Century Properties Group, via its subsidiary Century City Development Corporation (CCDC), and Japanese firm Mitsubishi have broken ground on Forbes Media Tower at Century City in Makati, Philippines.
The two companies will form a joint venture to develop, lease out, and maintain the new 35-storey office building.
The project, estimated to cost $100m, will be carried out by Century City Development II Corporation (CCDCII), in which CCDC and Mitsubishi own a stake of 60% and 40% respectively.
Expected to be completed in 2019, the new building will cover a total gross floor area of about 95,000 sq m.
The project will be funded through $51m in equity from CCDC and Mitsubishi, as well as a $49m senior loan approved by the Bank of Philippine Islands.