Partnership Between CCDC, Mitsubishi to Build $100M Forbes Media Tower
A joint venture agreement between Century City Development Corporation (CCDC) and Mitsubishi Corporation was signed last week to develop USD 100-million financial district in Makati named Forbes Media Tower.
Forbes Media Tower is the world’s first Forbes-branded tower that will be situated in the prominent Century City complex where the finest high-rise residential buildings such as the Trump Tower Manila and the Milano Residences are located. The project’s total gross floor area is estimated to have 95,000 square meter and a net leasable area is 50,000 square meter. Century City Development Corporation and Mitsubishi Corporation look forward to the tower’s completion on 2019.
The 35-storey office building is the first office development investment of the Japanese giant firm in the Philippines, owning 40 percent of the tower and the 60 percent to Century City Development Corporation. “Mitsubishi executes real estate development projects in Japan, China, United States, and the countries in South East Asia Region. Among all countries, Mitsubishi believes the Philippines has the promising market due to its continuous high economic growth,” Ichiki stated. “We hope to continue and further strengthen our partnership with CPGI to expand real estate investment business in the Philippines.”
According to Jose E.B. Antonio, Chairman and President of Century Properties Group, “Forbes Media Tower will be a stellar addition to the office market in our country’s premiere financial district.”
The commercial portfolio of Century Properties is expected to surpass the 190,000 square meters within the next four years. Projects include Century City Mall, a five-level establishment with an area of 50,000-square meter, and the 28-storey Centuria, a one?stop, outpatient medical-IT facility located at the heart of Century City.
Source:
http://www.property-report.com/worlds-first-forbes-media-tower-is-ready-to-go-in-the-philippines/
http://www.dealstreetasia.com/stories/philippines-ccdc-mitsubishi-ink-jv-to-build-100m-forbes-media-tower-11806/
