Rеal еstatе firm Century Properties Group Inc is investing over $452 million (P20 billion) in an integrated resort project.
The listed real еstatе firm informed the stock exchange on Wednesday that it has signed a deal to acquire 56 hectares of property to develop a beachfront lifestyle destination development in the municipality of San Vicente, located northwest of Palawan’s mainland.
Palawan province is well known tourist spot with island and beach resorts. It is the site of the Puerto Princesa Subterranean River and was declared as one of the new seven natural wonders of the world.
Century Properties Executive Chairman of the Board Jose Antonio said that based on their master plan, the company will have a total capital expenditure of over P20 billion in the next 10 years, for this project.
“We will follow a phased development plan for this project and we have budgeted a capital expenditure of Php1.5 billion over the next three to five years to complete phase 1. The pace and timing of subsequent phases will 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,” Antonio said. “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 maximisation of this project.”
Tim Hallett, chief operating officer for Century Properties Hospitality Inc, said Century will initially target the domestic market for the project, but will eventually target both regional and international markets as the facilities and accommodation options increase during later phases of the project.
Described as a “picturesque town”, San Vicente has a total land area of 146,294 hectares, which is 140 times larger than Boracay Island in Panay. San Vicente also has its own airport, with a new two‐kilometer runway and terminal that are projected to be completed in 2015.
“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,” Hallet said, noting that the international tourist arrivals in the country was projected at 6.8 million for 2014, much lesser than other Southeast Asian neighbors such as Vietnam at 7.9 million, and Thailand at 24.8 million.
However, Hallett pointed out that domestic tourists in the Philippines reached 44 million in 2013. “This project holds immense growth opportunities for our company and shareholders. We will work extremely hard on planning this project so that it integrates with the local community to ensure that it is an ecologically sustainable destination,” Hallet said.
Century Properties’ last traded price remained at P0.92 since yesterday.
To our Century Properties partners, stakeholders, and communities,
As we closely monitor the developments on the coronavirus (COVID-19) and the government’s declaration of a community quarantine in the National Capital Region, we recognize that we have entered a unique and challenging time.
Despite this, we want to assure you that your safety and well-being are our priority. We are grateful that you continue to choose us as your partner and developer, and trust us to handle your business, property investment, and home with utmost professionalism and genuine care.
To safeguard your health, we have implemented steps to ensure that all safety measures and guidelines from the Department of Health and the World Health Organization are disseminated to our properties and communities, and our property management teams are well staffed and prepared with the proper contingencies to assist the needs of our tenants and residents. We are prepared for medical emergencies, and protocols are in place should we encounter COVID-19 cases within our properties. We have no reported cases at this time, but we are preparing for all eventualities.
We also augmented our equipment and know-how to implement additional precautionary measures in our communities, including the regular disinfection of common areas and tapping the expertise of hospital-grade cleaning providers to train our teams in applying high standards of sanitation in our properties.
Our employees are likewise important to us, as they are the lifeblood of our operations and services to you. Our valuable concierge, security personnel, housekeeping, and engineering staff will continue to serve you round the clock. And to do so without compromising their health and safety, they have been equipped with protective gear and are strictly observing hygiene measures to reduce the risks of transmission.
Furthermore, our support staff who are servicing our partners, tenants, and property buyers are adopting flexible working arrangements to continue to assist you. We will be open with augmentation from personnel who will be working from home as part of the contingencies we have in place. Our partner and client-facing teams will inform you of any adjustments on this end, and we hope for your understanding as we also protect the health of our employees and their families, and support government efforts to contain the further spread of COVID-19 in the country.
Rest assured that no matter the difficulties, we are here for you and we are here to stay. Our company has been around for 34 years, with our strong foundations built upon the wisdom and experience of our management, and the expertise of our young, committed, and dependable team. We have endured disasters and economic downturns for more than three decades, and with your help and cooperation we can weather this challenge together and come back from this even stronger.
As you also do your personal assessment of what’s going on, let us know how we can help you.
If you have any concerns with your property purchase, call your agent or send our documentations and collections team a message. We are going to provide utmost consideration and assistance to our clients who have been diagnosed with COVID-19. Let’s talk and please don’t worry.
If you are feeling unwell or need medical assistance, call or Viber our building concierge. Our Urgent Care Clinic at Centuria Medical Makati, located in Century City, is open 24 hours for your medical needs should you feel worried about possible coronavirus symptoms or other illnesses.
Retail tenants are also welcome to contact us for questions concerning the latest guidelines from the government as malls and other public-facing establishments reduce operating hours.
In case stores have run out of alcohol, sanitizers, or hygiene kits, let our concierge know and we will do our best to help source them for you.
Contact details of our various support teams are below. Or simply reply to this e-mail so we can have someone assist you immediately.
We are here to help ease your concerns. We are confident that the resilience of Filipinos, coupled with everyone’s perseverance and cooperation, will help our country emerge stronger from this challenge.
Thank you for your time and please remember to take the necessary health precautions for you and your family. We pray for everyone’s safety as we navigate this challenge and will update you as we have new and pertinent information.
MARCO R. ANTONIO
President and CEO
Century Properties Group
Please contact us for your concerns:
Urgent Care Clinic
Centuria Medical Makati
+63 2 7793 8750
Property Management Office
+63 8888 4726
+63 917 589 6560+63 8478 5157
Property Management Office
+63 917 672 4050
+63 2 8860 9500
local 100 and 101+63 2 8860 9500
local 555 and 333