PROPERTY developer Century Properties Group Inc. (CPG) said the uptake of units in the Resort Residences at Azure North in Pampanga reached P1.6 billion in presales generated in the first quarter. The company said the amount came from its Monaco and Bali, the first two towers of Azure North.
In addition to the two towers, the entire Azure North development will have seven planned residential buildings with projected sales revenues of P14 billion.
The 8-hectare development in San Fernando, Pampanga, marks CPG’s move to diversify its portfolio geographically, targeting key growth cities in the Philippines to build master-planned communities with residential, commercial, hotel and institutional uses.
“We are excited about the prospects of Azure North. Our sales take-up figures are proof of the strength of the city’s economy and the strength of the Century brand,” the company’s Investor Relations Diretor Kristina Garcia said.
The company announced the acquisition of the Pampanga property from the House of David Realty and Development Corp. in August last year. Seeking to replicate the success of Azure Urban Resort Residences in Parañaque City, CPG said it will also build a man-made beach in Azure North. Its buildings will be structured around a 1-hectare man-made beach and additional recreational amenities.
“We are bringing the world-class residential resort lifestyle to one of Luzon’s most dynamic cities. San Fernando is the perfect home for Azure North as it is the regional center of Central Luzon, with direct access to northern Luzon and the Subic Bay economic zone,” Garcia said. The project also forms part of CPG growth strategy that taps into the recurring income business with plans to build commercial spaces for restaurant, retail and office locators. Business-process outsourcing and knowledge-process outsourcing companies are expected to take up a significant percentage of the office spaces in Azure North, the company said.
Source: Businessmirror | December 18, 2014