CENTURY Properties Group, Inc. (CPG) recorded improving reservation sales in the second quarter to boost its first-half pre-sales to P6.1 billion.
In a statement over the weekend, the listed property developer said it pre-sold a total of 1,925 homes during the six-month period, equivalent to 651 condominium units and 1,274 house and lot units.
This is after the company enhanced its digitization efforts, which increased its reservation sales in the second quarter to P3.16 billion from the first quarter’s P2.96 billion.
“Century Properties was quick to adapt to digital selling and contactless transactions that generated healthy reservation sales for the first half of 2020. 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,” CPG President and Chief Executive Officer Marco R. Antonio said in the statement.
He added that the coronavirus disease 2019 (COVID-19) pandemic changed consumer behavior, and buyers are “starting to appreciate the value of home ownership to protect the health and wellbeing of their families.”
CPG has so far sold 94% of its 14,945 condominium units across projects in Quezon City, Pampanga, Mandaluyong City and Parañaque City.
In the first quarter, earnings of the company fell 36% to P234.44 million due to lower revenues from its urban vertical projects. The company attributed the decline to the eruption of Taal Volcano in January and the imposition of a Luzon-wide lockdown in March.
Mr. Antonio said the positive sales momentum recorded in the first half is expected to accrue in next year’s earnings. For now, CPG’s focus is to be prudent in its finances considering the uncertainties with the remaining COVID-19 quarantine measures.
“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,” Mr. Antonio said.
Shares in CPG at the stock exchange closed at 37 centavos each on Friday, down 1.33% from the previous day. — Denise A. Valdez