MANILA, Philippines - Upscale property firm Century Properties Group Inc. benefitted from the real estate boom as it posted more than P21 billion in pre-sales last year.
In a statement, the company said it recorded P21.4 billion in pre-sales, up 16.6 percent from P18.4 billion a year earlier and exceeding its P20-billion forecast.
“The demand for real estate remains very strong as proven by our robust sales, and the market recognizes that the timing and conditions are indeed ripe for buying good property,†Century Properties chief operating officer Jose Carlo R. Antonio said.
He said the expanding middle class, more job and income opportunities that lead to an increase in purchasing power, low interest rates, and robust remittances facilitated the growth in the real estate sector.
Antonio added that the firm got a boost from strong demand for housing and commercial properties from local end users, Filipinos living overseas and foreign nationals.
Last year, Century Properties tapped the affordable market segment for its development. The company now has access to the luxury, middle income and affordable segments.
For this year, the property developer plans to complete and turn over to buyers residential buildings with 4,607 units and 200,564 square meters of net saleable area.
“This year, Century Properties will reciprocate the overwhelming response of the market to our company’s projects by completing and turning over seven different buildings on time,†Antonio said.
These include the Gramercy Residences and the Knightsbridge Residences at Century City in Makati with more than 1,400 units and 1,300 units, respectively.
The first three towers composed of 1,889 units of the Azure Urban Resort Residences will also be completed.
In the nine months to September last year, the listed property firm booked a net income of P1.4 billion, surging 95 percent from P723 million a year ago. Revenues, driven by strong sales performance of its property developments, more than doubled to P7.2 billion from P3.5 billion.
With 26 years in the business of real estate development, marketing and property management, Century Properties has completed 21 condominium buildings (5,560 units) with a total gross floor area of 669,857 square meters and is currently managing 50 properties as of end-2012.
It is the company behind the Gramercy Residences, Azure Urban Resort Residences, Trump Tower, the Milano Residences, Acqua Iguazu yoo inspired by Starck and Centuria Medical Makati.