MANILA, Philippines – Century Properties Group has partnered with Mitsubishi Corp. of Japan to develop the world’s first Forbes Media Tower, estimated to cost around P4.5 billion.
Located at Century City in Makati, the 35-story tower would be built through a joint venture company called Century City Development II Corp. (CCDCII).
The joint venture firm would be 60 percent owned by Century Properties and 40 percent by Mitsubishi.
The project would be funded by P2.3 billion in equity and a 10-year P2.2 billion senior loan from the Bank of the Philippine Islands.
BPI approved the loan on the basis of the project’s strong financial viability amid the rapidly growing office space sector and its confidence in the combined strength and experience of both corporations.
Century Properties chairman and president Jose Antonio welcomed the partnership with Mitsubishi Corp.
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“We are privileged to partner with Mitsubishi Corp., one of Japan’s most respected business conglomerates, in developing Forbes Media Tower. We are grateful for their trust and confidence, as these are testament to our sound business strategy of developing projects with determined demand. Forbes Media Tower will be a stellar addition to the office market in our country’s premiere financial district,” Antonio said.
Mitsubishi has invested in two real estate development projects in the country, an industrial park and a residential development.
The Forbes Tower would be Mitsubishi’s third development project and its first office development in the Philippines.
Mitsubishi also has real estate development projects in Japan, China, United States, and the countries in South East Asia Region. Among these countries, Mitsubishi believes the Philippines has the promising market due to its continuous high economic growth.
“We hope to continue and further strengthen our partnership with (Century Properties) to expand real estate investment business in the Philippines,” Mitsubishi senior vice president Nobuya Ichiki said.
As the world’s first Forbes-branded commercial building, the project is designed to serve the world’s business leaders by providing an environment to conduct business with premium amenities.
Forbes Media Tower is the last parcel of land to be developed within Century City, a 3.4 hectare integrated mixed-use complex of premium residential high-rises such as the Gramercy, Knightsbridge, Milano Residences, Trump Tower, and Century Spire, the lifestyle center Century City Mall, and the outpatient medical center Centuria Medical Makati.
CCDD director Marco Antonio said the office space sector is “awash with opportunities for commercial infrastructure as the country continues to attract BPO and multinational companies.”
“Last year, the Bangko Sentral ng Pilipinas forecasted a 15-percent growth for 2015 and expects revenue to overtake OFW remittances within the decade. Century Properties targets to be a significant participant in the growth of the office space sector by 2018,” he said.
Century Properties is seeking increase its commercial portfolio to over 190,000 square meters within the next four years. This includes the five-level and 50,000-square meter Century City Mall and the 28-storey Centuria, which has both for sale and for lease medical IT units.
Forbes Media Tower is one of the three Class A commercial buildings that Century expects to add to its portfolio by 2019.