MANILA, Philippines – Rеal еstatе firm Century Properties Group Inc. has allotted P1 billion for a two-tower development in the emerging financial center of Taguig City.
The project will expand Century Properties’ portfolio to include commercial and tourism developments, company executives said.
The listed property firm said it partnered with automotive distributor Asian Carmakers Corp. (ACC) of businessman Jose Ch. Alvarez to launch a P1-billion, two-tower project this year.
“ACC shall form a new corporation with Century Properties to construct two towers: one for commercial offices and the other for a hotel with an expected gross floor area of 30,000 square meters,” said Century Properties chairman Jose E.B. Antonio.
“This project is part of Century Properties’ medium-term plan to expand its portfolio to include commercial and tourism developments,” added Century Properties chief operating officer Jose Carlo R. Antonio.
ACC is the lessee of the property bounded by 3rd and 4th Avenues and 27th St. in Bonifacio Global City in Taguig. The lot is owned by the Armed Forces of the Philippines Mutual Benefit Association Inc.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Alvarez owns Peugeot distributor Eurobrands Distributors Corp., BMW distributor ACC and Kia distributor Columbian Autocar Corp.
Century Properties claims to be the first builder to finish and turnover a building in Bonifacio Global City with its residential condominium Essensa East Forbes.
For this year, the property developer plans to complete and turn over to buyers residential buildings with 4,607 units and 200,564 square meters of net saleable area.
“We are seeking to re-invest earnings into recurring income assets,” the older Antonio said.
Century Properties will complete its lifestyle mall called Century City Mall in the fourth quarter.
Last year, the company recorded P21.4 billion in pre-sales, up 16.6 percent from P18.4 billion a year ago and exceeding its P20-billion forecast.
In the nine months to September last year, the property firm booked a net income of P1.4 billion, surging 95 percent from P723 million a year ago. Revenues, driven by strong sales performance of its property developments, more than doubled to P7.2 billion from P3.5 billion.
Source: The Philippine Star | February 19, 2013