Century Properties eyes higher stake in Pacific Star bldg

MANILA, Philippines - Upscale developer Century Properties Group Inc. is keen on acquiring more shares in the firm that owns the Pacific Star Building in Makati City, the company’s top official said.

In an interview, Century Properties chairman Jose Antonio told The STAR that the company is interested in hiking further its 50 percent stake in the low-rise tower located at the corner of Sen. Gil J. Puyat and Makati Avenue.

“Yes we are looking to increase our stake if it is for sale. We are looking at any available units,” Antonio said.

He said the company is also keen on even extending its ownership to Pacific Star’s high-rise tower, the structure situated just beside the low-rise building, if it would be offered for sale.

The listed property firm controlled by the Antonio family acquired last year a 50-percent stake in the company that owns the low-rise tower of Pacific Star Building in a move to diversify its revenue streams and expand its commercial portfolio.

“Right now, we’re redeveloping the low-rise tower,” Antonio said.

The Pacific Star Building is a 20-year-old office building and a landmark in the Makati central business district. It consists of a 29-story structure and a six-story low-rise building.