Property developer and publicly-listed firm Century Properties Group, Inc. ("Century") reported a 310% net income growth to Php453.5 million in the first quarter of 2012 on the strong sales performance of its residential property developments. Century's net income in the same period of 2011 was Php110.5 million. Total revenue for the period of January 1 to March 31, 2012 increased by 121% to Php2.48 billion from Phpl.12 billion in the same period in 2011. As of March 31, 2012, Century's total debt is P1.3 billion, representing a total debt to equity of 18.9%. On a net debt to equity basis, Century is in a net cash position as it had P1.8 billion of cash as of March 31, 2012 having raised P2.3 billion in proceeds from an equity offering in February 2012.
"There continues to be a strong demand for residential property in the Philippines. We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units. After booking P18.4 billion of pre-sales in 2011, Century's pre-sales for first quarter of 2012 was Php5.3 billion consisting of 812 units, allowing Century to remain on track for its Php20 billion pre-sales target for full year 2012," said Century Properties Group Inc.'s Chief Financial Officer Jose Carlo R. Antonio. "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. It has transformed itself from a one building developer to a destination mixed used developer in multiple price points in the Metro Manila area," Antonio said.
While continuing to develop luxury projects including the Trump Tower Manila and Milano Residences in Century City that is 68% and over 70% sold, respectively, Century has expanded in the middle income market through Acqua Residences in Mandaluyong City, which has fully sold its 3 out of 6 buildings and is currently pre-selling the 4th building, the Livingstone Residences by MISSONIHOME. Due to the success of its affordable line with its first project called Azure Urban Residences in Paranaque City, which has fully sold five 5 out of 9 buildings. Based on launched projects, Century is 83% 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.
With regards to upcoming projects, Century will launch next month a Php4B project in Commonwealth Avenue in Quezon City, which has the largest highway in the country today. "Century currently has a land bank portfolio for the next five years to ensure continuous growth for the company," Antonio said.
Delivering quality products that are differentiated to add value for home buyers and commercial spaces has been Century Properties' commitment in its 26 years in the business of real estate development, marketing and property management.
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