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