REAL ESTATE DEVELOPER Century
Properties Group, Inc. saw its net income more than double to P1.86 billion
last year, fueled by “record” sales of property projects, the company said in a
statement on Friday last week, adding that it expects growth to remain strong
in the next two years.
“Property developer and publicly
listed firm Century Properties posted a breakout year in 2012 on back of record
sales performance of its master-planned community developments in Metro Manila
and the successful implementation of an initial three-year growth plan from
2010 to 2012 that catapulted the Century (Properties) brand into becoming a
formidable player in the property industry,” the statement read.
According to the statement, Century
Properties posted an unaudited net income of P1.86 billion, up 114% from P866
million -- meeting its goal of a 100% profit growth set in April last year --
while total revenues expanded by 104% to P9.6 billion from P4.7 billion.
Pre-sales rose by 16.6% to P21.4
billion from P18.4 billion, surpassing the company’s P20-billion target for
2012 on the back of demand from foreign-based customers, who accounted for 74%
of last year’s total.
SUSTAINED
“The 2012 financial results reflect
the culmination of Century Properties’ sustained performance over the last
three years, and we are very happy to share this success with our shareholders.
We look at 2012 as a remarkable breakout year for Century Properties with a
solid platform that will enable us to take the company to an even higher
level,” the statement quoted Jose E.B. Antonio, Century Properties chairman,
president and chief executive officer, as saying.
Century Properties now aims to grow
its net income to P3 billion, and its pre-sales to P30 billion by 2015 -- the
firm’s 30th year -- on the back of more projects in key growth cities outside
Metro Manila and the allocation of 100,000 square meters of land for commercial
development.
“We want to increase our recurring
income to become a substantial part of our net income annually,” Mr. Antonio
told reporters in a briefing at Pacific Star Building in Makati City last
Friday.
This year, the company is scheduled to
finish six buildings with a total area of 375,093 square meters (sq. m.), he
said in the statement but without elaborating.
TARGETING TOURISM
Century Properties added that it aims
to further grow its portfolio and enter the tourism industry through the
development and management of hotels.
“We are going to hotels -- both
own-brand and partnership brands -- and management and development. We’re in
discussions with various parties and announcements may be done next year,” Mr.
Antonio said in the briefing.
“We are very optimistic that this
(tourism) is the next sunshine industry in the Philippines. This is what the
country needs so growth will be felt by everyone.”
In February last year, Century
Properties said it will develop via joint venture with Group Developers, Inc.,
Caylaway Development Corp. and Batulao Bio-loop Farms, Inc. a 142-hectare prime
lot in Nasugbu, Batangas into a leisure-and-resort community estate, but no
details have been firmed up so far.
Century Properties debuted on the
stock exchange in September 2011 by way of back-door listing, replacing dormant
energy firm East Asia Power Resources Corp.
As of end-2012, the developer had
already completed 5,560 residential units across 21 condominium buildings in
Mandaluyong, Makati, Pasig, Quezon, and Taguig cities -- all in Metro Manila --
with a total gross floor area of 669,857 sq. m., in addition to the management
of 51 residential and commercial properties.
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 gross floor area of 1.19 million sq.
m.
Shares of Century Properties gained
three centavos or 1.45% to close at P2.10 apiece on Friday last week from P2.07
each last Thursday. -- Franz Jonathan G. de la Fuente
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