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Century Properties bares P4.8-b QC condo project

by Jenniffer B. Austria
[ ] October 3, 2011

The Century Properties Group is spending P4.8 billion to develop a 12-hectare property along Commonwealth Avenue in Quezon City into a mid-rise residential project.

Century Properties chairman Jose Antonio told reporters the project will target the middle-income households, with individual units priced between P1 million and P3 million.

“Now is the good time for home buyers to make their move because interest rates are low and financing is available,” Antonio said.

The company will launch its first project in Quezon City by the last quarter of the year through middle-income housing unit Century Limitless.

Antonio said the company, which is known for high-end residential projects, also planned to venture into the middle- and low-income market because of strong demand.

The company initially launched Azure, a P6-billion nine-building residential project in Parañaque City.

Century Properties also started selling units in Acqua Private Residences, a 2.4-hectare development located directly across Rockwell Center in Makati.

Century Properties, which will take over listed East Asia Power Corp., plans to raise new funds early next year to widen its public float.

Antonio said the fund-raising would involve the issuance of primary and secondary common shares. It tapped UBS and Macquarie as joint lead underwriters for the offering.

Century Properties developed The Milano Residences, the first luxury residences in Asia interiorly designed by Versace Homes, Gramercy Residences, The Knightsbridge, and Centuria Medical City, all inside the Century City in Makati.

Its most recent project is a $150-million Trump Tower Manila. Century Properties will develop the luxury residential skyscraper with the brand name and mark under license from American real estate mogul Donald Trump.

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