CPG posts ₱6.1-B reservation sales
Century Properties Group (CPG) reported that its reservation sales amounted to ₱6.1 billion in the first half of 2020 on the back of a stronger second quarter despite the pandemic.
In a statement, the firm said the ₱6.1 billion is equivalent to 1,925 homes or 651 condominium units under its in-city vertical developments business and 1,274 house and lot units under its affordable housing brand.
Amid challenges in the property market caused by the Taal Volcano eruption and the coronavirus pandemic early this year, CPG’s reservation sales saw an upward trend from P2.96 billion in the first quarter to P3.16 billion in the second quarter.
It said this is a result of the company’s digitalization efforts that transformed the home-buying process into a safe, contactless and convenient experience for its customers.
“Century Properties was quick to adapt to digital selling and contactless transactions that generated healthy reservation sales for the first half of 2020,” said CPG President and Chief Executive Officer Marco R. Antonio.
He noted that, “From an investment standpoint, real estate is more stable and safe in the long term, and it’s a hard asset that you can use.”
“But the new normal has also changed people’s perspectives. More than purchasing for investment returns, buyers are also starting to appreciate the value of home ownership to protect the health and well-being of their families,” Antonio added.
Even with the positive sales momentum, a majority of which is expected to accrue to the company’s 2021 earnings, CPG said it continues to exercise business prudence given that the lockdowns halted construction activity for three months and the country is still combating the pandemic.
“We are also keeping a close watch on market conditions in the property industry and the banking sector to get timing indications for next project launches,” Antonio said.
CPG has sold 94 percent of 14,945 units in its multitower condominium projects in Metro Manila and Pampanga. Its expansion into horizontal affordable housing has so far launched 9,820 house and lot units with ₱16.6 billion in sales value. (James A. Loyola)