Listed real еstatе firm Century Properties Group Inc. (CPGI) will establish a joint venture company with Asian Carmakers Corp. (ACC) for a P1-billion two-tower project in Taguig City.

CPGI said on Monday that together with ACC, owned by Jose Ch. Alvarez, it will launch a two-tower development in Bonifacio Global City this year. ACC is the lessee of the property owned by the Armed Forces and Police Mutual Benefit Association Inc. bounded by Third and Fourth Avenues and 27th Streets in Bonifacio Global City, Taguig.

This project, according to CPGI, is part of its medium-term plan to expand its portfolio to include commercial and tourism developments.

“ACC shall form a new corporation with CPGI 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,” CPGI Chairman Jose E.B. Antonio said.

“As Century is expecting to complete over 4,000 units with 200,000 net saleable square meters of residential condominium units by December 2013, we are seeking to re-invest earnings into recurring income assets,” he said.

Antonio also said that CPGI is expecting to complete its lifestyle mall called Century City Mall by the fourth quarter of this year.

Century Properties Group was the first builder to finish and turnover a building in Bonifacio Global City with its residential condominium called Essensa East Forbes.

Earlier this year, CPGI said that it ended 2012 with pre-sales hitting P21.4 billion, which signifies a banner year for the company.

Century’s 2012 pre-sales figure is a 16.6-percent increase over the P18.4 billion billion pre-sales for the full year 2011.

According to a company statement, CGPI attained sales growth for 2012 in large part from the strong demand for housing and commercial properties from its market base of local end users, Filipinos living overseas and foreigners.

In 2012, CGPI expanded its portfolio to include affordable real еstatе developments, which made the firm an active player in multiple price points specifically in the luxury, middle income and affordable segments.

Source: Manila Times | February 19, 2013