P40-B ‘Century City’ to rise in Makati

Century Properties Inc., one of the top five real estate developers in the country, will build an integrated township at the former site of the International School of Manila at an estimated cost of P40 billion.

Founded and chaired by businessman Jose E.B. Antonio, Century Properties plans to convert the 4.8-hectare property in Bel Air, Makati into a complete urban complex dubbed Century City which will have an IT park, residential condominium buildings, a luxury hotel, an IT school and entertainment facilities.

The project will be the first first fully integrated residential, commercial, industrial and recreational township development in the Makati financial district.

Century Properties, through unit Century City Development Corp., is setting aside P5 billion in the next three years for the development of at least 160,000 square meters of Grade A office office space.

"There’s always a premium for Makati locations. This is the largest available property for development of contiguous land, and it’s very rare that you can find a space that opens up like that, that you can essentially plan from scratch," said Marco Antonio, managing director of Century Properties.

The IT park will cater to the business process outsourcing (BPO) sector, particularly the high-end BPOs, "who are willing to pay premium rates for a good location and something of this caliber," Antonio said.

Antonio said the company is currently applying for Philippine Economic Zone Authority (PEZA) accreditation and will most likely exceed the minimum requirement of one hectare for the IT park. "We feel that we are poised to deliver products by 2008 or early 2009 for the first batch of office buildings," he said.

Antonio said the office market has changed dramatically in recent months, with lease rates hovering in the P1,000 per meter range, and strong demand continues to fuel the growth of the real estate industry. "It makes sense for developers to start building offices again. We’ve talked to a lot of these potential locators and they have told us what they must have and what they wish to have, and we’re complying with their requirements," Antonio said.

Groundbreaking of the first building, which shall make available 56,000 square meters of leasable space, is scheduled on the second quarter of the year.

"We are anticipating a positive response from locators to make this their office address in the financial center. With our prime location, about six multinationals with urgent needs for operations in Makati are now negotiating with us," said Frederick Salcedo, director for Commercial Operations of the Century Properties Group.

The IT component is expected to be one of the major catalysts that will speed up the development of the township.

According to a study commissioned by the Asian Institute of Management, the City of Makati remains a top choice for many multinational firms to locate their operations because of its undisputed status as the country’s financial capital, its accessibility, and proximity to urban conveniences and entertainment and leisure centers.

Makati is also the host for many multinational companies, embassies, financial institutions and government agencies.

The Century Properties Group has over 45 buildings in its portfolio with asset values reaching $1.5 billion.

Since 1986, Century Properties has been developing, managing, and marketing the most exceptional residential, corporate, and leisure developments in the Philippines. The Pacific Star Building, The Riviera Golf and Country Club, The Asian Hospital Medical Suites, and the award winning Essensa East Forbes in Fort Bonifacio are only a few of over 60 major projects in its portfolio.

Other projects include the South of Market at the Fort, the country’s FIRST fully-fitted, fully furnished residential hi-rise, Grand Soho Makati in Buendia Avenue, the only fully-fitted condo that offers residents three exceptional design choices, Soho Central, the FIRST ever transportation oriented development, with its direct link to the MRT Train station, and Canyon Ranch, the nation’s first wi-fi residential community in the Philippines.

The property sector is benefiting from a recovering economy, driven in part by inflows of billions of dollars from Filipinos working overseas and buying homes in the Philippines.