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High demand cited for Century Spire

REAL ЕSTATЕ developer Century Properties Group, Inc. expects P8.4 billion in sales from its latest project, a 60-story tower that will open in 2018.

Century Spire, the eighth tower to rise in Century City along Kalayaan Avenue in Makati City, will have a total of 500 units. Century City is the company’s 3.4-hectare flagship mixed-use development in Makati City that will house upscale residences, a lifestyle center, a mall and an outpatient medical building.

Century Properties Investor Relations Officer Kristina I. Garcia told reporters after the launch yesterday of Century Spire at the Century City Mall that 35 floors will be allotted for residential purposes while the remaining 25 will be for offices.

Asked on the firm’s capital expenditure for the year, Ms. Garcia replied: “It’s still being evaluated, but last year, it was around P8-9 billion — so around that level.”

Century Spire will have around 37,000 square meters (sq.m.) for residential use and 27,000 sq.m. of leasable commercial space. “Unit size ranges from 30 sq.m. to 400 sq.m., while the price is around P250,000 per sq.m.,” Ms. Garcia said. “It was launched in September last year and after only nine months, 67% has already been sold out.”

Century Spire was designed by Daniel Libeskind, the architect behind New York City’s Ground Zero master plan. Its common spaces and amenities, on the other hand, were designed by the Armani/Casa Interior Design Studio.

Century Properties grew net income by 2% to P513.062 million last quarter from P500.557 million from a year ago.

Source: BusinessWorld | May 28, 2014


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