MANILA – Century Properties is adding to Metro Manila’s inventory of office space.
In a disclosure to the Philippine Stock Exchange, Century Properties Group Inc said it has launched Grade-A office spaces running to 23,000 square meters at its Century Spire tower in Makati City. The units for sale are worth a combined P2.5 billion.
A single unit runs from 50 to 90 square meters, priced at between P185,000 and P205,000 a square meter. Units may be combined to form an entire floor.
Century Properties is targeting end users seeking a prime location for their business, as well as to those seeking to lease out their purchased units upon completion. Rental rates for prime office space range from P900 to P1,300 a month.
Tenants will enjoy fiscal and non-fiscal incentives as the building is accredited by the Philippine Economic Zone Authority (PEZA).
Century Spire features a groundbreaking architectural design by the renowned New York Ground Zero masterplan architect, Daniel Libeskind. Two of the tower’s floors are set aside for retail space for select locators, built up for an auditorium, concept food hall, and fine dining restaurant. The building will also have separate entrance driveways and lobbies for office tenants and residents, for their convenience and privacy.
“We are aggressively pursuing our business expansion plans this year, which includes strengthening our commercial portfolio on top of our current concept residential projects. Diversifying to other product offerings, such as for sale strata office space, is instrumental in sustaining the growth for the company,” said Century Properties chief operating officer Marco Antonio.
Citing a 2014 Colliers report, Century Properties said vacancy rates are dropping to 1.9 percent amid demand from business process outsourcing (BPO) companies and traditional office takers.
Century Spire is the newest project of the property company of former ambassador Jose E.B. Antonio, adding to its Asian Century Center office building in Fort Bonifacio, where Century Properties has 27,000 square meters.
Late last year, the company also started the turnover of Centuria Medical Makati, an outpatient IT‐medical building with close to 700 doctors’ clinics.
Source: Interaksyon | February 10, 2015