Posted on July 03, 2014 09:04:17 PM
LUXURY CONDOMINIUM developer Century
Properties Group, Inc. said it expects to complete its 31st building by 2019,
bringing its total completed projects to around 1.67 million square meters.
In a statement, the company said the
projects fall under the luxury, middle-income and affordable categories, as
well as retail, office and medical office developments.
These will rise in the company’s
master-planned developments in Century City in Makati City, Acqua Private
Residences in Mandaluyong City, Azure Urban Resort Residences in Parañaque
City, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.
Aside from these, Century said it is
also developing an office building in Fort Bonifacio.
Century Properties Director for
Investor Relations Kristina Lowella I. Garcia said in a text message that
around P12 billion worth of capital expenditure will be allotted for six
residential and commercial projects in Fort Bonifacio, Makati City, Parañaque
City and Quezon City.
She said some of the funds will be
sourced from up to P3 billion worth of bonds it plans to raise in its maiden
bond offering, which will include three-, five- and seven-year issues.
Further details on the other projects
were not immediately available.
On June 6, Credit Rating and Investors
Services Philippines, Inc. assigned an AA+ rating with a stable outlook on the
bonds, citing Century Properties’ “strong market presence, healthy financial
position, and excellent land banking strategy.”
The company said it has developable
land in Pampanga, Quezon City and Batangas.
“Century is now evolving from being a
top residential developer in Metro Manila to a well-diversified real estate
developer with recurring revenue streams,” Century Properties Chief Operating
Officer Jose Marco R. Antonio said in the statement.
Century Properties has been in the
industry for 28 years. It has completed 25 condominiums with a total of 873,127
square meters and 8,777 units.
Last month, the company launched
Century Spire, its 3.4-hectare flagship mixed-use development in Makati City
that will house upscale residences, a lifestyle center, a mall and an
outpatient medical building.
Century Spire, which is set to open in
2018, has a total of 500 units and is the eighth tower to rise in Century City
along Kalayaan Avenue in Makati City.
Century Properties’ net income rose 2%
year on year to P513.062 million in the first quarter.
Consolidated revenue rose 10% to P2.85
billion, while revenue from real estate sales grew 8% to P2.39 billion.
Century Properties shares gained one
centavo or 0.76% to close at P1.32 on Thursday. -- Daphne J. Magturo
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