Century Properties Group Inc., the real estate unit of Ambassador Jose Antonio, said it allocated P25 billion in capital expenditures from 2016 to 2020 to expand residential and leasing assets.
Century Properties said in a statement the programmed spending for the next five years was in line with the company’s thrust to complete 20 towers with close to 10,300 residential and units.
These projects, with total gross floor area of 751,000 square meters, have a total sales value of about P58.95 billion. These projects were 95-percent sold.
“We remain positive about the property sector and believe that the steps we have undertaken will pave the way to achieving our future plans. Our growing financial strength and thirty-year experience in the industry help ensure that we are adapting to the needs of the market and maximizing the potential of our growth priorities,” Century Properties director for investor relations Kristina Garcia said.
Century Properties posted a net income of P1.53 billion and revenues of P10.38 billion in 2015.
The company did not provide comparative numbers. Based on 2014 financial statement it filed with the Philippine Stock Exchange, the 2015 net income was down 28.8 percent from P2.15 billion in 2014 while 2015 revenue figure was lower by 18.6 percent than P12.76 billion in 2014.
The company turned over six residential towers in 2016. These projects have a total of 3,068 units, 234,000 square meters of gross floor area and P15.20 billion in total sales value.
It also continues to build new housing units at Century’s Canyon Ranch in Carmona, Cavite while site ground works are being conducted at The Residences at Azure North in San Fernando, Pampanga in preparation for land development and the subsequent construction of its first two towers.
The property firm forged a strategic partnership with leading Japanese conglomerate Mitsubishi Corp. last year to develop the world’s first Forbes Media Office Tower in Century City Makati.
The company had total assets of P37.48 billion and total equity of P14.63 billion as of end-2015.