Century Properties sets P25B capital spending plan through 2020
Century Properties Group Inc. of the family of bilyonaryo Jose E.B. Antonio has allocated P25 billion for a five-year capital spending program to launch new residential and office developments.
From 2016 through 2019, the company will roll out 20 towers comprising of nearly 10,300 residential units with a total sales value of about P58.95 billion. These projects, which will add 751,000 square meters of gross floor area to Century Properties? portfolio, are already 95 percent.
Century Properties expects to boost its office and retail space to around 234,000 square meters by 2019. Last year, it entered into a strategic partnership with leading Japanese conglomerate Mitsubishi Corp. to build the world?s first Forbes Media Office Tower within its flagship Century City in Makati.
The company remains bullish on the real estate industry despite reporting a 29 percent drop in net profit last year to P1.53 billion. The sluggish performance in 2015 was largely due to a 18.65 percent decline in revenues to P10.38 billion.
At the end of 2015, Century Properties had total assets of P37.48 billion and total equity of P14.63 billion. Retained earnings stood at P5.96 billion. From 2014 to 2015, cash flows from operating activities improved by P1.98 billion.
Century Properties said project completions at its six master-planned developments are on track. At Century City, the realty firm completed three residential towers and two commercial projects, Century City Mall and Centuria Medical Makati. Another five towers have been delivered at Azure Urban Resort Residences in Paranaque City, two at Acqua Private Res-idences in Mandaluyong City, and one at the Residences at Commonwealth in Quezon City.
In 2015 alone, the company successfully turned over six residential towers, comprising 3,068 units, 234,000 square meters of gross floor area with a sales value of P15.2 billion.