MANILA, Philippines – Upscale real еstatе firm Century Properties Group Inc. is on track to completing its first retail development late this year.
In a disclosure to the stock exchange, Century Properties said Century City Mall in Makati’s Kalayaan Ave. will start commercial operations in the fourth quarter.
“The mall will be the newest stand-alone retail center to open in Makati in six years. It is located within Century Properties’ mixed-use vertical village called Century City,” the property firm said.
The five-story lifestyle mall will have 110 retail spaces, 17,000 square meters (sqm) of net leasable space, 49,143 sqm of gross floor area and three basement floors.
The takeup for Century City Mall’s retail space has exceeded expectations, said Century Properties co-chief operating officer and managing director Marco R. Antonio.
“We are very excited to open Century City Mall because of its mix of brands, high end cinemas, dining options, and concept stores. It will be open to the public, and will also serve as the neighborhood lifestyle and retail center for Century City residents, tenants and guests,” Antonio said.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
The mall will also serve residents in the 3.4-hectare mixed-use development called Century City, which is comprised of luxury residential towers (Gramercy Residences, Knightsbridge Residences, the Versace Home-interior designed Milano Residences, Trump Tower at Century City) and the outpatient medical building called Centuria Medical Makati.
“We expect to generate high foot traffic at Century City Mall because of its exciting mix of retail tenants that will complement what is presently available in other malls within Makati,” Antonio said.
Last year, the property firm recorded P21.4 billion in pre-sales, up 16.6 percent from P18.4 billion a year ago and exceeding its P20-billion forecast. It expects to grow its pre-sales by another 10 to 15 percent this year amid the property boom.
Source: The Philippine Star | April 2, 2013