17 buildings seen completed near term
Real estate developer Century Properties Group, Inc. generated P5.6 billion in revenues in the first six months of the year, up 6 percent from a year ago, driven mostly by real estate sales as well as interest and other income.
It said real estate sales in the first half amounted to P4.75 billion, a 4 percent increase from the same period last year, while interest and other income increased 18 percent to P682.5 million.
Net income amounted to P1.06 billion, little changed from last year.
Now on its 28thth year, Century has completed 25 condominium developments, equivalent to 8,777 units, including the award-winning Essensa East Forbes in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, the Gramercy Residences and Knightsbridge Residences in Century City, Makati City, and the first three towers in Azure Urban Resort Residences, Parañaque City.
Since its listing in 2012, the company is expected to complete a total of 31 residential buildings until 2019.
In line with its strategy as a diversified real estate developer, the company announced it expects near-term project completions of 17 buildings from 2012 to 2017 from across its portfolio of luxury, middle income and affordable residential condominiums, as well as retail and medical office developments.
By 2019, Century will complete five commercial buildings for office and a condotel totaling over 100,000 square meters, which will provide a stable and balanced stream of cash flows.
Kristina Garcia, director for Investor Relations, said: “Since our near-term focus is on diversifying the business, we characterize the next few years as our building phase. We are working on building a commercial leasing portfolio that will help position us to pursue consistent, profitable long-term growth.”
In March this year, the company completed the first of its investment properties — the 50,000-square meter five-level lifestyle center called Century City Mall, Makati City’s newest mall in nearly a decade.
Centuria Medical Makati, an outpatient IT-medical arts building at Century City, will be turned over at the end of this year. The 28-storey project will cater to local residents and medical tourists with over 500 doctors’ clinics and complementary facilities such as a diagnostic laboratory, day surgery center and pharmacy.
In Azure, two more residential towers are slated for completion in 2015. Other residential developments that are scheduled for turnover in the near term are the Milano Residences in Century City, the first two towers of Acqua Private Residences in Mandaluyong City and the first tower of the Residences at Commonwealth in Quezon City, all in 2015; and the Trump Tower in 2016.
Century said its current portfolio of launched residential projects is over 90 percent pre-sold.