CPG taps P2.2B loan for Forbes Tower
A CONSORTIUM led by property developer Century Properties Group Inc. (CPG) has tapped a P2.2 billion loan facility with Bank of the Philippine Islands to partly fund construction of the world’s first Forbes-branded commercial office building in its Century City hub in Makati City.
CPG contracted the loan through its wholly-owned subsidiary Century City Development II Corp. and partner Mitsubishi Corp., the company said in a press statement on Monday.
Construction of the Forbes Media Tower, which is expected to be completed by 2019, is estimated at P4.5 billion. The balance of P2.3 billion will be funded through equity contributions of 60 percent from Century Properties and 40 percent from Mitsubishi Corp.
“The signing of the facility marks an important step for Century Properties. Along with our partner, Mitsubishi Corp., we are particularly proud of the level of support that we have received from BPI. The facility also helps provide Century Properties with the flexibility to move forward on the diversification of its portfolio,” said Jose Marco Antonio.
In September, Century Properties and Mitsubishi announced their partnership to develop, lease out and maintain the world’s first Forbes-branded commercial building through a joint venture agreement.
The Forbes Media Tower will have a total gross floor area of around 95,000 square meters and will feature a wide range of premium amenities for businesses.
Century City, where the tower will rise, is a mixed-use development comprised of premium residences, office buildings and the Century City Mall. It is located within an information technology zone, which will allow accredited locators to benefit from incentives from the Philippine Economic Zone Authority.
CPG is currently diversifying into allied real estate segments that will provide recurring earnings to complement residential development income. Its investment portfolio currently includes Century City Mall, the Pacific Star Building low-rise tower and Centuria Medical Makati.
Aside from the Forbes Media Tower, CPG is also developing the Asian Century Center in Bonifacio Global City and Acqua 6 at the Acqua Private Residences in Mandaluyong City.
By 2019, these projects are projected to deliver a gross floor area of about 295,000 square meters.
Aside from boosting its investment portfolio, CPG is embarking on leisure and tourism and economic housing segments.