Century Properties to diversify into commercial leasing

Artists rendition of Acqua Private Residences

MANILA, PhilippinesPublicly traded Century Properties will diversify into commercial leasing. This was the strategy the company will pursue as announced by its chairman and founder Jose E.B. Antonio during its recent annual stockholders meeting.

Century Properties is eyeing to develop more than 150,000 square meters to comprise its leasing portfolio that is expected to generate P1 billion of revenues when this is completed in 2019.

The company is now evolving from being a top residential developer in Metro Manila to a leading well diversified real estate developer with significant recurring and predictable revenue streams, Antonio said.

In the next several years, the 28-year-old property firm will turn over buildings from its portfolio of luxury, middle-income and affordable residential condominiums, as well as retail and medical office developments.

Century Properties chief operating officer Marco R. Antonio said: The next years will be very busy for the company as we see through the completion of our projects. More importantly, this period will be a joyous occasion for unit owners who are looking forward to the projects completion and turnover.

From 2012 to 2019, Century Properties is scheduled to deliver 31 buildings. It was in 2012 that Century started operating as a public company. Prior to this, the company has already completed 25 condominiums totaling 873,127 square meters with 8,777 units.

Of the 31 buildings, Century has already completed six. These are Gramercy Residences, Knightsbridge Residences, Azure Urban Resort Residences towers 1 to 3 and Century City Mall. Located at Century City, Gramercy has 73 floors above ground and with a total height of 250 meters from ground to architectural top. Knightsbridge is a 64-story tower that pays homage to the carefree and fun-loving spirit of Cool Britannia. Delivered in 2013, it is the second condominium to open in Century City.

The 31 buildings are not all residential but will include retail, office and medical office since Century recently announced plans to develop assets that will bring recurring income revenues to the company.

In March the company started this series of projects completion as it launched the Century City Mall, Makatis newest mall in nearly 10 years. The 50,000-square-meter, five-level lifestyle center is the first of the companys string of retail centers as it is looking into expanding this new portfolio in other master-planned developments.

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Century Properties to diversify into commercial leasing