Century Properties notches stronger quarterly pre-sales

Century Properties Group, Inc. registered a 46 percent increase in its pre-sales to 4.49 billion in the second quarter of the year from 3.07 billion in the first quarter of 2015.

The firm said the growth came on the back of continuing strong demand for residential units from the overseas Filipino market, as well as from the sale of office spaces.

The strong uptick can be attributed, in large part, to Century Spire Offices at its flagship Century City in Makati City, Bahamas tower at the Azure Urban Resort Residences in Parañaque City, and Quezon South tower at The Residence at Commonwealth by Century in Quezon City.

The Company has completed three projects during the first half of 2015, namely, Commonwealth Osmeña West Tower, Acqua Niagara Tower and Azure Positano Tower. These projects are 98 percent pre-sold as of June 2015.

Since becoming public in 2012, Century Properties has enjoyed strong historical pre-sales. Of its current inventory of launched projects, around 90 percent have been pre-sold, in terms of number of units.

Aside from marketing and selling its projects, the Company is focused on completing 22 vertical developments in the near to medium term, which will total 770,000 square meters of gross floor area.

For 2015 alone, it will complete six towers with close to 3,000 units, of which 97 percent has been pre-sold and are worth 15.78 billion in total sales.

In addition to its condominium and for sale office developments, Century Properties continues to build its recurring income portfolio, which will be comprised of retail and office spaces totaling 193,000 square meters of gross leasable space by 2019.

For the first half of the year Century Properties' total revenues amounted to 6.17 billion, of which revenue from real estate sales amounted to 4.98 billion, compared to 4.75 billion in revenue from real estate sales registered in the same period last year.

Net income attributable to equity holders of the parent company dipped to 1.01 billion for the first half of 2015 compared to 1.06 billion in the same period last year.

“We continue to have a positive outlook on the Philippine real estate industry and remain in a high growth mode,” said Century Investor Relations director Kristina Garcia.

She added that, “our optimism, however, is calculated. We will enter markets where there is determined demand, albeit where there is a serviceable gap between supply and demand.”