Posted on July 13, 2011 08:42:45 PM [ BusinessWorld Online ]
HIGH-END real estate developer Century Properties, Inc. expects to hit a record P20 billion in reservation sales this year, exceeding the P14-billion target set earlier, a ranking official said late on Tuesday.
CENTURY Properties, Inc., the developer behind this tower in Makati City, expects to exceed its P14-billion reservation sales target this year. -- www.century-properties.com
Growth will be driven by increasing demand from overseas Filipinos and the domestic market.
“We are on track to beat that P14-billion target. We are trending towards doubling our sales from last year when we did P10 billion,” Jose Marco R. Antonio, chief operating officer of Century Properties, said in an interview.
“We are hoping for P20 billion this year,” Mr. Antonio said.
“At the end of the day, those who are filling these [buildings] are end-users who want to live in these products,” Mr. Antonio said.
Century Properties has reportedly sold out units in two of six condominium towers at the P13.5-billion Acqua Private Residences complex in Mandaluyong that was launched last February. Each tower will have 400 to 450 units.
Meanwhile, units in four towers at the P6.3-billion, nine-tower residential resort development Azure Urban Resort Residences in Parañaque have already been sold out since the product launching in March last year, Mr. Antonio said.
A 3.4-hectare master-planned township project along Kalayaan Ave., in Makati City dubbed “Century City” is on the drawing board, he added.
“We are also focusing our efforts in building the retail lifestyle center [there],” Mr. Antonio said, referring to the planned eight-level shopping mall.
The township project will also feature a 70-storey condominium called Gramecery Residences. Units there will be turned over to buyers late in 2012. Units in the 68-storey Knightsbridge Residences will be turned over in 2013 while those in the 28-storey Centuria Medical Makati and Milano residences will be ready by 2014 and 2015, respectively.
For capital spending, Mr. Antonio said Century Properties allotted less than P10 billion for project development this year, an amount already fully secured through internally generated cash and fund infusions.
The property firm will launch two to three more projects worth around P15 billion in the next few months.
In a related development, the Philippine Stock Exchange yesterday reported that Century Properties was not able to buy the shares left over in East Asia Power Resources Corp. after it purchased 93.58% of the energy firm for a backdoor listing.
“Per results of the Tender Offer, no stockholder tendered his share.
Hence, Century Properties directly and indirectly acquired 93.58% of East Asia Power,” the local bourse said in a notice.
The tender offer was triggered when Century Properties entered into a deal with El Paso Philippines Energy Co., Inc., which has a stake in East Asia Power.
The property firm acquired 91.69% indirect stake and 1.88% direct stake in East Asia Power.
Shares in East Asia Power closed at P1.59, up 24% from its previous close. -- Neil Jerome C. Morales and E. N. J. David
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