By Richmond S. Mercurio (The
Philippine Star) | Updated February 11, 2015 - 12:00am
MANILA, Philippines - Riding high on
an office sector boom in the country, upscale real estate developer Century
Properties Group Inc. has launched its latest commercial property offering in
Makati expected to generate P2.5 billion in sales.
Century Properties said its new office
spaces at the Century Spire tower in Century City is part of its plan to expand
its commercial assets given the country’s strong economy that fuels demand for
office space, especially for the business process outsourcing (BPO) and IT
sectors.
“We are aggressively pursuing our
business expansion plans this year, which includes strengthening our commercial
portfolio on top of our current concept residential projects. Diversifying to
other product offerings, such as for sale strata office space, is instrumental
in sustaining the growth for the company,” said Century Properties chief operating
officer Marco Antonio.
The listed property firm owned by
former ambassador Jose E.B. Antonio said Century Spire would be adding a
minimum of 23,000 square meters of office space to the market upon its
completion.
Century Properties said the units
would be sold to end users seeking a prime location for their business, as well
as to those seeking to lease out their purchased units.
Century Spire’s single unit office spaces
ranges from 50 to 90 square meters and are priced from P185,000 to P205,000 per
square meter.
Current rental rates for prime office
in Makati, meanwhile, ranges from about P900 to P1,300 per square meter per
month, Century Properties said.
“Century Spire Office is the only new
prime property within Makati’s business district. Given all the indicators we
are positive that this will be well received by the market, and that the robust
economy will continue to expand the office sector in the coming years,” Antonio
said.
As more investments are expected to
pour into the country, particularly in the central business districts of Makati
and Fort Bonifacio, Century Properties said it is positive about the prospects
of its planned commercial space portfolio in the coming years.
Aside from Century Spire, Century
Properties offers office spaces in its Asian Century Center office building in
Fort Bonifacio and Forbes Media Tower in Makati.
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