Century Properties October 2011 Performance and Plans 2012
Property developer and publicly-listed firm Century Properties Group Inc. ("Century") recently published its performance for the ten month period ended October 31, 2011. For the period from January 1 to October 31, 2011, Century reported a 93% increase in total revenue amounting to Php4.02 billion from Php2.09 billion in the same period in 2010. During the ten months ended October 31, 2011, cost and expenses amounted to Php2.89 billion as compared to Php1.81 billion during the comparable period in 2010. As a result, Century's net income grew 447% to Php781 million for the ten month period ended October 31, 2011 as compared to Php143 million during the same period in 2010.
Century's pre-sales data indicated that it pre-sold Php18.4 billion for the full year 2011, which equals 129% growth as compared to its Php8.0 billion in pre-sales for the full year 2010. On a unit basis, Century pre-sold 5,367 units for the full year 2011, as compared to 2,325 units for the full year 2010. Century believes it was able to attain this sales growth in large part due to its efforts to sell to Filipinos living overseas, as well as foreign nationals. In 2011, approximately 67% (in terms of value) of Century's pre-sales came from international markets.
For 2012, Century's Chief Financial Officer Jose Carlo R. Antonio said that the company plans to have a capital expenditure budget of Php7.3 billion to Php8.3 billion. Century has four current master planned developments, namely Century City in Makati City, Canyon Ranch in Cavite, Azure Urban Residences in Paranaque City and Acqua Residences in Mandaluyong City. Upon full completion, these four master planned developments are expected to contain 23 condominium buildings with 15,703 condominium and office units, and 955 single detached homes, with a total expected gross floor area of 1,185,024 sq.m. Furthermore, in 2012, Century is planning to launch a 4.4-hectare project along Commonwealth Avenue in Quezon City to offer approximately 2,000 affordable housing units, and is also constructing a lifestyle center that is expected to include a variety of retail offerings to complement its existing developments in Century City.
As of October 31, 2011, Century (including its former affiliate Meridien and main shareholder Century Properties, Inc.) has completed 20 condominium buildings (4,128 units) with a total gross floor area of 548,262 sq.m. Century's roster of noteworthy developments include the award-winning Essensa East Forbes ("Essensa") in Fort Bonifacio, the Philippines' 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. Additionally, as of December 31, 2011, Century also manages 51 properties including the Asian Development Bank and Makati Medical Center.
This press release does not constitute an offer for sale of the securities of Century Properties Group Inc. in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Century Properties Group Inc. does not intend to register any of its securities in the United States or to conduct a public offering of its securities in the United States.
Source: BusinessWorld | February 7, 2012
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