Posted on October 15, 2013 11:15:56 PM
[ BusinessWorld Online ]
REAL ESTATE developer Century
Properties Group, Inc. will spend up to P5 billion to develop a mixed-use
project in Pampanga, a senior company official said last week.
“We are finalizing the master plan.
It’s gonna be mostly residential with a little bit of retail and office,” Jose
Carlo R. Antonio, chief financial officer of Century Group, said at the
sidelines of a real estate forum in Makati City.
“We plan to launch it in the second
quarter of next year, which means we will start selling.”
Asked how much the project would cost,
he replied “roughly P4-5 billion.”
The funding, according to Mr. Antonio,
will be sourced from internally generated cash and bank loans.
Century Properties in August acquired
an eight-hectare property in the city of San Fernando from the House of David
Realty Development Corp. The value was not disclosed.
The property is located north of Metro
Manila, within the area of San Fernando Interchange linking Jose Abad Santos
Avenue and North Luzon Expressway and across the SM and Robinsons malls in that
city.
The company had said it was looking to
book around P6 billion in pre-sales from the residential segment alone.
Century Properties, which develops
mostly high-end residential projects, has been riding on brisk sales, according
to Mr. Antonio.
During the forum, he said around P27
billion worth of projects to be turned over in the next three years have been
almost sold out.
The company has planned to build 26
towers with a total of 1.1 million square meters from gross floor area from
years 2011 to 2018.
Its net income grew by 11.8% to P1.06
billion in the first half from P944.5 million in the same six months last year.
In the same comparative periods,
revenues climbed by 7.09% to P5.29 billion from P4.94 billion, while cost and
expenses increased by 4.11% to P3.80 billion from P3.65 billion.
Its shares added a centavo or 0.63% to
close P1.59 apiece on Monday from P1.58 each on Friday last week. Philippine
financial markets were closed yesterday in observance of the Eidul Adha Muslim
holiday. -- C. H. C. Venzon
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