MANILA, Philippines - Property developer Century Properties is investing P34 billion for the construction of four masterplanned projects in Metro Manila.
Jose Carlo R. Antonio, Century Properties chief financial officer, said the company has already sold 87% or 9,017 units out of 10,336 units available in Century City, Azure Urban Resort Residences, Acqua Private Residences and The Residences at Commonwealth.
"We are humbled by the markets’ acceptance of our developments as we have pre-sold 87% of the units we have made available for sale as of June 2012," he said, in a statement.
"Furthermore, we are very thankful to the support of our financial partners. Century raised P1.6 billion in a pre-IPO basis prior to our becoming public in January 2011, P2.3 billion from the sale of Century’s shares in February 2012, and has approved bilateral credit facilities of P5.5 billion from 10 financial institutions as of September 2012. This brings our financing capabilities to P10.4 billion."
Century is developing these four mixed use developments in previously underutilized properties in Makati, Paranaque, Mandaluyong and Quezon City. "Developing new projects in older, underutilized real estate allows us to revitalize overlooked prime areas. It naturally enhances the urban makeup of these sites, and consequently their property values," Antonio said.
The P15-billion Century City, the company’s 3.4-hectare flagship development in Kalayaan Avenue, Makati, was previously part of a property owned by International School Manila for 40 years. Century City will have four high-rise residential buildings, namely Gramercy Residences, the Knightsbridge Residences, Milano Residences, and Trump Tower. Gramercy is scheduled to be completed by December.
The P8-billion Azure Urban Resort Residences, which features a man-made beach and beach club designed by socialite Paris Hilton, is located in Parañaque City. Antonio said the company will complete the first three buildings within the next 18 months.
In Mandaluyong City, Century is building the P7 billion Acqua Private Residences. "Acqua will showcase our company’s vision of a revitalized riverside lifestyle experience, and a cleaner and transformed Pasig River," Antonio said.
The P4 billion Residences at Commonwealth, Quezon City is Century’s latest masterplanned development and will feature 8 mid-rise condominium buildings.
"All these projects were masterplanned with our customer’s experience and innovation in mind. We will endeavor to replicate these considerations and qualities when we expand our portfolio outside Metro Manila," he said.