By Arra B. Francia
CENTURY Properties Group, Inc. (CPG) has leased out about 75% of the P1.6-billion Asian Century Center (ACC) in Bonifacio Global City (BGC), with majority of the locators coming from the information technology and business process management (IT-BPM) sector.
The Antonio-led property developer on Tuesday formally opened ACC, a 21-storey office tower with a net leasable area of 29,628 square meters (sq.m.). The building was developed in partnership with Asian Carmakers Corp.
“We’re hopeful that by yearend we’ll be majority leased. The interest has been very good. All our tenants are full floor tenants so far, we’re quite hopeful that the trend will continue. That’s much more efficient for us from the point of revenues,” CPG Co-Chief Operating Officer Jose Marco R. Antonio told reporters on the sidelines of the opening ceremony for the building. ACC’s lease rates stand at about P1,200 to P1,400 per square meter (sq.m.), in addition to P190 per sq.m. in monthly dues. CPG tapped real estate consultancy services firm Leechiu Property Consultants as the exclusive leasing manager for the building.
Mr. Antonio noted the typical lease agreement covers five years, but some have already expressed interest in renewing it in the future. Some tenants are also planning to further expand their operations in the same building.
“It’s a good sign that the underlying businesses of these tenants are growing and that demand for their services is robust. It’s very encouraging not just for the building but for the industry as a whole,” he added.
ACC is accredited by the Philippine Economic Zone Authority (PEZA), which grants tax perks to locators. This indicates that the building has complied with PEZA’s requirements such as 100% power backup, provision for high-speed internet and infrastructure, and a building management system.
The building is the fifth by CPG to be registered under PEZA.
ACC is also pre-certified for LEED, a global green building and sustainability certification system by the United States Green Building Council. The company looks to secure the LEED Silver status for ACC.
CPG expects ACC to contribute P500 million in annual revenues to its leasing portfolio once fully leased out.
ACC forms part of CPG’s goal to have about 300,000 sq.m. of gross floor area under its leasing segment once all projects are completed in 2020. The company’s leasing portfolio is seen to generate P1.5 billion worth of revenues by then.
CPG’s net income attributable to the parent rose 13% to P608.56 million in the first nine months of 2018, following a 45% uptick in gross revenues to P7.5 billion during the same period.