Century Properties acquires full ownership of property management unit

MANILA, Philippines - Century Properties Group Inc. has acquired all shares in its property management unit, the company said in a disclosure.

“A memorandum of agreement was executed by and among the corporation, Century Properties Inc. and Maricel Romig for the sale of the 20 percent shareholdings of Romig with Century Properties Management Inc. (CPMI) amounting to 10,000 shares of stock,” the company said.

The acquisition allowed Century Properties to own 100 percent of CPMI.

Benefitting from a resurgent property market, Century Properties sustained its upward trajectory with first semester net earnings surging 91 percent to P944 million.

Total revenues more than doubled to P4.9 billion as pre-sales expanded 18 percent to P10.7 billion, which is already 54 percent of the company’s full year target of P20 billion.

Century Properties still has P25 billion in unbooked revenues from five ongoing projects which include Century City in Kalayaan, Makati; Acqua Private Residences; Azure Urban Resort Residences; Canyon Ranch; and the Lifestyle Center.

Aside from this, Century Properties has over 4,400 unlaunched units and an additional 1,966-square meter landbank.

With 26 years in the business of real estate development, marketing and property management, Century Properties has completed 20 condominium buildings (4,128 units) with a total gross floor area of 548,262 square meters and is managing 51 properties as of end-2011.