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Century to launch P17.9B worth of projects

Century Properties Group Inc. is planning to spend about P9 billion this year to support the launch of four mixed-use projects with residential and office components worth P17.9 billion this year.

In an interview, CPGI investor relations director Kristina Garcia the four projects include the sixth Acqua tower in Mandaluyong & The Azure in Pampanga.

The capex also includes part of the cost of developing Century Spire in Century City which was launched last week. The mixed-use 60-storey tower will include P8.4 billion worth of residential units.

The sixth Acqua tower will have a total gross floor area of 40,000 square meters of which 10,000 sqm will be developed as a condotel while the remaining units amounting to 30,000 sqm will be sold to raise about P2.2 billion.

Azure in Pampanga is an 8 hectare complex that will have a GFA of about 240,000 sqm. It is still in the planning stage although CPGI will already launch the first tower later this year. Garcia said the first residential tower will generate sales of 1.8 billion.

CPGI is developing Century Spire in collaboration with Studio Daniel Libeskind and Armani/Casa Interior Design Studio. The mixed-used tower will be the 8th and last residential project in Century City and will be completed by the end of 2018.

Sales will come from the 35 floors dedicated to residential spaces consisting of studios up to three bedroom and penthouse units. Unit sizes will range from 30 to 400 square meters each and priced at about P250,000 per square meter.

Garcia said they have already pre-sold 67 percent of the units, mostly the smaller ones that have already been launched, since pre-selling started in September last year.

The tower’s lower floors will be for lease as office spaces amounting to a total of 27,000 square meters.

Century Spire has been conceived as the centerpiece of Century City. CPGI hired Daniel Libeskind for the design of the tower in 2011.

Libeskind established his architectural studio in Berlin, Germany, in 1989 after winning the competition to build the Jewish Museum in Berlin. In February 2003, Studio Daniel Libeskind moved its headquarters from Berlin to New York City when Daniel Libeskind was selected as the master planner for the World Trade Center redevelopment.

Source: Yahoo Philippines | June 2, 2014


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