Posted on February 07, 2012 09:53:25 PM [ BusinessWorld Online ]
LISTED DEVELOPER Century Properties Group, Inc. is looking to build a 142-hectare resort development south of Metro Manila together with three real estate firms, a disclosure to the local bourse showed yesterday.
“On Feb. 7, Century Communities Corp., a wholly-owned subsidiary of Century Properties, entered into a joint-venture agreement by and among Group Developers, Inc., Caylaway Development Corp. and Batulao Bio-loop Farms, Inc. to develop a 142-hectare prime area into a leisure and resort community estate,” the disclosure read.
Century Properties said the planned joint-venture project will target foreign and local markets and will also be located in the Nasugbu, Batangas.
Group Developers -- the firm behind the Loyola Memorial Parks in Marikina and Paranaque Cities -- and Batulao Bio-loop Farms had been involved in the development of Sandari Batulao, a residential resort project of realty firm CityState Properties and Management Corp.
The owner of the property was not immediately known, although Century Properties said it will disclose further information on the planned development.
The planned leisure and resort estate is seen to benefit from the area’s proximity to the national capital region, a property consultant said.
“Nasugbu, Batangas is the nearest beach destination south of Metro Manila. With the road network in Cavite province expanding, access to property developments will entice more buyers to consider investing in the area,” Victor J. Asuncion, CB Richard Ellis Philippines research and consultancy services executive director told BusinessWorld in an e-mail yesterday.
Century Properties, a high-rise developer with more than 40 projects in its total portfolio as of last year, has already completed a total of over 22 buildings and 720 homes, according to its Web site.
It debuted on the Philippine Stock Exchange last September by way of “backdoor” listing, replacing energy firm East Asia Power Resources Corp.
The company hiked its capital expenditures this year by more than three times to as much as P8.3 billion from a P2.6-billion budget last year, an earlier report showed.
Capital will be spent to fund the ongoing construction of Century Properties’ four master planned communities: Century City in Makati City, Azure Urban Resort Residences in Parañaque City, Acqua Private Residences in Mandaluyong City and Canyon Ranch in Cavite province.
Century Properties increased its net income attributable to the company’s equity holders to P779.65 million in the January to October period last year, 399% higher than the P156.66 million booked in the same period last year.
The company’s ten-month total revenues nearly doubled to P4.02 billion from P2.09 billion year-on-year, while costs and expenses grew by 59.67% to P2.89 billion from P1.81 billion two years ago.
Century Properties shares sank by 3.39% to P2.28 yesterday. -- Franz Jonathan G. de la Fuente
____________________________________________________________
