Century Properties net profit flat

MANILA, Philippines - Upscale real estate firm Century Properties Group Inc. is all set to raise P3 billion from its maiden bond sale that will fund the construction of numerous residential towers in masterplanned developments in Metro Manila’s key growth areas.

In a statement, the company said it has secured the approval of the Securities and Exchange Commission for the registration of P2 billion in unsecured fixed-rate peso retail bonds, with an oversubscription option of P1 billion.

“The company, together with its joint lead underwriters BDO Capital & Investment Corp. and The Hongkong and Shanghai Banking Corp. Ltd., has fixed the yield for the three-year bonds at six percent, for the five-rear bonds at 6.6878 percent and for the seven-year bonds at 6.9758 percent,” Century Properties said.

The bonds are expected to be listed at the Philippine Dealing and Exchange Corp. on Sept. 2.

In a report to the local bourse, the property firm said its first half net income was flat at P1.05 billion. Revenues from real estate sales hit P4.74 billion, up 3.8 percent from P4.57 billion year-on-year.

“The increase was due to recognition of more real estate sales pursuant to higher pre-sales, in addition to the policies and estimates pursuant to the collectibility of sales price and the percentage of completion methods,” Century Properties said.

It also benefited from P49.5 million in leasing income in the first half given the start of operation of Century City Mall early this year.

The property arm of the Antonio family is spending more than P12 billion in the next five years for several residential buildings in Metro Manila.

The listed real estate firm said it will complete the construction of 31 buildings covering roughly 1.67 million square meters (sqm) in the next five years to cater to strong demand in the property sector.

In the long run, Century Properties said it plans to maintain leadership in the luxury and middle-income segments while diversifying into the affordable market.

In its 28 years in real estate development, marketing and property management, Century Properties has completed 25 condominium buildings totaling 873,127 sqm composed of 8,777 units.

It is the company behind projects such as 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.