Century Properties cuts earnings in H1

MANILA, Philippines - Century Properties Group Inc. reported a five percent drop in net income in the first half to P1.01 billion.

Total revenues amounted to P6.17 billion, of which P4.98 billion came from real estate sales.

In the second quarter alone, pre-sales jumped 46 percent to P4.49 billion amid strong demand from the overseas Filipino market.

Robust take up was noted in Century Spire Offices at its flagship Century City in Makati, Bahamas Tower at the Azure Urban Resort Residences in Parañaque City, and Quezon South Tower at The Residence at Commonwealth by Century in Quezon City.

During the first half, Century Properties completed three projects namely, Commonwealth Osmeña West Tower, Acqua Niagara Tower and Azure Positano Tower, which are 98 percent pre-sold as of June last year.

At the end of June, the property firm had total assets of P35.43 billion and total equity of P14.11 billion.

For the remainder of the year, the company is targeting to complete six towers with close to 3,000 units, of which 97 percent has been pre-sold and are worth P15.78 billion in total sales.

In the medium term, Century Properties is targeting to complete 22 vertical developments totaling 770,000 square meters of gross floor area.

In addition to its condominium and for sale office developments, Century Properties is also expanding its recurring income footprint to comprise 193,000 square meters of gross leasable space by 2019.

Century Properties is also diversifying into leisure and tourism and horizontal developments for first-time homebuyers.

Of its current inventory of launched projects, about 90 percent has been pre-sold.

Century Properties Investor Relations director Kristina Garcia said the company remains optimistic about its prospects in the second half.

“We continue to have a positive outlook on the Philippine real estate industry and remain in a high growth mode. Our optimism, however, is calculated. We will enter markets where there is determined demand, albeit where there is a serviceable gap between supply and demand,” she said.