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Century Properties posts robust sales

Posted on September 16, 2012 09:37:48 PM [ BusinessWorld Online ]
BY FRANZ G. DE LA FUENTE, Reporter

DEVELOPER Century Properties Group, Inc. has already sold nearly 87% of its four master-planned communities in Metro Manila, all of which were former industrial and institutional structures that benefited from a boost in their property values resulting recent redevelopment and rehabilitation.

In a statement last Saturday, Century Properties said that as of end-June, it has sold 86.99% or 9,017 units out of the total 10,366 units available for sale at its flagship projects Century City, Azure Urban Resort Residences, Acqua Private Residences, and The Residences at Commonwealth by Century, which are all being built at a total cost of P34 billion.

“We are humbled by the markets’ acceptance of our developments. Developing new projects in older, under-utilized real estate allows us to revitalize overlooked prime areas. It naturally enhances the urban makeup of these sites, and consequently their property values,” said Jose Carlo R. Antonio, Century Properties chief financial officer.

CONSTRUCTION UPDATE

In the meantime, the construction of two of the company’s master-planned developments is already underway at different stages of progress, the statement read.

Gramercy Residences, one of four residential high-rises at the P15-billion Century City along Kalayaan Avenue in Bel-Air, Makati City is expected to be completed by December, with the three other buildings namely Knightsbridge Residences, Milano Residences, and Trump Tower expected to follow in the next three years.

The 3.4-hectare Century City property used to be occupied by a portion of the International School Manila for over 40 years.

At the P8-billion Azure Urban Resort Residences in ParaƱaque City, construction has already reached the fourth of its nine towers, with the first three towers targeted for completion in the next 18 months.

Prior to its development, Azure Urban Resort Residences was formerly an automobile manufacturing plant.

No construction updates, however, were immediately available for the P7-billion Acqua Private Residences in Mandaluyong City and the P4-billion Residences at Commonwealth by Century in Quezon City, which used to be a former sugar refinery plant and an “under-utilized” parking lot, respectively.

CASH ON HAND

At present, Century Properties remains liquid with roughly P10 billion in cash on-hand of as of this month, Mr. Antonio noted.

“We are very thankful to the support of our financial partners. Century [Properties] raised P1.6 billion in a pre-IPO (initial public offering) basis prior to our becoming public in January, P2.3 billion from the sale of Century Properties’ shares in Feb. 2012, and has approved bilateral credit facilities of P5.5 billion from 10 financial institutions as of Sept. 2012. This brings our financing capabilities to P10.4 billion,” Mr. Antonio said.

Century Properties, established in 1986, is a high-end developer with over 40 projects in its total portfolio as of last year, based on its 2011 annual report.

It debuted on the Philippine Stock Exchange last September by way of back door listing, replacing dormant energy firm East Asia Power Resources Corp.

The company programmed last February a capital budget of approximately P7 billion for this year, nearly a bulk of which may be bankrolled by debt.

As of end-2011, the developer had already completed 4,128 units in 20 condominium buildings, all with a total gross floor area (GFA) of 548,262 square meters, based on 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 estimated GFA of 1.19 million square meters.

For the entire year, Century Properties said last April that it expects to double its net income versus 2011 levels as it looks 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.

The company saw its first half net income surge by 91% to P944 million this year from P496 million last year on the back of the strong sales performance of its property developments.

Revenues during the same period doubled to P4.9 billion versus P2.1 billion, year on year.

Shares of Century Properties were traded unchanged last Friday at P1.50 each.
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