Century Properties to launch P10-B residential projects

MANILA, Philippines - Real estate firm Century Properties Group Inc. is launching almost P10 billion worth of residential projects this year as it continues to ride on the strong demand amid the ongoing property boom.

The listed property developer of the Antonio family will start developing its first mixed-use project outside Metro Manila even as it continues to launch new residential towers in existing projects, an official said last week.

Total sales value of three new projects to be launched this year is P9.5 billion, Kristina Garcia, director for investor relations of Century Properties, told reporters.

Specifically, Century Properties projects will sell a large portion of the 64,000-square-meter (sqm.) Forbes Media Tower. “Around 40,000 sqm. will be sold and estimated revenues of that is P5.5 billion,” Garcia said.

The world’s first Forbes-branded office tower, which jumpstarts Forbes Media’s plan to put up a global network of office towers, will be located in the 3.4-hectare Century City mixed-use development in Makati.

“We are also looking at launching Azure North in Pampanga later in the year,” Garcia said.

Last year, Century Properties acquired an eight-hectare property from Pampanga-based House of David Realty and Development Corp. The property firm will spend P20 billion for its first mixed-use project outside Metro Manila that will feature mid-rise condominium buildings, office and retail space, and another Paris Hilton-designed beach club.

“For the first residential tower in San Fernando, Pampanga, we are looking at P1.8 billion (in sales),” Garcia said.

Century Properties will also introduce to the market the sixth and final tower of the Acqua Private Residences in Mandaluyong.

Garcia said sales from the residential building will reach P2.2 billion. The company will also develop 10,000 sqm. of the property for a condotel project.

Century Properties targets to reach P3 billion and P30 billion in net income and pre-sales, respectively, by 2015 through the sale of existing inventory, unlaunched projects and leasing portfolio.

In the first quarter, Century Properties said net income attributable to equity holders of the parent firm inched up 2.49 percent to P513.06 million from P500.55 million. Consolidated revenues rose by a tenth to P2.85 billion from P2.6 billion as revenues from real estate sales climbed eight percent to P2.39 billion from P2.21 billion last year.

With 28 years in the business of real estate development, marketing and property management, Century Properties has completed more than 20 condominium buildings.

It is the company behind projects like the Essensa East Forbes in Bonifacio Global City; the Trump Tower, Gramercy Residences, The Milano Residences and Knightsbridge Residences in its masterplanned Makati development, Century City; and the Acqua Private Residences in Mandaluyong City.