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.