LISTED Century Properties Group, Inc. and BMW distributor Asian Carmakers Corp. have teamed up to launch this year an office-cum-hotel project in Taguig City, the property developer said in a disclosure yesterday.
“Listed real еstatе firm Century Properties, together with Asian Carmakers owned by Jose C. Alvarez, announced that it will launch a two-tower development in Bonifacio Global City this year,” the disclosure read.
“Asian Carmakers shall form a new corporation with Century Properties 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.”
The property — bounded by 3rd Avenue, 4th Avenue, and 27th Street in Bonifacio Global City — lies south of One Bonifacio High Street, a 3.2-hectare premium mixed-use block where the new Philippine Stock Exchange and Shangri-La at The Fort are set to rise.
The lot is being leased by Asian Carmakers from the Armed Forces of the Philippines-Mutual Benefit Association, Inc., the disclosure said.
Asian Carmakers is the exclusive importer and distributor of BMW in the Philippines. It claimed to have ended 2012 with a 33% market share in the local luxury segment, and currently has seven dealerships nationwide.
“This project is part of Century Properties’ medium-term plan to expand its portfolio to include commercial and tourism developments,” Terrie Fucanan-Yu, Century Properties vice-president for corporate communications, said in an e-mail yesterday.
Century Properties is also currently building the five-storey Century City Mall, the firm’s first retail development that will have 50,000 square meters of gross floor area for 110 retail outlets.
“We also expect the completion of our lifestyle mall called Century City Mall by the fourth quarter of this year,” the disclosure read.
Asian Carmakers officials were not immediately available for comment.
Century Properties nearly doubled its net income to P1.41 billion as of September last year from P722.60 million in the same nine months in 2011. In the same comparative years, revenues — from real еstatе sales, property management fees, as well as interest and other income — more than doubled to P7.22 billion from P3.55 billion, as did costs and expenses to P5.35 billion from P2.57 billion.
Century Properties shares added seven centavos or 3.30% to P2.19 apiece yesterday.
Source: BusinessWorld Online | February 18, 2013