65 to 70 percent of Gramercy Residences sold - exec

High-end developer Century Properties Philippines Inc. has already sold about 65 to 70 percent of the Gramercy Residences which is located inside its 3.4-hectare project in Makati City. Ambassador Jose E.B. Antonio told reporters that the building will have about 1,000 units. Units in the building cost between P4.5 million and P12 million. Century Properties earlier announced that it will be spending P40 billion for its 3.4-hectare project Century City, which is located along Kalayaan Avenue, Makati City. Gramercy Residences is the first development in the project. The high-rise condominium building will have 65 floors. Century Properties said it will be spending about P5.5 billion for the Gramercy Residences, which is targeted for completion in 2012. 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. Antonio earlier also disclosed that the company is expecting P7 billion in total sales for the year, higher than the P5 billion it earned in 2006. Century Properties, which developed Essensa East Forbes, South of Market, Grand Soho Makati, Soho Central, Canyon Ranch and The Casitas at Canyon Ranch, has been in operation for about 22 years. - GMANews.TV