Century Properties to roll out P16-B new residential units

Posted at 06/28/12 8:05 AM

MANILA, Philippines - Century Properties Group Inc. (CPG) will roll out P16 billion worth of new residential units this year, roughly the same level as the previous year.

On the sidelines of the company’s annual stockholders meeting yesterday, CPG chief financial officer Jose Carlo R. Antonio said sales have been robust and expects this trend to continue as it launches new projects which include a mid-rise building in Quezon City under unit Century Limitless Inc.

Estimated to cost around P4.8 billion, the Commonwealth project will make available a total of 2,000 affordable housing units on a 4.4-hectare property along Commonwealth Avenue.

Antonio said the company has already sold six out of the nine-building Azure residential project in Parañaque. Each tower houses 550 units.

CPG earlier said it was looking a two-fold rise in its net earnings from P866 million in 2011.

Around 67 percent of total sales come from overseas markets like Asia, United Kingdom and the Middle East.

CPG currently has four master-planned developments, namely Century City in Makati City Canyon Ranch in Cavite City, Azure Urban Residences in Parañaque City, and Acqua Residences in Mandaluyong City. These projects, when completed, will provide an additional 15,703 condominium and office units, and 955 single detached homes, with a gross floor area of 1.185 million square meters.

Aside from Century City, the company is accelerating the completion and expansion of existing projects within its three other master-planned developments –Canyon, Azure Urban Residences and Acqua Residences. These new developments, when completed, will make available 23 condominium buildings.

CPG is the developer of the posh Essensa East Forbes in Fort Bonifacio and Pacific Star Building. Its portfolio also includes the country’s first fully-fitted and fully-furnished condominium South of Market (SOMA) in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas and a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole.