Century Properties Group Inc., a property developer led by Executive Chairman of the Board Jose Antonio, said it will spend P20 billion over the next 10 years to develop a resort in Palawan province.
Century Properties said in a disclosure to the stock exchange it signed a memorandum of agreement to acquire 56 hectares to develop a beachfront lifestyle destination in the town of San Vicente in the northwestern part of Palawan.
“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 Antonio, who serves as Century Properties chairman.
“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,” he said.
Antonio said phase 1 of the project would involve a capital spending of P1.5 billion annually over the next three to five years.
Century Properties said the pace and timing of subsequent phases would be driven by the take-up of the sale of hotel villas and the residential investment properties, which would form a significant part of the returns from the 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.
San Vicenter, with a total land area of 146,294 hectares, is 140 times larger than Boracay Island in Panay.
One of its crown jewels is the Long Beach, a 14.7-kilometer stretch of immaculate sand and water that is four times the length of Boracay’s white beach.
San Vicente has its own airport, with a new two-kilometer runway and terminal that are projected to be completed in 2015.
The completion of airport project will enable regional carriers to fly directly to San Vicente.
“On their completion the roads and airport infrastructure will be a major catalyst to the growth of Palawan and San Vicente as prime tourist destinations, facilitating larger regional and global arrivals to the Philippines,” said Century Properties Hospitality Inc. chief operating officer Tim Hallett.
Source: Manila Standard Today | April 21, 2015