Jose ?Joey? Antonio?s Century City Development Corp. (CCDC) and Japan?s Mitsubishi Corp. have broken ground for the world?s first Forbes Media Tower along Kalayaan Avenue in Makati City.
The world?s first Forbes-branded commercial building is designed to serve the world?s business leaders by providing an environment with premium spaces to conduct business.
Century City Development II Corp. (CCDCII), a 60-40 joint venture between CCDC and Mitsubishi, is set to undertake the P4.5 billion tower project
The joint venture company inked a P2.2 billion loan facility from Ayala-led Bank of Philippine Islands (BPI) to partially fund the project while the remaining P2.3 billion would be finance through equity contributions from both companies.
Century Properties Group Inc. CEO Marco Antonio said the Forbes Media Tower aims to become an address of choice for both multinational as well as leading business process outsourcing (BPO) corporations.
Antonio said the booming BPO sector generated $21 billion and now employs 1.3 million people and continues as a growth driver of business in the foreseeable future.
The Forbes Media Tower would be the eighth building in Century City. 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.
