Posted on September 02, 2012 10:39:43
PM [ BusinessWorld Online ]
REAL ESTATE developer Century
Properties Group, Inc. plans to introduce its lowest-priced line to more cities
outside Metro Manila as it aims to increase contribution of these projects to
total sales to 46% by the second quarter of 2013 from 41% currently, an
official said over the weekend.
In a statement last Saturday, the
developer said it will be launching more “affordable” master-planned developments
in major cities nationwide following its announcement last July of work on The
Residences at Commonwealth by Century mid-rise residential complex in Quezon
City.
JUST THE FIRST
“Our Commonwealth project is only the
first of a series of master-planned development that Century plans to roll out
in key cities nationwide for this category,” Jose Marco R. Antonio, Century
Properties managing director and co-chief operating officer, said in the
statement without offering details.
“We recognize the demand for
residential property outside Metro Manila and this is part of our expansion
plans.”
Century had said in July that units in
its Commonwealth project will sell for as low as P1.5 million to “over P5
million.”
Since the launch, reservation sales for
the Century by Commonwealth’s two towers have been “well-received,” Century
Properties claimed in the statement without elaborating.
Century Properties said that by the
second quarter next year, contribution of “affordable” projects to the
company’s pre-sales should have increased. “We will aim for 46%,” Terrie
Fucanan-Yu, vice-president for corporate communications, said in a text message
last Saturday.
In the second quarter, Century
Properties booked P5.4 billion in pre-sales, with the luxury segment accounting
for 19%, middle-income segment making up 40% middle-income, and the
“affordable” line, 41%, the statement said.
“The market is hungry for unique
products with intrinsic value and attainable monthly amortizations stretched
over a two-year to five-year period,” Mr. Antonio said in the statement.
Century Properties, established in
1986, is a high-end property developer with over 40 projects in its total
portfolio as of last year, according to its 2011 annual report. It debuted on
the Philippine Stock Exchange last September by way of backdoor listing,
replacing dormant energy firm East Asia Power Resources Corp.
The company has programmed capital
expenditure of approximately P7 billion this year, bulk of which may be
bankrolled by borrowings, reports published last February said.
As of end-2011, the developer had
already completed 4,128 units in 20 condominium buildings with a total gross
floor area of 548,262 square meters (sq. m.), according to its latest financial
statement.
This portfolio is expected to grow
upon the completion of four master-planned communities in Metro Manila and
Cavite that will add a combined 1.19 million sq. m.
Century Properties expects to double
its net income to P1.73 billion this year from P866 million in 2011.
The company saw first-half net income
surge 91% to P944 million from P496 million the previous year.
Shares of the company ended trading
last Friday at P1.47 apiece. -- F. J. G. de la Fuente
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