MANILA – Century Properties Group Inc expects its newly opened mall in Makati to contribute P100 million to annual earnings starting next year.
On the sidelines of the formal opening of the Century City Mall, Century Properties chief co-operating officer Jose Marco R. Antonio told reporters that the five-level lifestyle center will generate P250 million in revenues starting 2015.
“We wanted to really build a statement to attract the right tenant mix. We’re going for the AB crowd here,” Antonio said.
Built at a cost of P1.4 billion, Century City Mall has a gross floor area of 50,000 square meters and net leasable space of 17,000 square meters of, which is 99 percent leased out.
At present, 68 stores have started operations with 20 more expected to open next month, Antonio said, adding that all 110 tenants will open their stores by May or June.
Century City Mall is the real estate developer’s first venture into the leasing business, which is seen to account for at least 10 percent of revenues by 2015.
“For every major land bank project we have, we’re making it a conscious decision to inject recurring income components,” Antonio said.
Century City Mall is a key addition to the company’s 3.4-hectare master planned Century City, which is home to the listed firm’s upscale high-rise residential and office structures—the Gramercy Residences, Knightsbridge Residences, Milano Residences, Trump Tower, Century Spire, Forbes Media Tower, and the IT-medical outpatient building Centuria Medical Makati.
Century Properties’ nine-month earnings rose 12 percent to P1.6 billion last year from the P1.4 billion in the same period in 2012 on higher residential sales.
The condominium developer reported that reservation sales jumped 15 percent to P24.6 billion last year, the highest in the company’s 27-year history and beating its full-year target of P24 billion.
Source: Interaksyon | March 24, 2014