By Zinnia dela Peña (The Philippine
Star) | Updated November 18, 2014 - 12:00am
MANILA, Philippines - Century Properties
Group (CPG) chalked up a net income of P1.59 billion in the first nine months
of the year, slightly higher than the P1.58 billion posted in the same period
last year.
Revenues from real estate sales
reached P7. 23 billion, 3.7 percent more than the P6.97 billion recorded the
previous year on higher pre-sales.
Century City buildings registered revenues of P2.81 billion
primarily from Knightsbridge, Trump Tower and Milano Residences including
Centuria Medical Tower. The amount was
7.28 percent higher than the year-ago level of P2.61 billion.
The company also logged an increase of
P106 million in leasing revenues during the nine-month period due to the start
of operation of Century City Mall this year.
Property management fee and other
services rose 10 percent to P217.3 million as a result of management fee rate
escalations ranging from five to 10 percent.
The number of buildings under
management as of end-September this year stood at 53.
CPG’s commercial portfolio will total
over 160,000 square meters within the next five years. It includes Century City
Mall, a five-level, 50,000-sqm lifestyle center. It is the first mall to open in Makati City in
the last decade.
By the end of this year, the company
will turn over Centuria Medical Makati, a 28-story outpatient medical building
also in Century City, which has both for sale and for lease medical IT units.
In addition, the company expects to complete three Class A commercial buildings
in prime locations with close to 90,000 square meters.
CPG is
now evolving from being a top residential developer in Metro Manila to a
leading well-diversified real estate developer that will have significant
recurring and predictable revenue streams.
From 2012 to 2017, the company expects
to complete a total of 17 buildings across its portfolio of luxury, middle
income and affordable residential condominiums, as well as retail and medical
office developments.
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