Century to grow commercial leasing, build mid-rise condos

Michelle Ong, ABS-CBN News

Posted at Jan 10 2020 12:38 PM | Updated as of Jan 10 2020 02:28 PM

 

MANILA -- Century Properties Group said Friday it would spend P30 billion over 3 years to "aggressively expand" its commercial leasing business as construction of residential spaces shifts to faster-moving medium rise projects.

The developer, known for co-branding partnerships with luxury and celebrity brands like Armani and Trump Tower, recently raised P3 billion from a preferred share sale, said president and CEO Jose Marco Antonio.

Century recognizes the need for more affordable housing, the increasing spending power of millennials and Generation Z, and lower interest rates, which are expected to drop further this year, he said.

"Historically, Century Properties Group is known for high-rise condo developments," Antonio told ANC. "Our decision is to transform the company and take advantage of new revenue streams."

Medium-rise condos will be "manageable and quick" to build, with each unit costing P3 million to P5 million. The brand will be launched by the second quarter, he said.

Century launched its affordable housing arm in 2017, hoping to build 15 projects over 5 years with projected revenue of P60 billion. Sales has been "healthy" so far for the initial 5 projects, Antonio said.

Antonio said Century would "definitely beat out" its performance last year with "strong double-digit growth."

(Editor's Note: An earlier version of this story, incorrectly identified the company as Century Pacific Group. We apologize for the error.)