Century Properties Group, Inc. has signed a memorandum of agreement to acquire a 56-hectare property in San Vicente, Palawan for development into a P20-billion beachfront lifestyle destination.
“We have long identified tourism as a structural growth area for the Philippine economy and as such we are very pleased to announce the purchase of this development site in San Vicente, Palawan,” said CPGI Executive Chairman of the Board Jose E.B Antonio.
He added that “this is a deal we have been working on for a considerable period of time. We have been able to purchase an exceptional block of land and are confident that given Century Properties’ long track record of delivering innovative branded real еstatе, we will be able to unlock the very significant long-term potential from this site.”
By focusing on larger projects where the local tourism infrastructure is in place or under development, Antonio said CPGI is taking a careful and prudent approach to capturing the potential in the hospitality and lifestyle sector.
“We will follow a phased development plan for this project and we have budgeted capital expenditure of P1.5 billion over the next 3 to 5 years to complete phase 1,” said Antonio.
He explained that the pace and timing of subsequent phases will in a large part be driven by the take up of the sale of hotel villas and the residential investment properties, which will form a significant part of the returns from this project.
“Given the exceptional potential of the site and the relatively low capital intensity inherent in the low rise nature of this type of development, we will be able to focus on the long term margin maximization of this project,” Antonio said.
He said that, based on the master plan, it will take 10 years to complete the development.
Source: Manila Bulletin | April 21, 2015