Century Properties Group Inc. has teamed up with Asian Carmakers Corp. of businessman Jose Ch. Alvarez to build a P1-billion two-tower development in Bonifacio Global City, Taguig this year.

Century Properties said the plan was to form a new company that would handle the construction of an office building and a hotel with a gross floor area of 30,000 square meters.

ACC, which imports luxury cars such as BMW, is the lessee of the property bounded by 3rd and 4th Avenues and 27th streets in Fort Bonifacio. The lot is owned by Armed Forces and Police Mutual Benefit Association Inc.

The project is part of Century Properties’ medium-term plan to expand its portfolio to include commercial and tourism developments.

“As Century is expecting to complete over 4,000 units with 200,000 net saleable square meters of residential condominium units by December 2013, we are seeking to reinvest earnings into recurring income assets,” Century Properties chairman Jose Antonio said.

“We also expect the completion of our lifestyle mall called Century City Mall by the fourth quarter of this year,” he added.

Source: Manila Standard Today | February 19, 2013