Property News Asia: New Forbes Media Tower announced
Property News Asia
Century City Development Corporation (CCDC) a subsidiary of Century Properties Group, Inc. (CPGI) and Mitsubishi Corporation have signed a joint venture to construct the world’s first ever Forbes Media Tower.
The 35-storey building will be located in Century City, Makati, Philippines and is scheduled for a 2019 completion.
The Forbes Media Tower will be a commercial building which will have gross floor area of 95,000 square metres (car parking included) with a NET leasable area of 50,000 square metres.
“We are privileged to partner with Mitsubishi Corporation, 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,” said CPGI Chairman and President Jose E.B. Antonio.
“Mitsubishi has invested in two Philippines real estate development projects, one for industrial park and another for residence. This one will be the third development project and the first office development. Mitsubishi executes real estate development projects in Japan, China, United States, and the countries in South East Asia Region. Among all countries, Mitsubishi believes Philippines has the promising market due to its continuous high economic growth. We hope to continue and further strengthen our partnership with CPGI to expand real estate investment business in the Philippines” said Mitsubishi Senior Vice President Nobuya Ichiki.
Forbes Media Tower is Century Properties latest addition to its Makati property portfolio. The Company is also developing Gramercy, Knightsbridge, Milano Residences, Trump Tower, and Century Spire, the lifestyle center Century City Mall, and the outpatient medical centre Centuria Medical Makati.
Century Properties commercial property portfolio now stands at an impressive 190,000 square metres.