Posted on February 16, 2014 09:58:03
PM [ BusinessWorld Online ]
REAL ESTATE developer Century
Properties Group, Inc. is scheduled to open today its first retail project, a
P1-billion shopping mall in Makati City, the listed firm said in a statement
over the weekend.
“Century City Mall, the newest retail development in Makati in close to
a decade, opens its doors today to the public,” the company said.
Century Properties said its first mall
is situated in its eight-building complex, Century City Makati, along Kalayaan
Avenue.
“The over-P1-billion development
expands the company’s portfolio to recurring income sources, with 17,000 square
meters of the retail center’s net leasable space leased out to more than 100
tenants, including Rustan’s Supermarket,” the statement read.
While Century Properties has been
known for its portfolio of premium residences and partnerships with
international brands like Armani, the company said it intends to “pass on its
28-year tradition of building life-enhancing projects to its retail
developments.”
“We are bringing our experience and
expertise in property development into this exciting new venture,” the
statement quoted Century Properties Co-Chief Operating Officer Marco R. Antonio
as saying.
“With its… mix of tenants, Century
City Mall is a good addition to the current roster of retail experiences in
Makati City. We will work to continuously improve the shopping experience in
our mall and we look forward to opening more shops in the coming weeks,” he
added.
Century Properties said the mall has
two entrances: one along Kalayaan Avenue near Salamanca Street and the other
along General Luna Street. Valet services and three-floor parking areas are
available for visitors.
The five-storey mall offers local and
international retail shops, concept stores and restaurants.
It houses Rustan’s Supermarket and
dining options like XO46 Bistro Filipino, Azurro Bistro and Restaurant, Early
Bird Breakfast Club, Isla Café, Pepper Lunch, Starbucks Coffee, TWG Tea,
ChaTime and Mochi Sweets. US burger joint CaliBurger now also has its first
branch in the Philippines inside Century City Mall.
Fashion and beauty stores like
Desigual, Fresh/H20, Beauty Bar, Crabtree & Evelyn, Hush Puppies, Izod,
Marc Coblen, Marilou Jewelry, Philip Stein, Swarovski, TW Steel, and Victorinox
are present in the mall, which also has Dimensione, Dyson, Howards Storage
World, The Office Warehouse, Sony, Studio Fix Salon, and Alter To Fit.
The retail development will directly
serve residents of Century Properties’ already-completed towers in Century City
Makati known as the Gramercy Residences and the Knightsbridge Residences.
Last week, the company said it expects
to turn over more than 500 clinic suites at Centuria Medical Makati, a
28-storey outpatient medical arts building in the same complex, by the end of
this year.
The other buildings in Century City
are in various stages of development and construction. Milano Residences is
scheduled for a 2015 turnover, while Trump Tower is slated for a 2016 turnover.
The office-residential building called Century Spire is expected to be turned
over in 2018.
Century Properties is engaged in real
estate projects through subsidiaries Century City Development Corp.; Century
Limitless Corp.; Century Communities Corp.; and Century Properties Management,
Inc. It develops, markets and sells residential, office, medical and retail
properties; and manages residential and commercial properties in the country.
The company’s net income grew 12.32%
to P1.586 billion in the nine months ending September last year from P1.412
billion in the same period in 2012. Revenues rose 11.91% to P8.083 billion from
P7.223 billion, while costs and expenses climbed 8.06% to P5.781 billion from
P5.350 billion. Shares of the company added one centavo or 0.74% to close at
P1.36 apiece on Friday last week from P1.35 each on Thursday. -- Claire-Ann
Marie C. Feliciano
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