In line with its diversification plans, Century Properties Group, Inc. (CPG:PM) is building its office and commercial leasing portfolio to grow the company’s recurring income in the next five years.
“The office and commercial leasing business is another step for Century towards becoming a more diversified, multi-platform real estate company by 2020. This allows us to create new revenue streams while we strengthen our market position in various real estate categories including vertical and horizontal residential developments and in leisure and tourism,” said Century Properties Chief Operating Officer Marco Antonio.
In 2018, Century is targeting to complete the Asian Century Center office building in Fort Bonifacio that it co-owns with the Columbian Group of Companies. The project has 23 floors and a gross floor area of 40,000 square meters.
Century is also scheduled to top off in 2018 its newest office building in partnership with Mitsubishi Corporation at Century City, Makati. Formerly called the Forbes Media Tower, the 95,000 square meter office building is scheduled for completion in 2019 and has been rebranded into Century Diamond Tower. The rebranding is part of the company’s strategy to build its own brand equity in the office market.
The 39,000 square meters Novotel Suites Manila at Acqua Private Residences in Mandaluyong City, where Century has retained 159 hotel rooms for its recurring income portfolio, will be completed as well in 2019.
The company’s current leasing assets already include Century City Mall in Makati, 160 medical suites in Centuria Medical Makati, and the Pacific Star Low Rise Building, where it has 50 percent ownership.
Collectively the abovementioned developments will total to about 90,000 square meters of net leasable area and is expected to contribute over P1 billion in revenues by 2020.
Century said that it continues to be optimistic with its outlook in the office market. “On top of building well-designed and highly efficient offices in key CBD areas these also come with PEZA accreditations, which are now very rare in the market. This is how we aim to cement the Century brand in the office leasing category,” Antonio said. #