Property developer and publicly listed firm Century Properties Group Inc. said on Tuesday that it will initiate its first buy-back program from any shareholder who opts to divest his or her shareholdings, which will be up to P800- million worth of shares.

In its filing before the Securities and Exchange Commission (SEC), Century Properties said that its board has authorized the implementation of a share buy-back option program from any shareholder who opts to divest of his or her shareholdings.

Century Properties’ share buy-back program will be up to up to P800-million worth of shares for a time period of up to 24 months, and shall be implemented as early as January this year.

”Resolved, further, that the corporation will undertake such buy back transaction only if and to the extent that the price per share is deemed undervalued, share prices are considered highly volatile, or in any other instance where the corporation believes that a buyback will result in enhancing shareholder’s value,” Century Properties said in its filing with SEC.

Century Properties posted high income growth in the first nine months of 2012, earning P1.4 billion, or a 95 percent improvement from the P723 million the company earned in the same period in 2011.

Marco Antonio, the firm’s co-chief operating officer and managing director, earlier told reporters that the growth in the company’s earnings was largely driven by its strong sales performance in property developments.

Also, Century Properties’ revenue for the first nine months of 2012 increased to P7.2 billion from P3.5 billion in the same period in 2011, while for the third quarter of 2012, revenues and income stood at P2.3 billion and P467 million, respectively.

For the third quarter of 2012, Century Properties generated P5.6 billion in pre-sales, of which 19 percent, 24 percent and 58 percent came from the luxury, middle income and affordable markets, respectively.

“The large take up of the affordable segment came from the launch of its latest project in Quezon City, called The Residences at Commonwealth, as it launched three towers with a sales value of P2.8 billion during the third quarter 2012,” the company said.