Real estate company Century Properties Group has announced that it will invest PHP1.5bn ($34.85m) to construct a residential building in Mandaluyong, Philippines, in cooperation with Italian fashion house Missoni.
The interior design for the 52-tower residential building, named Acqua Livingstone will be provided by Missoni. It will be the fourth of six towers to rise on the 2.4ha Acqua Private Residences project in Mandaluyong City, which is being built at an estimated cost of PHP7bn ($162.63m).
The building’s interior will have Missoni’s flashy colours and showcase the regenerating Pasig River into its waterfront design.
CPG executive vice president Jose Marco Antonio said the group, through subsidiary Century Limitless, was ready to bring to the market additional residential units in Acqua, following the first three towers: the 43-storey Niagara, 45-storey Sutherland and the 47-storey Dettifoss.
"This is a testament to Missoni’s strong belief in the prospects of the Philippines as a premiere development platform. This pushes the boundaries of Philippine real estate and makes esteemed brands like Missoni Home accessible as a lifestyle experience," Antonio said.
The residential units in Livingstone are expected to be handed over to buyers by 2016.
CPG is expected to generate a total of PHP15bn ($348.51m) in sales for the entire project, out of which PHP3.5bn ($81.31m) will come from the 645-unit Acqua Livingstone.
CPG plans to sell the units to domestic end-users such as young professionals, overseas-based Filipinos and foreign buyers.
"We feel we’re following the money trail," Antonio said.