DEVELOPER Century Properties Group Inc. said on Monday that weaker real estate sales last year trimmed its net income by 29 percent to P1.53 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Century Properties said gross revenues last year declined to P10.38 billion from P12.76 billion in 2014.
It said that from P10.82 billion in the previous year, its real estate sales slowed to P7.75 billion last year, although this was somewhat compensated by significant growth in its leasing revenues which increased to P311.7 million from P207 million previously.
Century Properties said it is “on track” with the construction of its six master-planned developments with the completion of three residential towers and two commercial projects, namely Century City Mall and Centuria Medical Makati at its flagship Century City in Makati.
It said it delivered five new towers at its Azure Urban Resort Residences in Paranaque City, two at Acqua Private Residences in Mandaluyong City, and one at the Residences at Commonwealth in Quezon City.
“In 2015 alone, the company successfully turned over six residential towers,” Century Properties said. “These projects have a total of 3,068 units, 234,000 square meters of gross floor area, and P15.20 billion in total sales value,” it added.
The developer said it has programmed capital expenditure of P25 billion from 2016 to 2020, which will account for both its residential and leasing assets.
“From 2016 through 2019, the company will deliver another 20 towers comprising of close to 10,300 residential and units, gross floor area of 751,000 square meters, and total sales value of about P58.95 billion,” Century Properties said.
The said residential units are already 95 percent sold, it said.
The company plans to have around 234,000 square meters of office and retail space for lease by 2019.
Kristina Garcia, Century Properties Group director for investor relations, remains optimistic of the prospects for the country’s property sector.
“We remain positive about the property sector and believe that the steps we have undertaken will pave the way to achieving our future plans,” Garcia said.
“Our growing financial strength and 30-year experience in the industry help ensure that we are adapting to the needs of the market and maximizing the potential of our growth priorities,” she said.