Corporate News

Century targets 1.67 million square meters by 2019

Posted on July 04, 2014

LUXURY CONDOMINIUM developer Century Properties Group, Inc. said it expects to complete its 31st building by 2019, bringing its total completed projects to around 1.67 million square meters.

In a statement, the company said the projects fall under the luxury, middle-income and affordable categories, as well as retail, office and medical office developments.

These will rise in the company’s master-planned developments in Century City in Makati City, Acqua Private Residences in Mandaluyong City, Azure Urban Resort Residences in ParaƱaque City, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.

Aside from these, Century said it is also developing an office building in Fort Bonifacio.

Century Properties Director for Investor Relations Kristina Lowella I. Garcia said in a text message that around P12 billion worth of capital expenditure will be allotted for six residential and commercial projects in Fort Bonifacio, Makati City, ParaƱaque City and Quezon City.

She said some of the funds will be sourced from up to P3 billion worth of bonds it plans to raise in its maiden bond offering, which will include three-, five- and seven-year issues.

Further details on the other projects were not immediately available.

On June 6, Credit Rating and Investors Services Philippines, Inc. assigned an AA+ rating with a stable outlook on the bonds, citing Century Properties’ “strong market presence, healthy financial position, and excellent land banking strategy.”

The company said it has developable land in Pampanga, Quezon City and Batangas.

“Century is now evolving from being a top residential developer in Metro Manila to a well-diversified real estate developer with recurring revenue streams,” Century Properties Chief Operating Officer Jose Marco R. Antonio said in the statement.

Century Properties has been in the industry for 28 years. It has completed 25 condominiums with a total of 873,127 square meters and 8,777 units.

Last month, the company launched Century Spire, its 3.4-hectare flagship mixed-use development in Makati City that will house upscale residences, a lifestyle center, a mall and an outpatient medical building.

Century Spire, which is set to open in 2018, has a total of 500 units and is the eighth tower to rise in Century City along Kalayaan Avenue in Makati City.

Century Properties’ net income rose 2% year on year to P513.062 million in the first quarter.

Consolidated revenue rose 10% to P2.85 billion, while revenue from real estate sales grew 8% to P2.39 billion.

Century Properties shares gained one centavo or 0.76% to close at P1.32 on Thursday. -- Daphne J. Magturo