Century Properties reports 93% increase in 2011 revenues
MANILA, Philippines - Property developer and publicly-listed firm Century Properties Group Inc. ("Century") reported a 93% increase in total revenue in 2011.
In a recent report, Century said the increase amounted to P4.02 billion from P2.09 billion in the same period in 2010.
From Jan. 1-Oct. 31, 2011, cost and expenses amounted to P2.89 billion as compared to P1.81 billion during the comparable period in 2010. As a result, Century's net income grew 447% to P781 million over the same period in 2011 as compared to P143 million in 2010, the report said.
Century's pre-sales data indicated that it pre-sold P18.4 billion for the full year 2011, which equals 129% growth as compared to its P8 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 planned to have a capital expenditure budget of P7.3 billion to P8.3 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 Oct. 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 Dec. 31, 2011, Century also manages 51 properties including the Asian Development Bank and Makati Medical Center.
Source: Philippine Daily Inquirer | May 24, 2012
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