CENTURY Properties Group, the country’s biggest unlisted real estate developer, expects reservations sales to match last year’s 40-percent growth as it continues to launch new projects, a top official said.
In an interview with reporters on Thursday, Century co-chief operating officer Jose Marco Antonio said reservations could reach a record P14 billion this year, as buying demand remains robust given favorable economic conditions and continued remittance growth from overseas-based workers.
Century launched this week its newest project called Acqua Private Residences with an estimated sales value of P13.5 billion.
Situated in Mandaluyong City and across Rockwell Center in Makati, the six-tower residential project will offer a total of 2,500 units which the company plans to sell within the next two to three years, Antonio said.
The first tower will begin construction this year with turnover set by the second quarter of 2015.
“We expect 2011 to be positive, supported by continuing low-interest regime, growing remittances by overseas Filipino workers and expanding new homeowner market,” he said.
Acqua will be accessible via the Estrella-Pantaleon bridge that connects the cities of Makati and Mandaluyong, scheduled for inauguration today.
The company is marketing Acqua as the country’s first residential “Eden,” as it will offer open spaces with lagoon pools as well as pocket and sky gardens within the buildings.
Units for the initial tower come in one-, two- and three-bedroom configurations with sizes ranging from 27 square meters (sqm) to 140 sqm and priced at P95,000 to P100,000 per sqm. The development will also offer “special” units such as Acqua Privé Townhouse, Sky Garden, Private Garden and penthouse units.
Century is eyeing aggressive expansion this year obtaining new investments of P2.25 billion from the Netherlands-based pension fund asset management firm APG.