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.