Century Properties Group is tapping the international Novotel chain for its venture into the hotel business which is part of its strategy to grow its annual recurring income to at least P1 billion by 2019.
During the firm’s annual meeting, its shareholders approved the creation of a new subsidiary, Century Properties Hotel and Leisure Inc., which will spearhead its partnership with Novotel of Accor S.A. of France.
CPGI plans to operate a hotel within the Acqua Residences complex along Pasig River in Mandaluyong City, said Century Properties director for investor relations Kristina Garcia.
Century Properties chief finance officer Jose Carlo Antonio said they are also looking other sites but there are no firm plans yet. He noted that they can be for hotels or resort-type developments.
He added that hotels can be built as part of its mixed-use projects while resorts can be stand-alone projects.
CPGI Executive Chairman of the Board Jose E.B. Antonio said that, while the hotel business is still in the drawing board, they are focusing on expanding the firm’s commercial leasing business.
Seeing potential growth in this area of real еstatе development, Century Properties is looking at developing a leasing portfolio of over 150,000 square meters for completion in 2019.
“The company is now evolving from being a top residential developer in Metro Manila to a leading well-diversied real еstatе developer with signicant recurring and predictable revenue streams,” Antonio said.
In March this year, Century Properties launched the Century City Mall, the first mall in Makati in close to a decade. It will be the first of the company’s string of retail centers as it is also looking into expanding this new portfolio in its other master-planned developments.
Turning over at the end of 2014 is Century Properties’ milestone contribution to health care and tourism, the 28-storey Centuria Medical Makati. The project is hinged on the expanding interest for outpatient medical care for its convenience, value for money and modern technology.
Century Properties’ other recurring income streams are expected to come from the luxury tower Century Spire Asian Century Center in Bonifacio Global City, and the soon to be launched Tower 6 of the Acqua Private Residences.
Aside from its residential floors, Century Spire will have a number of floors dedicated to office space. On the other hand, the Asian Century Center in Bonifacio Global City, respectively – exclusively office towers and expected to benefit from the continuous growth of the BPO sector and the entry of new enterprises.
Source: Manila Bulletin | July 23, 2014