Listed real еstatе developer Century Properties Group Inc. has partnered with Asian Carmakers Corporation (ACC) to develop a two-tower commercial project in Bonifacio Global City this year.
ACC, owned by Jose Ch. Alvarez, is the lessee of the property bounded by 3rd and 4th Avenues and 27th streets in Fort Bonifacio Global City, Taguig. The lot is owned by AFP-MBAI, Century Properties noted in a statement Monday.
CPGI Executive Chairman of the Board Jose E.B. Antonio said the company will form a new corporation with ACC 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.
Funds for the project will come from earnings from the expected completion of residential units within this year.
“As Century is expecting to complete over 4,000 units with 200,000 net saleable sqm of residential condominium units by December 2013, we are seeking to re-invest earnings into recurring income assets,” Antonio said.
The company also expects the completion of its lifestyle mall called Century City Mall by the fourth quarter of this year.
Century Properties has been in the business of real еstatе development, marketing and property management for 26 years and is listed on the Philippine Stock Exchange under the ticker CPG.
Source: GMA News Online | February 18, 2013