Century Properties starts turnover of units in Mandaluyong and QC projects

CENTURY PROPERTIES Group, Inc. has started the turnover of 1,200 units valued at P4.5 billion at its newest Mandaluyong and Quezon City projects.

Partial move-in has started for The Residence at Commonwealth in Quezon City and Acqua Private Residences in Mandaluyong City, the company said in a press release on Thursday.

This includes the first half of the 1,015 units at The Residences Commonwealth Quirino East and West Towers, or the sixth and seventh buildings of the 4.4-hectare development.

Turnover of 185 more residential units at Acqua Private Residences Tower 6 started last month. But the 310-unit hotel area of the building is temporarily closed, and the hotel launch has been postponed to follow safety measures during the pandemic.

Century Properties plans to complete 1,600 units in its property Residences at Azure North in San Fernando, Pampanga by the second quarter next year. Some amenities, including a wave pool, will be done in the second half of 2021.

The firm posted a P1.1 billion net income for the first nine months of 2020. Profits surged 74% to P571.28 million in the third quarter due to gains from investment properties and non-recurring losses recorded the previous year.

“(The company is) maintaining strong earnings while sustaining the growth of its affordable housing (under PHirst Park Homes) and leasing segments,” the statement said.

Century Properties also recently launched the first 500 units of its seventh affordable housing community, the 10-hectare PHirst Park Homes in Magalang, Pampanga.

This expands the company’s presence north of Metro Manila after it opened an 18-hectare PHirst Park Homes Pandi in Bulacan. — Jenina P. Ibañez