By Zinnia B. Dela Peña (The Philippine Star) Updated March 15, 2010 12:00 AM
MANILA, Philippines - Century Properties Inc. expects its revenues to reach a record high of P10 billion this year on the continued strength of the real estate sector.
Century Properties chairman Jose E.B. Antonio said the projected revenue represents a 42.9 percent growth from the P7 billion recorded the previous year.
Antonio said the demand for housing, especially from the middle-income market, has remained constant and robust, ensuring that the real estate sector remains one of the bright spots of the domestic economy amid a global economic downturn.
Housing demand is estimated at 600,000 units per year while supply has rarely exceeded 250,000 units.
Antonio said the Philippines has one of the lowest home ownership in Southeast Asia with only 15 percent of the country’s total population having their own homes.
To help meet the strong demand for housing, Century Properties has allotted P5 billion this year for its capital expenditures, which include its foray into middle-income residential development. The company recently unveiled Century Limitless, a new brand category that will cater to the middle-income sector.
Of the P5 billion, P2 billion will go to the development of affordable yet high-value residential projects. The first project under the Century Limitless brand is Azure Urban Resort Residences, a P6.3-billion urban residential enclave to rise on a six-hectare lot in Parañaque City owned by Columbian Motors Jose Alvarez.
Antonio said the company expects to generate at least P12.6 billion in sales from the nine-building Azure Residences. The first building, Rio, will make available a total of 756 units to be sold at an average price of P1.9 million for a 26-sqm unit with a balcony area, or for as low as P17,000 a month.
Also, construction of Century Properties’ first two residential buildings at Century City in Kalayaan Avenue , Makati is progressing full steam ahead. The first tower, Gramercy Residences, is already on the 23rd floor of construction.
Another project, Grand Soho Makati, a joint venture with the United Coconut Planters Bank in Salcedo Village, Makati, is also slated for turnover to unit owners in June this year.
In San Lazaro Leisure Park in Carmona, Cavite, where Century Properties’ first horizontal community called Canyon Ranch is located, a chapel and clubhouse are expected for completion this summer following the completion of more than 500 homes. Land development for the third phase of Canyon Ranch, called The Moderno, is also ongoing.
Century Properties, which has an established market presence in five key regions overseas, is the developer of the upscale Essensa East Forbes in Bonifacio Global City.