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Monday, June 2, 2014

Century Properties to roll out P9.5B worth of residential, office projects in 2H

Century Properties Group Inc is launching P9.5 billion worth of residential and office developments in the second half of the year.

Century Properties director for investor relations Kristina Garcia told reporters last week that the projects that will be rolled out are the Forbes Media Tower in Century City, the sixth tower at Acqua Private Residences in Mandaluyong, and the first residential tower at Azure North in Pampanga.

The property company of former ambassador Jose EB Antonio has budgeted P8-9 billion in capital expenditures this year for its projects.

Century Properties will generate P5.5 billion from the sale of 40,000 square meters of office space at Forbes Media Tower, the first of a network of Forbes-branded projects around the world. The office tower will have a total gross floor area of 64,000 square meters and the remaining 24,000 square meters will be leased out to tenants to boost the recurring income Century Properties.

Forbes Media Tower and Century Spire, a 60-storey residential and office tower, will complete the premium office block in Century City, the property developer's vertical village in the country's premier financial district.

Century Properties expects P2.2 billion in sales from the residential component of the sixth tower of Acqua, which will also house a condotel.

The real estate developer will introduce the maiden residential offering in Azure North with an estimated sales value of P1.8 billion.

Azure North is an eight-hectare mixed-use development in Pampanga that will feature residential, commercial, and office components. This is Century Properties’ first project outside Metro Manila.

Century Properties' profit rose 3 percent to P513.06 million in the first quarter from P500.56 million in the same period last year. Consolidated revenues jumped by a tenth to P2.85 billion from P2.60 billion a year ago.

- Interaksyon

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