Century Properties to complete 6 residential projects worth over Php15-B

June 11, 2015 6:04 am 

MANILA, June 10 — Century Properties Group, Inc. is set to complete six residential projects this year with total sales value of over Php15 billion.

These projects are Milano in Century City, Niagara and Sutherland towers at Acqua Private Residences in Mandaluyong City, Positano and Miami at Azure, and Osmeña West at The Residences at Commonwealth in Quezon City.

“To date, the projects, which will have a total of about 3,000 units and total sales value of over Php15 billion, are 97 percent sold,” it told the local bourse.

In addition to the projects scheduled for delivery this year, the company will complete another 16 vertical developments in its various master planned communities in Century City, Azure, Acqua and Commonwealth, which will have a total of about over 7,000 units in the upcoming years.

The company previously announced its diversification into allied real estate segments, specifically horizontal housing for first-time home buyers and leisure and tourism development estates.

Century Properties expects to invest an additional Php27 billion through 2020, allocating roughly Php12 billion for horizontal economic housing projects to develop 20,000 homes, Php10 billion for investment properties, and Php5 billion for vertical developments and leisure and tourism developments.

This increases its capital expenditures plan from its previous of Php8.3 billion per year to Php10 billion per year for the next five years. (PNA)

LGI/LDV

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