Century Properties sees 15% growth in reservation sales

MANILA, Philippines - Real estate firm Century Properties Group Inc. said it expects another robust growth in reservation sales this year, likely breaching the P23-billion mark on strong demand for its projects.

New project launches in four destinations will be backed by proceeds of an ongoing $100-million bond sale, the company’s chairman said.

“We expect [pre-sales sales] to grow between 10-15 percent for this year,” Century Properties chairman Jose E.B. Antonio told reporters.

He said the projection is based on a growing middle class that Century Properties will be serving through new projects.

Last year, the property firm recorded P21.4 billion in pre-sales, up 16.6 percent from P18.4 billion a year ago and exceeding its P20-billion forecast. Hence, a growth of 10-15 percent compared with the P20 billion forecast last year will allow the property firm to book P22 billion to P23 billion in pre-sales this year.

Given the strong demand, Century Properties will be introducing new products to the market.

“In terms of destination, we will probably have four. But in each destination, at least six to 10 buildings each,” Antonio said.

“We will be focused on the middle and affordable section of the market because we feel that is the big unserved market.”

But the company will add another branded development in its portfolio that includes Trump Tower, Milano Residences and Acqua Iguazu yoo inspired by Starck.

Antonio said a branded development will show the world that the Philippines is a world-class property developer.

To date, Standard Chartered is arranging a $100-million bond offering for working capital, he said.