Century Properties Group said Wednesday it expects to generate P6 billion in residential sales from the newly acquired eight-hectare property in San Fernando, Pampanga.

Century Properties said in a statement it bought close to eight hectares of property from House of David Realty and Development Corp., which would be transformed into a mixed-use development.

The property is located north of Metro Manila, within the San Fernando Interchange on Jose Abad Santos Avenue and the North Luzon Expressway, and just across the SM and Robinsons malls in San Fernando City.

Century said the strategic location of the property made it ideal for a planned mixed-use development with residential, commercial and institutional components. The property is being positioned as the future central business district in the north.

“We are pleased with the successful sale of the property to a real еstatе company with a proven track record of delivery and innovation. We are confident that, similar to how it has masterplanned its projects in Metro Manila, Century Properties will also build a world-class urban center in San Fernando,” said Ladislao David, chairman emeritus of the House of David Group.

The funding for the property acquisition came from a portion of the P1.64 billion raised from Century’s equity placement offering in March.

Century Properties said its move to expand to Pampanga aimed to take advantage of the rapid progress of the Central Luzon region, especially in terms of attracting major businesses and investments.

The region is accessible through the improved road networks and airports. It is also the second top source of Filipino overseas workers in the country.

Source: Manila Standard Today | August 8, 2013