Century Properties, Mitsubishi Corp to roll out 33,000 homes worth P57 billion

MANILA - Century Properties Group and Mitsubishi Corp on Thursday announced plans to roll out 33,000 home units through its newly-formed joint venture PHirst Park Homes. 

The units worth P57 billion it total will be rolled out in key locations outside Metro Manila, Century Properties told the stock exchange. 

PHirst Park Homes will launch 15 communities in Calabarzon and in Central Luzon within the next 5 years, its president and CEO Ricky Celis said.

“We are pleased to announce this new chapter in the company’s history of serving the housing needs of our Filipino first home buyers in a much larger scale," Celis said. 

Mitsubishi Corp senior vice president and Real Estate Business Division COO Takuya Kuga said PHirst Park Homes could help address the housing backlog in the Philippines. 

Century Properties said it owns 60 percent of the joint venture while Mitsubishi owns 40 percent.

source: news.abs-cbn.com

Century Properties unveils new project in Batangas

MANILA – Listed property developer Century Properties Group Inc. will be spending P200 million in capital expenditures for the development of Phase 1 of its residential, retail, and leisure project in Batulao, Batangas.

Phase 1 of the project will cover 36 hectares and will include a public area that features a retail village, a market square and a commercial center with merchandise on the ground level and residential spaces on the upper floors.

The exclusive areas within the property, on the other hand, include a country club with lagoons, man‐made beach cove, lake, spa, specialty restaurant, chapel, banquet hall and pavilion, swimming pools, sports courts and water sports amenities.

The entire development will be completed in phases and covers a total of 142 hectares. The property is located in a hilly section of Batulao, located southwest of Metro Manila right after Tagaytay City and on the way to the beaches of Nasugbu, Batangas.

Century Properties said the development is part of its expansion in key growth regions outside of Metro Manila, as well as its move to diversify its portfolio into recurring income revenue sources.

“Our Batulao project will become a new destination that will give you reasons to stay for a meal, a weekend, or permanently as a resident. The boundaries of Mega Manila are now expanding to include transformative suburban communities that promote a progressive way of life in harmony with nature. This development will further expand our offering to the market and will give immense value to our shareholders,” said Tim Hallett, chief operating officer of Century Properties for Hospitality and Project Head.

Early this year, the firm launched the 8‐hectare Azure North community in San Fernando, Pampanga, its first integrated mixed‐use development outside of Metro Manila with residential towers, retail and a planned office complex.

From its public listing in 2012 up to the year 2019, Century Properties targets the completion of a total of 31 buildings.

“We look forward to announcing more details of our Batulao project soon and our new and exciting developments in 2015,” Hallett said.

source: www.abs-cbnnews.com

Century Properties eyes completion of 31 buildings by 2019

MANILA, Philippines - Century Properties Group said it is expected to complete 31 buildings in the next six years.

In a statement, Century Properties said the 31 buildings, which have around 1.67 million square meters, will be located in master-planned developments in Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Paranaque, the Residences at Commonwealth in Quezon City and Canyon Ranch in Cavite.

The buildings include residential projects for luxury, middle-income and affordable markets, and retail, office and medical office developments.

Century is also developing an office building in Fort Bonifacio.

The property developer's land bank also includes properties in Pampanga, Quezon City and Batangas.

Earlier, Century said it is expected to complete six commercial buildings totaling roughly 160,000 square meters by 2019.

"Century is now evolving from being a top residential developer in Metro Manila to a well-diversified real estate developer with recurring revenue streams," said Century Properties Chief Operating Officer Jose Marco R. Antonio.

source: www.abs-cbnnews.com

Century Properties secures $30-M funding

MANILA, Philippines – Century City Development Corp., a wholly-owned subsidiary of Century Properties Group, Inc., has signed a $30 million secured facility agreement with Phoenix Property-affiliate Golden First Century Pte Ltd.

In a disclosure to the stock exchange on Friday, Century said proceeds from the facility will be used to partly finance the development of the 60-storey Century Spire, an upscale office and residential building in Century City, Makati.

Century Spire will be designed by renowned architect Daniel Libeskind, who designed the Reflections at Keppel Bay Singapore, the Jewish Museum Berlin, the shopping center Crystals at CityCenter in Las Vegas, and the World Trade Center Master Plan in New York City. [http://www.abs-cbnnews.com/business/05/28/14/century-properties-eyes-p84-b-sales-new-condo]

Armani/Casa Interior Design Studios will provide interior design services for the luxury tower.

"We are elated to have Phoenix consider Century as their first partner for Philippine real estate. It is not only testament to their belief in Century's capabilities to deliver world-renowned projects, but also to the continued strength of the Philippine economy,” said Century's chief financial officer Carlo Antonio.

Phoenix, one of the world’s largest private equity real estate fund managers, invests on behalf of some of the world’s leading institutional investors.

It has approximately $4.7 billion of assets managed and/or under management.

“We strongly believe in the medium to long-term fundamentals of the Philippine economy and see this venture as an excellent opportunity to participate in its continued growth and development,” Phoenix’s co-founder and chief investment officer Samuel Chu said.

Primeiro Partners serves as Century’s financial advisor in the agreement.

source: www.abs-cbnnews.com