CENTURY Properties Inc. on Thursday said it expects to sustain growth given the strong demand for residential products.
Jose Marco Antonio, Century Properties co-chief operating officer, told reporters that the company’s reservation sales are expected to grow by 40 percent to P14 billion this year from P10 billion in the previous year.
Antonio said the growth in the property sector is a confluence of several factors such as the availability of long-term financing, the low-interest rate environment, strong demand locally and globally, and the huge backlog in residential units.
Given the vibrant property sector, Century Properties expects to sell the first two to three towers of its latest project, the P13.5-billion Acqua Private Residences, this year.
The six-tower development, all named after world-renowned waterfalls, is situated at a 2.4-hectare property in Mandaluyong City, just across Rockwell. The project is also located near the newly built Estrella-Pantaleon bridge, connecting Makati and Mandaluyong.
Acqua Private Residences aims to target the rapidly growing middle-income market, comprised mostly of Filipino expatriates.
“We see there are a lot of similar developments that the projects are starting to become commoditized. What we aim to do is differentiate by targeting the premium end of this market,” said Antonio.
Acqua will incorporate the elements of a nature-infused and tropical rainforest environment. Complementing its tropical rainforest concept is its central amenity, The Pebble, a 3,000-square meter facility that serves as a country club.
It will also feature the 300-meter boardwalk dubbed the Riverwalk Promenade, which will house a riverfront stretch of 2,000 square meters of retail spaces.
Construction of the first tower, The Niagara, will commence next year and is scheduled for completion by the second quarter of 2015. Construction of the succeeding towers will begin six months after.
It will have 42 floors, comprising around 400 to 500 units of one-, two-, and three-bedrooms. A private collection of special units called Acqua Prive includes Townhouse, Sky Garden, Private Garden and Penthouse.
Unit sizes range from 27 to 140 square meters with an average price of P95,000 to P100,000 per square meter.
KRISTA ANGELA M. MONTEALEGRE - manila times