Century Properties expects income turnaround in 2014

MANILA, Philippines - Real estate firm Century Properties Group Inc. expects its 2014 net income to pick up from the 1.9 percent decline it suffered in 2013.

Century Properties chairman Jose Antonio told The STAR that the company’s earnings last year improved from the previous year.

“We will announce the results in April, but it should grow,” Antonio said.

Century Properties already posted a net income of P1.59 billion in the first nine months of 2014, a slight improvement from P1.58 billion recorded in the same period the previous year.

The property firm is expecting full year 2014 earnings to be fueled by revenues from real estate sales and leasing.

In March last year, the company opened the 50,000-square meter Century City Mall in Makati with about 110 retail tenants, including four cinemas and a Rustan’s Supermarket.

Century Properties late last year also completed the construction and turnover of units at Centuria Medical Makati, a 28-storey building that has close to 700 clinics and office suites as well as 18 commercial spaces for dining, wellness and pharmacy outlets.

To further boost its recurring income portfolio, the firm also acquired a 50-percent stake in the company that owns the low-rise tower of Pacific Star Building  in Makati as well.

The Pacific Star Building is a 20-year-old office building and a landmark in the Makati central business district. It consists of a 29-storey structure and a six-storey low-rise building.

“The year 2014 is a significant period for Century as it marked the completion of our first two commercial developments from the year we became listed in 2012. We also completed a residential building in Azure Urban Resort Residences and the Paris Beach Club this year,” Century Properties’ director for investor relations Kristina Garcia said earlier.

The listed real estate firm seeks to complete a total of 31 residential buildings and amass a commercial portfolio of over 160,000 square meters by 2019.