May 14, 2012
MANILA, Philippines—Property developer Century Properties Group
jacked up its net profit in the
first three months by 310 percent year on year
to P453.5 million in the first quarter driven by a
robust residential property
business.
Total revenue for January to March jumped to P2.48 billion, up by
121 percent from the same period last year.
“There continues to be a strong demand for residential property in
the Philippines. We have
experienced this through our record growth in 2011 and
this quarter, contrary to initial concerns
about an oversupply of units. After
booking P18.4 billion of pre-sales in 2011, Century’s pre-sales
for first
quarter of 2012 was P5.3 billion consisting of 812 units, allowing Century to
remain on
track of its P20 billion pre-sales target for full year 2012,” said
Century chief financial officer
Jose Carlo Antonio.
“Given that the real estate industry is benefiting from a
continuous low interest regime,
expanding population, tamed inflation rates,
and a rise in the middle class where home-buying
remains to be a prime
aspiration, Century has been able to achieve one of the highest growth
rates in
the real estate sector. It has transformed itself from a one-building developer
to a
destination mixed-used developer in multiple price points in the Metro
Manila area,” Antonio
added.
While continuing to develop luxury projects including the Trump
Tower Manila and Milano
Residences in Century City, which the company said were
now 68 percent and over 70
percent sold respectively, Century has expanded in
the middle-income market through Acqua
Residences in Mandaluyong City. The
developer has likewise fully sold three out of six
buildings and is currently
pre-selling the fourth building, the Livingstone Residences by
MissoniHome.
The company also cited the success of its “affordable” residential
line with its first project
called Azure Urban Resort Residences in Parañaque
City, which has fully sold five out of nine
buildings.
Based on launched property projects, Century said its projects
have been 83 percent pre-sold.
The company is also set to deliver Gramercy
Residences by end-2012 while construction of
the Century City Mall is ongoing
and is targeted for completion by 2013.
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