By Zinnia B. Dela Peña (The Philippine Star) Updated January 01, 2011 12:00 AM
MANILA, Philippines - Century Limitless Corp., a unit of the Century Properties Group which focuses on the middle or affordable market, is doubling its authorized capital to P400 million.
Based on documents submitted to the Securities and Exchange Commission (SEC), Century Limitless will have a total subscribed capital of P375 million, of which P283.65 million has been paid.
Parent firm Century Properties subscribed P159.4 million to Century Limitless’ increase in capitalization.
Century Limitless sells condominium units costing P3 million and below. For its first project, the company is developing Azure Urban Resort Residences, a P10 billion urban resort type of conodominium project located on a six-hectare lot in Bgy. Marcelo Green, Parañaque right beside SM Bicutan.
Azure, a joint venture with Columbian Motors owner Jose Alvarez, will have nine 19-storey buildings of 700 units per tower.
The first building, Rio, is offering 756 one, two and thee-bedroom units in bare or fully-fitted options at an average price of P1.9 million for a 26-square meter unit with a balcony area, or for as low as P17,000 a month.
Century Properties, known for its high-end projects, has tied up with state housing fund Pag-IBIG, to provide financing for prospective buyers. Pag-IBIG offers a P3-billion ceiling for housing loans to its members.
The group’s foray into the middle-income market is expected to generate revenues of P14.2 billion over a seven-year period.
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, Grand Soho Makati, Canyon Ranch, The Casitas and The Moderno in San Lazaro Leisure Park, Carmona; and Soho Central in the Greenfield District of Mandaluyong.
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