Century Properties Group Inc. has kicked off its plan to strategically expand its development portfolio in key regions outside of Metro Manila with the acquisition of a lot in San Fernando, Pampanga for a future P6- billion town center project.
In a disclosure with the Philippine Stock Exchange, Century Properties announced the acquisition of close to 8 hectares of property in San Fernando from House of David Realty and Development Corporation for a mixed-use development.
Funding from the property acquisition came from a portion of the proceeds of Century’s equity placement offering in March.
The property is located within the San Fernando Interchange on Jose Abad Santos Avenue and the North Luzon Expressway (NLEX), and is situated across the SM and Robinsons malls in San Fernando City.
Century said the strategic location of the property makes it ideal for its planned mixed-use development with residential, commercial and institutional components. “This will form part of a city or town center that the company envisions for the area, to position it as a future central business district in the north,” the firm said.
House of David Group chairman emeritus Ladislao David, said: “we are pleased with the successful sale of the property to a real еstatе company with a proven track record of delivery and innovation.”
David noted that “many have expressed interest in developing the House of David property because of its strategic location and vast business potential, but we believe that Century Properties is the right company to do this collaboration with as we share the same family and corporate values.”
The Pampanga development is currently being master-planned, and Century estimates a sales value of P6 billion from the residential portfolio, which will target end users from the middle-income market segment.
Century added that its strategic expansion to the north is guided by the rapid progress of the Central Luzon region, specifically in terms of attracting major businesses and investments.
“Century will contribute to further enhance the competitiveness of San Fernando by building an integrated urban center that will complement the city’s progressive pace. It is time to expand modern infrastructure into cities like San Fernando for a greater population to experience the country’s advancement,” the firm said.
Source: Manila Bulletin | August 8, 2013