Century Properties to spend P40B for Makati mixed-use project

MANILA, Philippines - Real-estate firm Century Properties Inc. on Tuesday said it will be spending some P40 billion to build Century City, its mixed-use development in Makati City. Century City will house two to three residential projects, an IT park, two to three office buildings for business process outsourcing companies, and a mall which will connect all the developments within the project, which is expected to be completed between five and seven years. The 3.4 hectare development will be erected on the old site of the International School of Manila, which measures 4.8 hectares. Century Properties on Tuesday formally launched its Gramercy Residences, the first development in the project. For Gramercy Residences, which will have a minimum of 65 floors and over 1,000 units, the company will be spending some P5.5 billion. Since its launch some three months ago, Century Properties chairman Jose Antonio said that the company has already booked 50 percent of the 900 units in the first 38 floors. Gramercy’s completion is projected to be in 2012. Antonio added that the company is expecting P7 billion in total sales for the year, higher than the P5 billion it earned in 2006. The official also said the company is considering going public, but added that it is looking for the proper timing to do so. “Several investment houses have already approached us for an initial public offering, but we are looking for the right time to do this," Antonio said. Century Properties' other developments include Essensa East Forbes, South of Market, Grand Soho Makati, Soho Central, Canyon Ranch and The Casitas at Canyon Ranch. - Cheryl Arcibal, GMANews.TV