MANILA, Philippines – Century Properties Group has firmed up plans to convert 142 hectares of land bank in Batangas into an integrated mixed-use project, earmarking P200 million to jumpstart its development.
In a disclosure to the local bourse, Century Properties said it intends to transform the Batulao property into fully-integrated leisure, a recreational, retail and residential destination in Southern Luzon.
Century Properties said the development of the Batulao project would be completed in several phases.
The listed property developer is earmarking P200 million for the first phase of development which will entail a fourth or 36 hectares of the entire property.
Phase 1 of the project will include an open-to-the-public section that covers a retail village, a market square and a commercial center with shophouses, or structures with merchandise on the ground level and residential spaces on the upper floors.
“Our Batulao project will become a new destination that will give you reasons to stay for a meal, a weekend, or permanently as a resident,” said Tim Hallett, chief operating officer of Century Properties for hospitality and project head of the Batulao development.
“The boundaries of Mega Manila are now expanding to include transformative suburban communities that promote a progressive way of life in harmony with nature. This development will further expand our offering to the market and will give immense value to our shareholders,” Hallett added.
The property is situated southwest of Metro Manila right after Tagaytay City and on the way to the beaches of Nasugbu, Batangas.
Century Properties said it plans to maximize the natural beauty of the Batulao property by embracing the concept of “new urbanism” into the project’s design and community lifestyle.
The exclusive areas within the property will include a premier country club with a man-made beach cove and a lake that traverses the entire private residential section of the property.
The private residences in the Batulao property, meanwhile, will comprise of low-rise condominiums and premiere villas that will cater to second-home seekers.
“We look forward to announcing more details of our Batulao project soon and our new and exciting developments in 2015,” Hallett said.
The master-planned development is part of the company’s strategic expansion in key growth regions outside of Metro Manila, as well as its move to diversify its portfolio into recurring income revenue sources.
Early this year, Century Properties launched the eight-hectare Azure North community in San Fernando, Pampanga, its first integrated mixed-use development outside of Metro Manila which includes residential towers, retail, and a planned office complex.
Source: The Philippine Star | December 17, 2014