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Century Properties aims to match 2011 pace

Posted on June 27, 2012 10:20:28 PM [ BusinessWorld Online ]

LISTED DEVELOPER Century Properties Group, Inc. aims to match this year the number of units it launched in 2011 to keep up with foreign demand, an official yesterday said.

“We are targeting roughly the same as last year: P16 billion roughly or 3,100 units -- most of them in the central business district,” Jose Carlo R. Antonio, the company’s chief financial officer, told reporters after the company’s stockholders meeting.

A bulk of those units will be housed in the Century City Azure and Aqua projects, he said.

This comes as the developer has been successful in marketing its portfolio to the international market, he claimed.

“Demand is pretty robust. Majority of our efforts is to the international sales,” he added. “We are not competing with the many real estate companies here in the Philippines.”

The company has offices in 20 countries. Some two-thirds of its sales are to international markets such as the United Kingdom, Middle East, and the United States, he said.

The company has projects for various segments, with the Trump Tower Manila and the Milano Residences catering to luxury buyers, while middle-income buyers get the Gramercy Residences, Knightsbridge Residences and Aqua Private Residences. The company also offers even more affordable projects such as its Azure Urban Resorts and Residences and upcoming developments in Quezon City, including one near Commonwealth Avenue with “roughly 2,000 units.”

As of 2011, 76% of 543 units of The Milano Residences have been sold with turnover scheduled for 2014.

For the Trump Tower Manila, the company has sold 67% of the 220 residential units being offered as of May 2012 with turnover slated for 2015.

Over 1,400 units at the Gramercy Residences, meanwhile, are set to be turned over this year according to its annual report. For the Knightsbridge Residences, the company has sold 99% of the 1,310 units that will be turned over by 2015.

For the Aqua Private Residences, the company has sold 54% of the 2,819 units that will be turned over starting 2014.

For the Azure Urban Resort residences, the company has sold 59% of the 5,511 set to be turned over this year.

Century Properties hiked its first-quarter net income by 382% to P866 million from P180 million in the same period last year. as total sales grew by 53% to P4.7 billion.

For the full year, Century Properties expects to book higher revenues from completed and ongoing projects, translating into a likely 2012 income of at least P1.73 billion, compared to a 2011 net income of P866 million, earlier reports said.

Shares of Century Property rose by 1.4% to P1.45 apiece yesterday. -- Cliff Harvey C. Venzo

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