Century Properties still looking for new properties

MANILA, Philippines - Real estate firm Century Properties Group Inc. is eyeing more land bank for new residential and even tourism projects.

Century Properties chief financial officer Jose Carlo Antonio said the compant’s first foray in the province focusing on the residential segment will be launched next year.

“We’re looking mostly at the central business district still, aside from Pampanga,” Antonio said.

Antonio said the company is also checking “a few resort properties but nothing firm yet.”

Early this month, Century Properties acquired close to eight hectares of property in San Fernando, Pampanga that is expected to boost residential sales by P6 billion.

The Pampanga property will form part of a city or town center that Century Properties envisions for the area, preparing it to become a future central business district in the north.

Antonio said the first residential project in the Pampanga property would be launched next year.

Century Properties would focus on the affordable market for the low-rise condominium project, he added.

For other new projects, Antonio said the company is focusing on projects in Quezon City and Pampanga.

Century Properties’ regional expansion he said would be anchored on residential communities.

“Maybe 10,000-20,000 square meters (sqm.) of gross floor area of commercial space so (the community) is self-sustaining in that regard,” Antonio said.

For the tourism venture, Century Properties earlier announced plans to launch a hotel project in mainland Palawan next year, banking on the country’s tourism boom.

In the first half, the listed property firm’s earnings jumped 12 percent to P1.06 billion “led by strong and sustained residential sales and growing earnings from property management.”

Century Properties expects its net income and pre-sales to reach a record P3 billion and P30 billion, respectively, by 2015 through existing inventory, unlaunched projects and leasing portfolio.

With 27 years in the business of real estate development, marketing and property management, Century Properties has completed 21 condominium buildings (5,560 units) with a total gross floor area of 669,857 sqm. and is managing 50 properties as of end-2012.