Brisk real estate sales boost Century Properties' 3Q profit

MANILA – Century Properties Group Inc registered a double-digit growth in earnings in the third quarter on higher residential sales.

In a regulatory filing, the property company of former ambassador Jose EB Antonio booked a net income of P529.6 million in the July to September period, 13 percent higher than the P529.6 million in the same three months of last year.

Century Properties' nine-month tally rose 12 percent to P1.6 billion from the P1.4 billion in the same period last year.

Higher real estate sales lifted consolidated revenues by 22 percent to P2.79 billion in the third quarter from P2.29 billion a year ago. This pushed the nine-month total to P8.1 billion, an improvement of 12 percent from P7.22 billion in 2012.

Century Properties is on course to hit its pre-sales target of P24 billion for the entire 2013 after the nine-month total reached P18.1 billion. Unbooked sales stood at P29.6 billion at end-September.

“We believe that Century Properties had another solid quarter of operating and financial results. With the turnover of the Gramercy Residences at Century City, two Azure Urban Resort Residences buildings, and the near completion of the Paris Beach Club in Azure, we are now in a position to redeploy capital into a variety of commercial real estate projects, which we believe will provide attractive returns,” said Jose Carlo R. Antonio, the company's chief financial officer.

As an initial foray into retail, Century Properties will soon complete Century City Mall in its mixed-use project in Makati City. In August, the company broke ground on a 3,000 square meter lot in a prime area of Bonifacio Global City for an office building.

The real estate firm also topped off Centuria Medical Makati, a medical facility in partnership with GE Healthcare that will house doctors’ clinics and modern outpatient care facilities and will offer professional care in a hotel-like environment.

In September, Century Properties and Forbes Media announced that they will build the world’s first Forbes-branded commercial office building in Makati City.

The property firm also inked a deal with the group of Japanese gaming tycoon Kazuo Okada for the development of luxury residential and high-end retail projects on a five-hectare lot within the latter's 44-hectare Manila Bay Resorts in Entertainment City. Closing of the transaction is subject to the fulfillment of condition precedents.

Century Properties is gearing up for the next stage of growth with pre-sales expected to hit P30 billion and profit seen to reach P3 billion by 2015, the company's 30th year in the business.

The financial projections represent a compounded annual growth rate (CAGR) of 15 percent over the three-year period.

source: interaksyon.com

Century Properties plans hotel venture

MANILA - Riding on the booming tourism industry, the Century Properties Group Inc is set to venture into the hotel business, the latest addition to its growing portfolio of real estate products.

In a briefing on Friday, Jose EB Antonio, Century Properties chairman, president and chief executive officer, said it has a shortlist of locations all over the country where it can build three-, four- or five-star hotels.

"We are in the planning stage... We are in discussions with various parties. This will be consummated within the year and announcements will be done next year," said Antonio, adding that Bicol is one of the places it is looking at.

Century Properties will develop its own brand and have “partnership brands” as it ties up with experienced hotel managers.

For its first two projects, the property developer is eyeing to build a hotel within a city and in an out-of-town location.

"We want a door-to-door experience. Why does Phuket have 16 million tourists and the Philippines have only over four million? It's because they have door-to-door experience. Sa atin, madami pang hop, skip and jump," said Antonio.

While tourism numbers have increased in the last few years, this is still "miniscule" compared to the country's Asean neighbors.

"Where is the opportunity? The opportunity is we have the product. We have the beaches, mountains and the people. We have everything that is needed and required by tourists except they have nowhere to land. We're looking towards the pronouncement of the government that more infrastructure will come into play very soon," said Antonio.

He said Century Properties will participate in the tourism sector in “a very active way” because it is an industry that “trickles down in the last level of society.”

Century Properties is the company behind branded residential developments such as the Azure Urban Resort Residences, which has a beach club designed by hotel heiress Paris Hilton, and Trump Tower Manila, a tie-up with American real estate mogul Donald Trump.

Also among Century Properties' projects are Milano Residences, designed by world-renowned fashion brand Versace; Acqua Livingstone, a tie-up with Italian brand MissoniHome; and Acqua Iguazu yoo, which was inspired by Starck.

Last year, Century Properties marked its foray into the affordable housing market with the development of The Residences at Commonwealth in Quezon City. The company is also building the medical arts and outpatient building Centuria Medical Makati and shopping mall Century City Mall at its integrated mixed-use development along Kalayaan Avenue in Makati City.

source: interaksyon.com