The latest addition to Manila’s thriving office sector will open its doors in 2019
Forbes Media Tower, a joint venture between Century Properties Group and Japanese conglomerate Mitsubishi Corp, finally broke ground in Makati, according to a Forbes press release.
The 35-storey skyscraper is dubbed the first Forbes-branded commercial tower in the world and will cost PHP4.5 billion (USD100 million) to build. It is part of the master-planned Century City project, where a number of other branded developments from Armani/Casa and Trump Organisation are located.
“The demand for business space in Makati will always be present and it is an important challenge to create a new town concept in order to accommodate a very crowded, old area,” Yoshio Amano, general manager of Mitsubishi Corp’s Manila branch, said in a statement.
Forbes said Mitsubishi Corp will own 40 percent of the project, while the majority 60 percent interest will be owned by Century City Development Corporation. Financing will be shouldered by both firms, as well as from an approved loan from the Bank of the Philippines Islands. It is Mitsubishi Corp’s first-ever office development.
According to the developers, the new tower, which will be completed in 2019, is designed to cater to global businesses and world leaders by providing them premium office spaces with a total floor area of 95,000 sqm.
The groundbreaking ceremony on Kalayaan Avenue was attended by top executives from Mitsubishi Corp led by Takuya Kuga, division chief operating officer for IFLD, and Century Properties Group chairman and Philippines Property Award-winner Jose E. B. Antonio.
It took a few years of negotiations before construction started on the project. The building was originally targeted for completion in early 2014, but the JV agreement was only finalised and signed in September 2015.
Manila’s office sector has been described as one of the bright spots in the latest World Office Yield Spectrum report from consultancy firm Savills. The mega-city ranked third worldwide, beating heavy-hitters such as Beijing, Melbourne, Miami, Sinapore and Tokyo.