Century Properties Group Inc. has unveiled plans for a P1.5-billion designer condominium building, the fourth of a six-tower development in its middle-income Acqua Private Residences project in Mandaluyong City.
Marco Antonio, project head and managing director of Century Properties, told reporters that the company has tapped Missoni Home to provide exclusive design service for the 52-storey Acqua Livingstone, the first residential brand in the world to feature the Italian fashion brand’s creative use of patterns and prints.
“At the end of the day, real estate is aspirational buying and people want to buy something that is unique. By virtue of Acqua Livingstone, we’ll actually be providing really collectible real estate,” Antonio said.
Projected sales value of Acqua Private Residences may increase to P15 billion from the earlier announced P13.5 billion because of the branding effect with Missoni Home. Acqua Livingstone will account for P3.5 billion in sales.
Century Properties have sold 96 percent of the first three Acqua towers, equivalent to 1,800 units, generating P7 billion in sales since its launch last year.
Acqua Livingstone is Century Properties’ fourth brand collaboration for a residential project after The Milano Residences with world-renowned fashion brand Versace, The Trump Tower Manila with American real estate mogul Donald Trump and Azure Urban Residences whose beach club was designed by hotel heiress Paris Hilton.
The brand collaborations have enjoyed brisk sales take-up: Milano is 80 percent sold in a year, while The Trump Tower is 55 percent sold. After the partnership with Hilton was announced, Azure saw a 40 percent increase in sales and has been sustained since.
“Behind the brand is a quality that people are familiar with. It’s not just an endorsement that we’re actually after, we’re actually after a value-add collaboration that will [go down as] a consumer benefit,” said Antonio.
Nearly a third of Century Properties’ branded developments are sold to non-Filipino foreigners and the company will continue to tap this market for Acqua Livingstone, he added. The latest residential project will also cater to domestic Filipinos and overseas Filipino workers.
Slated for completion in four to five years times, Acqua Livingstone will have 645 units with one to three-bedroom configurations at 27 square meters to 140 square meters. Prime units in various sizes and layout include Townhouse, Sky Garden, Private Garden, and Penthouse units.
The multi-level amenity area called The Canopy, located at the building’s skydeck, serves as the pinnacle of Missoni Home’s design imprint.
Based on internal calculations, Century Properties has cornered a 35 percent market share in terms of international sales in the last five years, ranked second behind home builder Vista Land & Lifescapes Inc. The company has about 3,000 agents selling across 50 countries in five continents.
Century Properties is targeting to hit at least P20 billion in pre-sales this year, nearly a 10 percent increase from the P18.4 billion last year, Antonio said.
The listed property developer also intends to grow its leasing business. Apart from its property management business, the company plans to put up offices on its land bank and establish “convenience retail” projects within its residential developments.
By the time its lifestyle center in Century City, an integrated community along Kalayaan Avenue in Makati City, opens, the company will have over a 5 percent recurring income base.
“We hope to grow recurring income base to more than 10 percent of the portfolio. With opportunities in the pending real estate investment trust law, it may serve as an impetus for us to create a recurring income stream,” Antonio said.