Century Properties, Mitsubishi break ground for Forbes Tower

MANILA, Philippines – Century Properties Group Inc. (CPG) and Mitsubishi Corp. of Japan, have broken ground on the world’s first Forbes Media Tower.

 The 35-story office building will rise at Century City along Kalayaan Ave. in Makati.

CPG, through Century City Development II Corp. (CCDC), will own 60 percent of the project while Mitsubishi will hold the remaining 40 percent.

CCDC shall finance the projected $100 million or P4.5 billion total project cost through $51 million or P2.3 billion of equity from CCDC and Mitsubishi, and a 10-year, $49 million (P2.2 billion) senior loan granted by Ayala-led Bank of Philippine Islands (BPI) last November.

Proponents will fund the balance of P2.3 billion through equity contributions of CPG and Mitsubishi.

“The Forbes Media Tower aims to become an address of choice for both multinational as well as leading BPO corporations looking to participate in the booming BPO sector, which generated $21 billion and now employs 1.3 million people, serving as a key growth catalyst and will continue as a growth driver of business in the foreseeable future,” said CPG chief operating officer Marco Antonio.

 For his part, Mitsubishi president and CEO Takuya Kuga said the company is optimistic about its prospects in the Philippines.

“We entered the ASEAN real estate market in 2013 with belief in the long term and sustainable growth in ASEAN countries, especially in the Philippines,” Kuga said.

 The tower is designed  to serve the world’s business leaders by providing an environment with premium spaces to conduct business.

 The groundbreaking event followed the announcement of the two firms to develop, lease out, and maintain the world’s first Forbes-branded commercial building.

“This is a historic and groundbreaking moment for Forbes as we extend our brand into the global real estate development market. Forbes has always been an authoritative resource for the world’s business leaders, and this tower further reinforces our long-standing mission,” said Mike Federle, COO of Forbes Media.

The Forbes Media Tower will have a total gross floor area of approximately 95,000 square meters and is slated for completion is in 2019.

 CPG expanded its investment portfolio of commercial developments in recent years with the introduction of Century City Mall, the acquisition of the Pacific Star Building Lowrise Tower, and the launch of Centuria Medical Makati.

Centuria Medical Makati is the Philippine’s largest outpatient medical facility that is  also geared to support medical tourism in the country.