Century Properties targets P100-M annual income from new Makati mall

By Leslie D. Venzon

MANILA, March 24 (PNA) — Listed real estate developer Century Properties Group Inc. expects to book a net income of P100 million annually starting next year from store leases for its newly opened mall in Makati City.

Century City Mall is a five-level lifestyle center with a gross floor area of 50,000 square meters and 17,000 square meters of net leasable space, of which 99 percent has been leased out.

“Tenants right now are still opening, we are only at the 70-percent mark. By the end of the year, we should already be complete. I think, we should be stabilized by next year,” company co-chief operating officer Marco Antonio told reporters at the formal opening of the mall on Monday.

Graham Coates, chief operating officer of Century Properties’ Retail Business Group, said there are now 60 stalls in operations and another 20 stalls are expected to open by April.

“We have 110 tenants that have committed to the mall which gives us a 100 percent occupancy rate. We expect that by May or June, we would have 100 percent occupancy rate in the mall,” he said.

The newest lifestyle center, with a construction cost of P1.4 billion, is the key addition to the company’s 3.4-hectare master-planned Makati development Century City.

Century City is home to Century Properties’ upscale high-rise residential and office structures – the Gramercy Residences, Knightsbridge Residences, Milano Residences, Trump Tower, Century Spire, Forbes Media Tower and the information technology-medical outpatient building Centuria Medical Makati.

Antonio said the company targets to increase to 100,000 square meters the company’s net leasable spaces from its commercial developments.

“For every major landbank project we have, we are making a conscious decision to inject a recurring income component to the property,” he said. “In the medium term, we hope to generate about 15 percent recurring income.”

Antonio bared that aside from the new mall, the company is constructing office buildings and mixed-use developments within the Century City.

In Fort Bonifacio in Taguig City, he said an office building catering to the business process outsourcing (BPO) market as well as corporate offices is under construction. Project completion takes two and a half years.

“For our out-of-town projects, we have a mixed-use development. We will be building our retail strip centers as well as offices where there is the market,” Antonio added. (PNA)