Century Properties sees leasing revenues
Century Properties Group, Inc. (CPG) is expecting to expand its recurring revenues to 11.2 billion by 2020, of about 30 percent of total revenues, from the current 1350 million as it continues to build its leasing portfolio.
In a press briefing, CPG Chief Operating Officer Marco R. Antonio said they expect to complete to be leasing out over 300,000 square meters by 2020 from the current 130,000 sqm.
He said part of the recurring income will come from their mall, Centuria Medical Makati, Novutel Suites, Century Diamond Tower, and a new building in Fort Bonifacio.
CPG, through Century City Development II Corporation (CCDCII), has just signed an agreement with the real estate brokerage services firm Leechiu Property Consultants for its 14.5-billion office building in Century City, Makati.
Under the agreement, Leechiu will be the exclusive agent to market the leasable spaces of Century Diamond Tower, a 35-story premium office building that is being developed by CCDCII which is co-owned by CPG and Mitsubishi Corporation.
The Philippine Economic Zone Authority (PEZA)-accredited building is slated for completion in 2019. It has a net leasable area of 58,618 square meters and follows the core and shell rating system of the Leadership in Energy and Environmental Design (LEED).
“Century Diamond Tower’s completion next year will be a timely addition to the scarce supply of premium offices in the Makati CBD. Century Properties remains bullish about the office market given the continued strong demand for quality office spaces,” said Antonio.
Formerly the Forbes Media Tower, the building was later renamed to Century Diamond Tower to build equity for the Century brand as it builds up its leasing business along with the support of a strong and professional management team.
He noted that, “With Leechiu we expect locators from multinational corporations to the business process and knowledge process outsourcing (BPO and KPO) sectors.”
“The demand for business space in Makati will always be present and this building will be a prime addition to the limited office supply in the city,” said Mitsubishi Corporation Deputy General Manager Masahiro Nagaoka.
“We are excited with this project because of its accessibility. It is closer to EDSA than many parts of the CBD. Accessibility remains to be one of the top considerations of companies. Companies cannot go wrong with a well-designed building in a good location,” said Leechiu Property Consultants Executive Director Phillip Anonuevo.