Century City Makati

CPHI Buys IS Lot For P1.43-B
Manila Standard - 6/3/06

The Privatization Council awarded the fivehectare
lot vacated by the International
School in Makati City to Century Properties
Inc. of Philippine Special Envoy to China
Jose Antonio for P1.43 billion. Finance Undersecretary
Gabriel Singson Jr. told reporters
the council accepted the offer of
Century Properties, which was 10% higher
than the government’s indicative price of
P1.186 billion. Singson, who is also head of
the Privatization Council, said Century Properties
would make a 10% down payment
upon signing of the contract and another
10% within 90 days. The balance is payable
within a period of one year. The government
would retain legal and physical possession
of the property until Century Properties
completed the payment of the purchase
price in full. Century Properties edged
AMA Group Holdings Corp. of businessman
Amable Aguiluz. AMA Group offered
to pay the property in five years at a net
present value equivalent to only 92.1% of
the government’s indicative price.