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Century Properties eyes mid-income segment

Posted on March 13, 2013 10:21:37 PM [ BusinessWorld Online ]
REAL ESTATE developer Century Properties, Inc. plans to launch more projects this year to meet demand from the middle-income segment, a top company official said recently.
“In terms of new destinations, we will probably launch in four; but in each destination, there will be six to 10 buildings...,” Jose E.B. Antonio, Century Properties chairman and chief executive officer, said on the sidelines of the Philippines Investment Forum 2013 hosted by Euromoney Conferences at The Peninsula Manila, Makati City last Tuesday when asked about projects this year.
“We will focus on the middle and affordable section of the market because we feel this is the underserved market right now.”
Projects this year will reflect “a growing pattern compared to last year,” Mr. Antonio said without elaborating.
Century Properties was established in 1986 as a high-end developer. It debuted on the stock exchange in September 2011 by replacing dormant energy firm East Asia Power Resources Corp.
As of end-2012, the developer had completed 5,560 units in 21 condominium buildings in Mandaluyong, Makati, Pasig, Quezon, and Taguig cities, with a total gross floor area of 669,857 square meters. It was also managing 51 residential and commercial properties.
This portfolio is expected to grow upon completion of four master planned communities in Metro Manila and Cavite that will add a combined estimated gross floor area of 1.19 million square meters.
IMPORTED BRANDS
At the same time, Mr. Antonio said Century Properties will sustain its tack of developing foreign-branded projects with the launch of one such development this year.
“We will launch one this year -- another branded development. It’s going to be a new name, watch out for it,” he said without elaborating.
Century Properties had already partnered with international brands such as MISSONIHOME, Versace Home, GE Healthcare, and yoo inspired by Starck, as well as with socialite Paris Hilton and real estate mogul Donald J. Trump (via The Trump Organization) for select projects in Metro Manila.
“We are doing this to be able to send to our audience abroad [sic] the fact that the Philippines is a world-class developer, that we have world-class products,” Mr. Antonio said.
“When they come here, they expect to see what they see in other countries...”
Century Properties nearly doubled its net income to P1.41 billion as of September last year from P722.60 million in the same nine months in 2011, fueled by robust sales.
In the same comparative periods, revenues -- derived from real estate sales, fees for property management and other services, as well as interest and other income -- more than doubled to P7.22 billion from P3.55 billion, as did costs and expenses to P5.35 billion from P2.57 billion.
“We are coming out with our 2012 results in a few weeks, and I think it is very gratifying,” Mr. Antonio said when asked about full-year performance.
After raising P1.64 billion last week from an overnight sale of 800 million shares for its land banking and expansion plans, Century Properties said it is poised to announce this year new land purchase in Metro Manila and a new project in a city outside the capital region.
Shares of Century Properties lost one centavo or 0.46% to close at P2.18 apiece yesterday from P2.19 last Wednesday -- F. J. G. de la Fuente             
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