Century Group doubles pre-sold units in 2011

MANILA, Philippines -  High-end realty firm Century Properties Group Inc. had pre-sold P18.8 billion worth of residential units last year, more than double the P8 billion recorded in 2010.

On a unit basis, Century pre-sold 5,367 units in 2011, more than twice the 2,325 units sold a year earlier.

In a press statement, Century said demand from overseas Filipinos for local property remained resilient despite the global financial crisis. The overseas Filipino market, which continues to be one of the leading growth drivers of the real estate industry, accounted for 67 percent of Century’s total pre-sales value.

OFW families have been investing a third of their dollar remittances in real estate property or for house improvements.

The company has increased its market share in the residential condominium segment from six percent to 10 percent as of end-September 2011.

Century, which gained backdoor listing on the Philippine Stock Exchange through dormant firm East Asia Power Resources Corp., grew its net income almost five-fold in the 10 months ending October 2011 to P779.65 million from only P156.66 million the previous year-period.

During the period under review, revenues jumped 93 percent to P4.02 billion as real estate sales expanded 86 percent to P3.22 billion.

As of Oct. 31, 2011, Century (including its former affiliate Meridien and main shareholder Century Properties Inc.) completed 20 condominium buildings equivalent to 4,128 units with a total gross floor area of 548,262 square meters.

To maintain robust growth, Century said it will fast-track the completion and continue the expansion of existing projects within its four master-planned developments, namely Century City in Makati City, Canyon Ranch in Cavite, Azure Urban Residences in Parañaque City and Acqua Residences in Mandaluyong City. These new developments, when completed, will give rise to 23 condominium buildings with 15,703 condominium and office units and 955 single-detached homes, with a total expected gross floor area of 1.18 million sq.m.

Century chief financial officer Jose Carlo R. Antonio said the company has set a capital expenditure program of between P7.3 billion to P8.3 billion this year, more than double the P2.6 billion spent in 2011.

Also this year, Century is planning to make available a total of 2,000 affordable housing units via its subsidiary Century Limitless Inc. The P4.8-billion mid-rise condominium building will rise on a 4.4-hectare property along Commonwealth Ave. in Quezon City.

Century 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 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.

Century also manages 51 properties, including the Asian Development Bank and Makati Medical Center.