CENTURY PROPERTIES Company, Inc. has begun a turnover of 1,200 units, estimated at P4.5 billion, for its newest Mandaluyong and Quezon City ventures.
Partial move-in has begun for the Commonwealth Residence in Quezon City and Acqua Private Residences in Mandaluyong City, the firm said in a press release on Thursday.
This comprises the first half of the 1,015 units of the Commonwealth Dwellings Quirino East and West Towers, or the sixth and seventh buildings of 4.4 hectares of construction.
The conversion of 185 more residential units to Acqua Private Residences Tower 6 began last month. However the 310-unit hotel portion of the building is temporarily closed and the opening of the hotel has been delayed to meet the security precautions during the pandemic.
Century Properties intends to complete 1,600 properties of Residences at Azure North in San Fernando, Pampanga, by the second quarter of next year. Any facilities, including a wave pool, will take effect in the second half of 2021.
The company’s net profits for the first nine months of 2020 was P1.1 billion. Income rose 74% to P571.28 million in the third quarter owing to investment property gains and non-recurring losses reported in the previous year.
“(The group is) retaining good profits while maintaining the development of its subsidized housing (under PHirst Park Homes) and leasing divisions,” the statement added.
Century Properties has also recently opened the first 500 units of its seventh affordable housing estate, the 10-hectare PHirst Park Homes in Magalang, Pampanga.
This extends the footprint of the business north of Metro Manila after the completion of the 18-hectare PHirst Park Homes Pandi in Bulacan.