Century Properties sustains profit hike

MANILA, Philippines - Benefitting from a resurgent property market, Century Properties Group Inc. sustained its upward trajectory with first semester net earnings surging 91percent to P944 million.

Total revenues more than doubled to P4.9 billion as pre-sales expanded 18 percent to P10.7 billion which is already 54 percent of the company’s full year target of P20 billion.

In a briefing yesterday, Century chief financial officer Jose Carlo R. Antonio said international sales remained strong, growing 66 percent to P7.1 billion despite the slowdown in European and US markets. He noted that the company, which is traditionally known for its high-end residential projects, has aggressively diversified its product portfolio with the upscale segment accounting for only 20 percent of its total units, both sold and unsold. 

Projects catering to the middle-income and affordable segments now account for 44 percent and 36 percent share, respectively, of total projects.

Units geared towards the high-end market are priced at over P7 million while middle-income units sell for P3.5 million to P7 million. Projects catering to the affordable segment are priced between P1.2 million and P3.5 million.

To further widen its offerings in the affordable market, Century launched last month The Residences at Commonwealth by Century which is estimated to generate P10 billion from sales of 2,300 units. Development cost for the 4.4-hectare, eight-tower development located beside Don Antonio Heights is P4.1 billion.

He said the company remains on solid footing with still P25 billion in unbooked revenues from five ongoing projects which include Century City in Kalayaan, Makati, Acqua Private Residences, Azure Urban Resort Residences, Canyon Ranch and the Lifestyle Center. 

Aside from this, Century Properties has over 4,400 unlaunched units and an additional 1,966-square meter landbank.