Century Properties eyes P500M in revenues from new BGC building

The Antonio-led Century Properties Group Inc. (CPG) is expecting around P500 million in revenues annually from its newly opened office building in Bonifacio Global City (BGC).

On Tuesday, CPG opened the P1.6-billion Asian Century Center at the 27th Street corner 3rd Avenue in BGC, Taguig City.

"The building will generate P500 million in annual revenues once fully leased out," CPG co-chief operating officer and managing director Jose Marco Antonio told reporters on the sidelines of the Asian Century Center's opening ceremony.

The P500-million revenue projection is based on the P1,200 to P1,400 per square meter leasing price for the 29,628 square meters of net leasable area of the office building, according to Antonio.

The 21-storey office building has been 75-percent leased.

"Most of the tenants are IT companies, BPOs, e-commerce," Antonio said.

Asian Century Center is accredited by the Philippine Economic Zone Authority.

CPG is targeting to increase its portfolio to 300,000 square meters of gross floor area come 2020 from the current 133,000 square meters. —LDF, GMA News