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