Century plans affordable projects
Property firm Century Properties Group Inc. said it will launch new projects aimed at the affordable market and venture into retail development to boost leasing income.
Century Properties President and Chief Executive Officer Marco Antonio said in an interview 50 percent of the projects to be launched next year would cater to the affordable segment.
The company said the projects include additional phases to existing development at Azure Residences in Paranaque and the Residences at Commonwealth. The company also plans a new development in a 50-hectare site in Novaliches, Quezon City.
Meanwhile, the company said about 30 percent of project launching in 2013 would be for the middle-income market and the remaining 20 percent for the high-end market.
Antonio said sales continued to be robust as the company attracted Filipinos overseas and foreigners for its developments.
Antonio said on the retail front, future projects would be mixed-use developments including commercial and office developments that were expected to boost recurring income.
He said Century Properties, known for high-end projects, was on the lookout for properties that could be transformed into a mixed-use development.
Antonio also reported that the company sold 10 percent of its newly launched branded residential tower in Acqua Private Residences, which is a 2.4-hectare development in Mandaluyong City.
The 50-story tower called Acqua Iguaza is a collaboration between Century Properties and internationally-acclaimed interior design brand yoo inspired by Starck, which was founded by world-renowned French designer Philippe Starck and the British real estate entrepreneur John Hitchcox.
Antonio said he expected sales of 400 units in the project over the next five months. The project is scheduled for completion by the last quarter of 2018.
"We continue to establish international collaborations because the local market has shown its readiness for branded real estate," Antonio said. Acqua Iguaza is the fifth condominium tower in Acqua Residences.
Source: Manila Standard Today | November 22, 2012
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