Century Properties posts 310% increase in Q1 net income

With more and more people investing in residential units, property developer Century Properties Group Inc. reported a record net income growth of 310 percent to P453.5 million in the first quarter of 2012.

 

Century’s net income in the same period in 2011 was P110.5 million.

 

“Given that the real estate industry is benefiting from a continuous low interest regime, expanding population, tamed inflation rates, and a rise in the middle class where home buying remains to be a prime aspiration, Century has been able to achieve one of the highest growth rates in the real estate sector,” said Century’s chief financial officer Jose Carlo Antonio.

 

Revenues from Jan. 1 to March 31, 2012 increased by 121 percent to P2.48 billion from P1.12 billion in the same comparable period.  

 

“There continues to be a strong demand for residential property in the Philippines,” Antonio said. “We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units.”

 

Century’s pre-sales in the first quarter was P5.3 billion, consisting of 812 units after booking P18.4 billion in pre-sales for the whole of 2011, he added.

 

Century focuses on high-rise and mid-rise residential condominiums and mixed-use developments. Among its projects are the Acqua Residences in Mandaluyong, Azure Urban Resort Residences, Essensa East Forbes, and the recently-built Trump Tower in Makati.

 

Based on launched projects, Century said it is already 83 percent pre-sold.

 

The company is also set to deliver Gramercy Residences by end 2012, and construction of the Century City Mall is ongoing and is targeted for completion by 2013. 

 

Next month, Century will also launch next month a P 4-billion project along Commonwealth Avenue in Quezon City.

 

“Century currently has a land bank portfolio for the next five years to ensure continuous growth for the company,” Antonio said. —With Jon Lindley Agustin/VS, GMA News