MANILA – Century Properties Group Inc has teamed up with the distributor of BMW in the Philippines for a two-tower project in Bonifacio Global City (BGC) this year.
In a statement, Century Properties said it will form a joint venture with Asian Carmakers Corp for the 30,000-square meter project. The first tower will offer commercial spaces, while the second would be a hotel.
Owned by Jose Alvarez, Asian Carmakers is the lessee of the property bounded by 3rd and 4th avenues and 27th Street in BGC. The lot is owned by Armed Forces & Police Mutual Benefit Association Inc.
“As Century [Properties] 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 re-invest earnings into recurring income assets,” said the company’s chairman Jose E.B. Antonio.
Century Properties was the first builder to finish and turn over a building in BGC with its residential condominium called Essensa East Forbes.
Last year, the company grew its pre-sales by 16.6 percent to P21.4 billion from P18.4 billion in 2011, overshooting its P20-billion target for 2012.
In the past 26 years, Century Properties has completed 21 condominium buildings, offering 5,560 units with a total gross floor area of 669,857, and manages 50 properties.
Source: Interaksyon | February 18, 2013