Gramercy Construction update - March 5, 2008

Excavation reaches 50% at Gramercy site

Excavation at the Gramercy construction site is 50% complete. Depth of excavation has reached 15 meters.

Total depth is set at 29.7 meters.

Developer Century City Development Corp., an affiliate of Century Properties, expects excavation to be completed in June. It will be immediately followed by the laying of the rebars for the Gramercy tower's structural foundation.

The Gramercy Residences is the first Fully-furnished, Fully-serviced Hyper-amenitized luxury condo in the Philippines with 6 interior design options. It will be the first residential tower to rise at the 3.4-hectare fully-masterplanned mixed-use development called Century City on Kalayaan Avenue, Makati.