Century Properties Group Inc. (CPG) said it managed to increase its reservation sales in the second quarter despite the pandemic, partly as a result of its efforts to sell its products online.
The company said, however, that it is keeping a close watch on the property market in general.
The company said its reservation sales in the second quarter grew 6 percent to P3.16 billion from the last quarter’s P2.96 billion.
It said the P6.12 billion in reservation sales for the first half of the year is equivalent to 1,925 homes, or 651 condominium units, under its vertical developments business and 1,274 house and lot units under its affordable housing brand.
“Century Properties was quick to adapt to digital selling and contactless transactions that generated healthy reservation sales for the first half of 2020. From an investment standpoint, real estate is more stable and safe in the long term, and it’s a hard asset that you can use,” CPG President and CEO Marco R. Antonio said.
“But the new normal has also changed people’s perspectives. More than purchasing for investment returns, buyers are also starting to appreciate the value of home ownership to protect the health and wellbeing of their families,” he said.
Even with the positive sales momentum, majority of which is expected to accrue to the company’s earnings next year, CPG said it continues to exercise business prudence given that the lockdowns halted construction activity for three months and the country is still combating the pandemic.
“We are also keeping a close watch on market conditions in the property industry and the banking sector to get timing indications for next project launches,” Antonio added.
In its 34 years in the real estate industry, CPG has already sold 94 percent of 14,945 units in its multi-tower condominium projects at the Residences at Commonwealth in Quezon City, the Resort Residences at Azure North in San Fernando, Pampanga; Acqua Private Residences in Mandaluyong; and Azure Urban Resort Residences in Parañaque City.
The company, however, ran out of units to sell in its vertical developments.
CPG expanded into horizontal affordable housing in 2017, rolling out six master planned communities totaling 104 hectares in North Luzon and Calabarzon. Under the brand Phirst Park Homes and in partnership with Mitsubishi Corp., CPG’s affordable housing business has so far launched 9,820 house and lot units with P16.6 billion in sales value in Tanza, Cavite; San Pablo and Calamba, Laguna; Pandi, Bulacan; and Lipa and Nasugbu in Batangas.