CENTURY Properties Group Inc. has acquired an eight-hectare property in Pampanga, with the company looking to book P6 billion from the residential component of the planned mixed-use development, the company said in a statement attached to a disclosure on Wednesday.

“Century Properties announced the acquisition of close to eight hectares of property in the city of San Fernando, Pampanga from the House of David Realty and Development Corp. to build the said mixed-use development,” the company said.

The value of the deal, which marked the company’s entry in Pampanga, was not immediately available, the firm’s corporate communications department said. The company, however, said the funding will come from the P1.6 billion equity placement in March.

The property is located north of Metro Manila, within the San Fernando Interchange on Jose Abad Santos Avenue and the North Luzon Expressway, and is situated across the SM and Robinsons malls in that city.

“This will form part of a city or town center that the company envisions for the area, to position it as a future central business district in the north,” Century Properties said.

“The Pampanga development is currently being masterplanned, and Century estimates a sales value of P6 billion from the residential portfolio, which will target end users from the middle-income market segment,” the firm added.

The company has programmed P7 billion in capital expenditure for land bank acquisition and construction of projects for this year, higher than the nearly P4 billion actually spent last year.

Source: Businessworld Online | August 7, 2013