Century Properties Group Inc. said Wednesday it will venture into the hotel business as part of a strategy to generate P1 billion in revenues from recurring income by 2019.
Century Properties chief finance officer Carlo Antonio said in an interview at the sidelines of the annual stockholders’ meeting of the company the first venture would be a condotel project within Acqua Private Residences in Mandaluyong City.
Antonio said the company tapped Novotel, a midscale brand of the Accor group, to manage the 150-room condotel project, which would rise as the sixth tower in Acqua Private Residences.
The company also formed Century Hotels and Leisure Inc. to handle the hotel venture.
Century Properties chairman Jose Antonio said the company was diversifying into other commercial leasing businesses, including hotel, office and retail projects.
The company is currently developing 150,000 square meters of leasing portfolio, which would generate P1 billion in revenues upon completion in 2019.
“The company is now evolving from being a top residential developer in Metro Manila to a leading well-diversified real estate developer with significant recurring and predictable revenue streams,” Antonio said.
Century Properties launched in March Century City Mall, the first mall constructed in Makati in close to a decade.
The company said by the end of 2014, it would turn over the 28-story Centuria Medical Makati, an outpatient medical care facility in Century City in Makati.
Other projects that would provide recurring income streams for the company are luxury tower Century Spire, Forbes Media Tower and Asian Century Center in Bonifacio Global City.
Aside from its residential floors, Century Spire will have a number of floors dedicated to office space.
The Forbes Media Tower and Asian Century Center—in Makati and Bonifacio Global City, respectively—are exclusively office towers that are expected to benefit from the continuous growth of the BPO sector and the entry of new enterprises.