MANILA, Feb. 10 (PNA) — Publicly-listed property developer Century Properties Group expects Php2.5 billion in sales from its new office developments as it continues expanding its commercial property portfolio on the back of a strong economy.
In a statement to the Philippine Stock Exchange, Century Properties said it launched a minimum of 23,000 square meters of office spaces at the Century Spire tower in Century City located in Makati.
“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 company chief operating officer Marco Antonio.
Century Spire’s single unit office spaces range from 50 to 90 square meters, with a price range of Php185,000 to P205,000 per square meter. Units may be combined to form up to an entire floor of office space.
The company said the units will be sold to end-users seeking a prime location for their business, as well as to those seeking to lease out their purchased units upon completion. Current Makati rental rates for prime office is approximately Php900 to Php1,300 per month.
Century Properties said it is expanding its commercial assets on the back of a strong economy that fuels the demand for office space, especially for the sectors of business process outsourcing (BPO) and information technology (IT).
Citing a Colliers report from 2014, Century confirms the strong demand for office space in Makati, with vacancy rates dropping to 1.9 percent because of demand from the “BPO and traditional office takers.”
As more investments are expected to pour into the country, chiefly in the Central Business District of Makati and Fort Bonifacio, Century said it is positive about the prospects of its planned commercial space portfolio, with Century Spire offices as the newest project. (PNA)