MikeLigalig.com

By Joann Santiago

Century Properties has set a P7- billion capital for 2012 and targets to sell about P16 billion worth of properties this year as it continues to increase presence among the B, C and D segments.

Century Property chief financial officer Carlo Antonio told reporters Wednesday that the company targeted to sell around 3,100 units of properties to the C, B, D markets this year, same as last year, and growth driver would be the introduction of units that cost around P3-5 million.

Antonio said that demand continued to be robust amid the on-going debt crisis in Europe and traced this development to the company’s diversification.

“The benefit of having a global market is diversification so you are not tied up to one market,” he said.

Among the projects of Century Properties, the high-end ones are priced at P7 million up while the middle market segment is priced at P3.5-7 million and the low-end units are priced up to P3 million.

Antonio said they will continue to offer lower-priced units as they correct the perception that the company only caters to high-end customers.

“As the market grows we’re trying to expand our price to the middle and affordable market,” he said.

One of the low-priced projects of the company will be located along Commonwealth Avenue in Quezon City, which is targeted to have eight buildings.

Amid the plan for the Commonwealth Avenue project, Antonio said they would continue to sell units in properties in Azure Urban Resort Residences, 4,000 of which had already been sold as of last March and two towers were scheduled to be turned-over to the owners in June next year.

Five buildings of the Azure project have been sold and Antonio said they would continue to build four more buildings in this project, which is located in Paranaque.

The other focus of the company is to sell more units in its Acqua Private Residences in Mandaluyong City.

Antonio said construction of more units and acquisition of land were the main reasons for the increase in the company’s capital expenditures to P7 billion this year from the P3.6 billion in 2011.

In the first three months this year the company registered a 310 percent increase in net income after it reached P453.4 million against year-ago’s P110.5 million.

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