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Century open to Okada venture

Century Properties Group Inc. remains open to a partnership with Japanese billionaire Kazuo Okada in resort development, despite their failed partnership in a casino project.

“We are open to partnering with anyone,” Century Properties chairman Jose Antonio said, when asked if he was open to teaming up with Okada in developing the company’s tourism project in Palawan.

There are no current talks between the two parties.

Businessman Antonio Cojuangco, Okada’s local partner in the $2.4-billion Okada Manila project in Parañaque City, said the Japanese billionaire was keen on developing resorts in Palawan and possibly in Davao.  He said Okada was also eyeing golf courses in the Philippines.

Century Properties for its part is developing a 56-hectare beachfront lifestyle destination in San Vicente, Palawan.

Antonio said the master plan for the Palawan project was currently being finalized and Century Properties just waiting for the completion of an airport in San Vicente.

“They are just waiting approval from the Civil Aviation Authority of the Philippines. Local officials said they’re getting it by end of the year so if that happens we are going to launch our project in San Vicente,” Antonio said.

Century Properties earlier said it would spend P1.5 billion over the next three to five years to develop the initial phase of the Palawan resort project which would include hotel villas and residential investment properties.

The town of San Vicente, with a total land area of 146,294 hectares, is 140 times larger than Boracay Island.

This natural paradise boasts of emerald green coves, white-sand beaches, waterfalls, enchanting islands and lush forests that visitors can reach through enjoyable nature treks.

It also boasts of a 14.7-kilometer stretch of white sand that is four times the length of Boracay’s white beach.

Century Properties and Okada group signed an investment agreement in 2013 for the development of a luxury residential and commercial project on a five-hectare property at the 44-hectare entertainment complex now called Okada Manila.

Okada rescinded the agreement with Century Properties in March 2014, after one of the parties involved in the investment agreement withdrew from the negotiations.

The property pursued the legal action against the Okada group to protect the interest of its stakeholders.

After a year of court battle, both parties agreed to settle their issues amicably.

Aside from Batulao, Century Properties is also developing 142 hectares of its land bank in Batulao, Batangas into a fully-integrated leisure, recreational, retail and residential destination in Southern Luzon.

The planned venture into tourism-related projects and house and lot development are part of the company’s strategy to diversify the business which is currently focused on high-end condominium development.

The planned diversification is in line with the company’s thrust to boost recurring income.

Source: The Standard | July 24, 2016


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