Posted on May
05, 2013 09:53:59 PM [ BusinessWorld Online ]
CENTURY
PROPERTIES Group, Inc. plans to ramp up its capital expenditure (capex) this
year to as much as P8.2 billion, a 13% jump from last year’s spending, in order
to bankroll ongoing construction at four flagship mixed-use projects, the
property developer said in its 2012 annual report.
“The Group (Century Properties) budgeted
between P7,200 million to P8,200 million for capex for 2013 primarily to fund
the development of its four master-planned community project,” read the report.
The company
was referring to its four ongoing master-planned projects:
• Century
City, a 3.4-hectare mixed use project in Bel-Air, Makati City that will have
eight condominiums, a shopping mall, and a medical outpatient facility when
completed;
• Acqua
Private Residences, a six-tower residential development in Mandaluyong City
beside Pasig River;
• Azure Urban
Resort Residences, a nine-building, six-hectare development in Parañaque City
that will have a man-made beach and club designed by socialite Paris Hilton;
and
• Canyon
Ranch, a 25-hectare subdivision within the 77-hectare San Lazaro Leisure Park
in Cavite City.
FUNDING
SOURCES
In February
last year, Century Properties earmarked as much as P8.3 billion for capex but
actually spent P7.26 billion, according to the annual report.
Century
Properties said it plans to bankroll spending this year through various
sources.
“The Group expects
to fund budgeted capital expenditures principally through existing cash and
cash from operations, through borrowings and through its share offering,” the
company added in its annual report.
Last March,
Century Properties raised approximately P1.64 billion from an overnight,
discounted sale of 800 million shares at P2.05 apiece to various institutional
investors.
GROWING
Century
Properties, a developer of high-end properties, debuted on the Philippine Stock
Exchange via backdoor listing in September 2011, replacing dormant energy firm
East Asia Power Resources Corp.
As of
end-2012, the developer had already completed 5,560 residential units in 21
condominium buildings in Mandaluyong, Makati, Pasig, Quezon, and Taguig cities,
all with a total gross floor area of 669,857 square meters (sq. m.), the annual
report read.
It was also
managing 51 residential and commercial properties by the end of last year.
Century
Properties more than doubled its net income to P1.86 billion last year from
P866 million in 2011 on the back of a surge in revenues from the firm’s
property projects, which more than doubled to P9.60 billion from P4.70 billion.
The company
aims to grow its net income to P3 billion, and its pre-sales to P30 billion by
2015 -- the firm’s 30th year in real estate -- on the back of more projects in
key growth cities outside Metro Manila and the development of some 100,000 sq.
m. of land for commercial projects.
Shares of
Century Properties jumped by five centavos or 2.38% to close at P2.15 apiece on
Friday last week from their Thursday finish of P2.10 each. -- F. J. G. de la
Fuente
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