Century pre-sells 87% of units earmarked as of June

Benefiting from a buoyant property market, Century Properties Group Inc. (CPG) has pre-sold 87 percent of the total units earmarked for sale as of June this year, mainly coming from four ongoing master- planned projects with an estimated cost of P34 billion.

In a statement, CPG chief financial officer Jose Carlo R. Antonio said the company sold 9,017 units in Century City, Azure Urban Resort Residences, Acqua Private Residences and The Residences at Commonwealth by Century.

Antonio said the company has raised a total of P10.4 billion from the equity and debt markets.

“Developing new projects in older, underutilized real estate allows us to revitalize overlooked prime areas. It naturally enhances the urban makeup of these sites, and consequently their property values” Antonio said.

The P15- billion Century City, the company’s 3.4-hectare flagship development in Kalayaan Ave., Makati, was part of a property formerly occupied by the International School Manila for more than 40 years. The integrated township development currently has four high-rise residential buildings - the Gramercy Residences, the Knightsbridge Residences, the Versace Homeinterior designed Milano Residences, and Trump Tower.

Also to rise within Century City is an upscale mall that will make available some 17,000 square meters of net leasable space as well as the outpatient medical tower Centuria Medical Makati.

The Gramercy is slated for completion in December 2012 and approximately one building at Century City will be turned over for each succeeding year.

“We are bringing this last prime piece of Makati property back to life and calling it Modern Makati. The International School’s heritage inspired us to make Century City a showcase of the best in the world, and give Filipinos an experience of what a true cosmopolitan city is,” Antonio said.