PUBLICLY listed real-estate company Century Properties Group Inc. (CPGI) has added a new tower into its commercial-building portfolio, which is seen to contribute to its revenue streams.
At an undisclosed amount, CPGI said it is acquiring a 50-percent stake in the Pacific Star Building (PSB Low Rise) in Makati City after it executed a memorandum of agreement with the owner.
The company is owning half of the interests in the property by assuming the existing loan of PSB Low Rise.
Located at the corner of Sen. Gil J. Puyat and Makati avenues, the low-rise tower has more than 5,900 square meters (sq m) of office space.
It will be an addition to the developer’s planned commercial portfolio of 160,000 sq m set for completion by 2019.
Since the building is fully leased out, CPGI expects the tower to contribute to its recurring revenues, which, in the first half of this year, stood at P5.62 billion, up 6 percent from P5.29 billion in the same period in 2013.
“We welcome the addition of the low-rise tower of Pacific Star Building into our portfolio given that it is already a revenue-generating asset,” said Kristina Garcia, director for investor relations in CPGI.
The 28-year-old property developer has finished 25 condominium projects with an overall inventory of 8,777 units. It is seen to finish 31 residential buildings from its listing in 2012 to 2019.
From 2012 to 2017, it anticipates a near-term completion of 17 buildings across all its portfolio of luxury, middle income and affordable residential condominiums, as well as retail and medical office developments.
In March 2014 CGPI completed the first of its investment properties called Century City Mall—a 50,000-sq-m five-level lifestyle center in Makati City. The 28-story outpatient information technology-medical arts building at Century City, named Centuria Medical Makati, will be turned over by end of this year.
Two more residential towers in Azure are scheduled for completion next year, as other residential projects for delivery in the near term are the Milano Residences in Century City, the first two towers of Acqua Private Residences in Mandaluyong City and the first tower of the Residences at Commonwealth in Quezon City.
Keys for the Trump Tower are slated for handover in 2016.
More than 90 percent of Century’s current portfolio of launched residential projects has been already presold.
Roderick L. Abad