Real estate developer Century Properties Group Inc. posted strong growth in pre-sales for the second quarter of the year on continuing strong housing demand from overseas Filipino workers (OFW) and the strong take-up in the office space segment.
In a disclosure posted on the Philippine Stock Exchange website Tuesday, Century said pre-sales for the second quarter of 2015 increased to P4.49 billion, a 46 percent increase from the P3.07 billion registered in the first quarter.
The company said the growth was largely due to sales from its projects such as the Century Spire Offices in Makati City, the Bahamas tower in Parañaque City and the Quezon South tower in Quezon City.
Century also said it has completed three projects in the first half, namely Commonwealth Osmeña West Tower, Acqua Niagara Tower and Azure Positano, all of which have been 98 percent pre-sold as of June 2015.
Of its current inventory of launched projects, around 90 percent have been pre-sold in terms of units.
Century Properties said it is focused on completing 22 vertical developments in the near to medium term, which will total 770,000 square meters of gross floor area.
For 2015 alone, it plans to complete six towers with close to 3,000 units worth P15.78 billion in total sales, of which 97 percent have already been pre-sold.
It also disclosed plans of adding new developments for its retail and office portfolio.
“In addition to its condominium and for sale office developments, Century Properties continues to build its recurring income portfolio, which will be comprised of retail and office spaces totaling 193,000 square meters of gross leasable space by 2019,” the company said.
Earlier this year, Century announced that it was diversifying into leisure and tourism and horizontal developments for first-time homebuyers.
Century Properties Group director for investor relations Kristina Garcia said she was optimistic about the growth of the country’s real estate industry.
“We continue to have a positive outlook on the Philippine real estate industry and remain in a high growth mode. Our optimism, however, is calculated. We will enter markets where there is determined demand, albeit where there is a serviceable gap between supply and demand,” said Garcia.
For the first half of the year Century Properties’ total revenues amounted to P6.17 billion, of which revenue from real estate sales amounted to P4.98 billion, a slight increase from the P4.75 billion registered in the same period last year.
Net income attributable to equity holders of the parent company amounted to P1.01 billion for the first half, compared to P1.06 billion in the same period last year. At the end of the first half, the company had total assets of P35.43 billion and total equity of P14.11 billion.