MANILA, Philippines—If the steady stream of developments seen across the country were to be an indicator, then indeed, the Philippine real еstatе sector is well-poised for continued robust growth over the next several years.
And for many property developers, this comes as an opportune time to cash in on the real еstatе boom and join the fray to further expand their businesses across various segments and to cater to an even bigger network of clientele.
Such a move, however, can be quite tricky as it takes more than just delivering quality homes to keep up with the changing times. A developer will only remain on top of its game if it has the right expertise, invaluable experience, and the ability to correctly predict what the market will need and want over the next several years.
Take the case of premium property developer Century Properties Group Inc. Over the course of four cycles in the realty sector, the company knows all too well that to remain strong and relevant in this industry, it has to consistently innovate and reinvent itself to keep up with the evolving needs of the discerning market.
This is why Century Properties is now bringing its tradition of innovative developments to the retail and business process outsourcing (BPO) industries, where an exponential growth has been forecasted within the next several years. Seizing such opportunity will not only cement the company’s already strong foothold in the market, but is also seen to help grow its recurring revenue streams.
“The company is now evolving from being a top residential developer in Metro Manila to a leading well diversified real еstatе developer with significant recurring and predictable revenue streams,” noted Century Properties Chairman Jose E.B. Antonio.
“We remain focused on building a stronger and more balanced real еstatе company, carrying on with the very same spirit and will power that carried us through in our earlier years,” Antonio further related.
Since it was established in 1986, Century Properties has already earned a reputation for challenging the status quo in its residential developments. It has led the upscale to premium real еstatе niche to newfound heights in recent years, thus rightfully earning the title as an industry game changer.
Now on its 28th year, the company continues to implement new strategies such as tapping new markets that includes the retail and office space segments.
Such a strategy dovetails with the pronouncements made by experts and analysts, including CBRE Philippines and Colliers International, which had earlier forecasted that the local property sector would continue accelerating as global investors have begun to recognize the Philippines as a top investment spot in Asia-Pacific. The country also remained a top investment destination for companies wanting to set up new offices or expand existing operations, particularly in the BPO and retail industries.
To prepare for an increased demand in these spheres, Century Properties is on the move to complete by 2019 six commercial buildings which will have a total of 160,000 sqm up for lease, to cater to the growing needs of the retail and office space segments. Such projects are also expected to provide the company with a stable and balanced stream of cash flows in the years ahead, the company added.
Here’s a quick glance at four of the company’s latest and upcoming projects that will help Century Properties bolster its position anew in the Philippine realty sector.
Century City Mall
Launched early this year, the Century City Mall is the first mall in Makati in close to a decade.
The five-storey retail and lifestyle center, which complements the company’s master-planned community Century City, is being positioned as the Mall of Modern Makati, a project that gives rise to the new crop of shopping centers called “boutique malls.”
And with the early success of its first mall project, the company is already looking into expanding this new portfolio in its other master planned developments.
“Unlike other mall developers which seek to serve a market that extends across borders with an expansive range of shops and services, we want to follow the track of Century City Mall, which is to bring together stores in a single facility with its set of curated selection of shops and offerings to complement its own residential and office communities,” Century Properties Chief Operating Officer Marco Antonio said.
Asian Century Center
This latest project by Century Properties is expected to help address the continuing strong demand for quality office space. The 23-storey Asian Century Center, which is a joint venture with Asian Carmakers Corp., was announced as the future home of the largest showroom of upscale car brand BMW. The construction of the tower has begun and is expected to be completed in 2017.
The new BGC project is foreseen to meet the demands for highly efficient and effective office development. In anticipation of the rise in the number of BPOs setting up in the country, Asian Century Center is being designed to cater to a 24 hour working schedule.
“We have secured our roles in the expansion of businesses in Makati and in Bonifacio Global City, where the prospects remain high and will continue to be so in the coming years. The recent announcement of global outsourcing research and advisory firm Tholons that Manila has overtaken Mumbai as the second leading outsourcing location in the world bodes well for the Philippines, as this opens a climate of security in BPO investments in the country,” the younger Antonio said.
Centuria Medical Makati
To be turned 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.
Located at the Philippine Economic Zone Authority (PEZA)-registered IT Park within Century City, Centuria will be equipped with a modern IT backbone to support the varied connectivity requirements of more than 500 clinic spaces. As an outpatient medical center, it has the support facilities that will help both doctors and patients: a diagnostic laboratory that will be operated by Hi-Precision Diagnostics, a day surgery center, a radiology center, and recovery suites among others.
As a medical tourism facility, Centuria will also offer medical concierge services.
Meanwhile, Century Properties’ other recurring income streams are expected to come from the luxury tower Century Spire and the soon to be launched Tower 6 of the Acqua Private Residences. Taking advantage of this momentum, the company also said it will make some announcements of new projects in the coming months such as the Azure North, an out-city replication of its massively successful residential resort concept project, the Azure Urban Resort Residences in Bicutan, Parañaque.
Century Properties is further confident that the country’s strong economic performance will help the industry see through another period of success in the coming years, with macroeconomic fundamentals seen to continue to support and encourage the real еstatе industry. In 28 years, Century Properties has managed to complete 25 condominiums with more than 870,000 square meters and 8,777 units.