Real estate firm Century Properties Group Inc. is maintaining its aggressive capital expenditure program this year as it commits to spend $179 million for project development. The listed property developer of the Antonio family is expanding its retail and office portfolio to maximize the benefits of the strength in
Real estate firm Century Properties Group Inc. is maintaining its aggressive capital expenditure program this year as it commits to spend $179 million for project development.
The listed property developer of the Antonio family is expanding its retail and office portfolio to maximize the benefits of the strength in the real estate sector.
“Our capital expenditures is going to be allocated towards the construction of ongoing projects,” said Century Properties co-chief operating officer Jose Marco Antonio.
The capital requirements will be financed by a combination of equity from completed projects and developmental loans, he said.
In particular, construction is ongoing for the 9-tower Azure Urban Resort Residences in Parañaque, the 6-building Acqua Private Residences in Mandaluyong and the 8-tower Commonwealth by Century in Quezon City.
Moving forward, Century Properties is looking at more mixed-use developments that will take advantage of the strength of the retail and office segments.
“A lot of our future projects are going to be mixed-use in nature,” he said.
“From our experience in Century City, there are really key synergies. The office, residential and the retail market feed off each other,” he said.
“Residential sales are healthy, office [sector] continues to be buoyant. Right now, it's finding the right properties to develop,” he said.
The property firm will launch at least $381 million worth of new projects this year while completing the construction of existing developments.