CENTURY Properties Group, Inc. is in talks with international hotel operators for its planned leisure developments, as global brands want to ride on the growth of the Philippine economy.
On the sidelines of the 4th Asia Pacific Real Еstatе Investment Summit in Parañaque City, Century Properties Chairman Jose E.B. Antonio told reporters the property developer is drafting the masterplan for its 142-hectare (ha) project in Batulao, Batangas and a 56-ha property in San Vicente, Palawan.
Construction of both projects will start next year, Mr. Antonio said.
“We are dedicated to serve first, the domestic market then hopefully, with the increased arrivals of foreign tourists, we’d be able to serve them too,” he said.
Century Properties is in discussions with “world-renowned hotels” for these ventures.
“You name it, they want to come here,” Mr. Antonio said.
“There are various brands that are really interested in coming in the Philippines. They look at the Philippines as really a bright spot and they would like to have a share, presence in the Philippines.”
Century Properties has committed to spend P6-8 billion annually for its expansion into the hotel and leisure business, the executive had said.
Century Properties had tapped Novotel, a four-star international mid-scale brand of the Accor Group, for its foray into leisure development.
The first Novotel will rise within the Acqua Residences in Mandaluyong City.
Known for its portfolio of local and internationally renowned brand partners, Century Properties has been diversifying its product offerings through its recent ventures into retail, office and leisure developments.
Shares in Century Properties lost two centavos or 3.33% to 58 centavos apiece on Thursday.
Source: Businessworld Online | October 22, 2015