project in Century City and turnover of its Rio, Santorini, St. Tropez towers at the Azure Residences.â¨There have, likewise, been increased construction accomplishments in Century City in Makati, Acqua Private Residences in Mandaluyong, and the Residences at Commonwealth in Quezon City.
Century Properties also disclosed that revenues from its property management arm, Century Properties Management Inc (CPMI), increased 11 percent at P71.70 million from P64.50 million the prior year.
CMPI is the largest independent property manager in the country today, with 49 buildings totaling 2.6 million square meters under management. Notable projects under management include the Asian Development Bank, Makati Medical Center, and Pacific Star Building.¨The company said pre-sales amounted to P5.3 billion, of which 69 percent consisted of affordable projects or units priced below P3.6 million.
Another 22 percent comprised middle income projects or units priced between P3.7 million and P7.2 million, and nine percent were luxury projects or units priced above P7.3 million.
Sales from the luxury segment include sales generated from the company’s latest project called Century Spire, a 60-story residential and office tower. The architecture was designed by Daniel Libeskind, the master plan architect for the reconstruction of the Ground Zero in New York City.
Armani/Casa Interior Design Studio will do interiors for the amenities and common areas. Century Spire’s groundbreaking will be held on May 28 at Century City, with Daniel Libeskind and the Armani/Casa team in attendance.
In addition to Century Spire, the company will soon launch a sixth tower at its Acqua project, as well as a residential tower at its Pampanga site, which will be called Azure North. The launch of Azure North will be Century Properties’ first project outside of Metro Manila.
Aside from its residential business, Century Properties has been focused on building its investment portfolio for recurring income, the first of which was the recently opened Century City Mall. â¨The mall has a net leasable area of 17,000 square meters and is 99 percent leased and 100 percent reserved. Of the 110 retail outlets, 80 will be open by the end of May.
Other projects in the pipeline include Centuria Medical Makati, which will be completed at the end of the year; Century Spire, which will complete the premium office block in Century City; an office building in Bonifacio Global City to be completed by 2017; and Acqua 6 at its Acqua development.
The company expects roughly 110,000 square meters of gross floor area from the said projects.
Source: Interaksyon | May 22, 2014