Following an earlier announcement of plans to strategically expand its development portfolio in key regions outside of Metro Manila, listed real еstatе firm Century Properties Group Inc. said it has chosen the competitive city of San Fernando, Pampanga to be one of the strategic sites for its future town center project.
In a disclosure with the Philippine Stock Exchange on August 7, 2013, Century Properties announced the acquisition of close to 8 hectares of property in the city of San Fernando, Pampanga from the House of David Realty and Development Corporation to build the said mixed-use development.
Funding from the property acquisition came from a portion of the proceeds of Century’s equity placement offering 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 (NLEX), and is situated across the SM and Robinsons malls in San Fernando City.
Century said the strategic location of the property makes it ideal for its planned mixed-use development with residential, commercial and institutional components. “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,” the statement said.
“We are pleased with the successful sale of the property to a real еstatе company with a proven track record of delivery and innovation. We are confident that, similar to how it has masterplanned its projects in Metro Manila, Century Properties will also build a world-class urban center in San Fernando Pampanga that our fellow Kapampangans and the rest of Central Luzon will be proud of,” said Mr. Ladislao David, Chairman Emeritus of the House of David Group. “Many have expressed interest in developing the House of David property because of its strategic location and vast business potential, but we believe that Century Properties is the right company to do this collaboration with as we share the same family and corporate values.”
Century Properties is a forerunner of premium real еstatе developments in the Philippines. Now 27 years with 21 completed buildings and 30 more buildings in various stages of development and construction, its name has become synonymous to aspirational properties that showcase the best of innovations and world-class design, and a desire to contribute to the transformation of the Philippines into a global destination.
The company continuously redefines the real еstatе landscape and has successfully positioned itself as the progenitor of progressive living, as well as a forward-thinking catalyst of positive urban change with projects such as Century City in Makati, a township project with prominent residential towers Gramercy Residences, Knightsbridge Residences, Milano Residences interior design by Versace Home, Trump Tower, Centuria Medical Makati and Century City Mall. It is also the developer behind the Azure Urban Resort Residences in Paranaque City, the Acqua Private Residences in Mandaluyong City, and Commonwealth by Century in Quezon City.
The Pampanga development is currently being masterplanned, and Century estimates a sales value of Php 6 billion from the residential portfolio, which will target end users from the middle-income market segment.
Century added that its strategic expansion to the north is guided by the rapid progress of the Central Luzon region, specifically in terms of attracting major businesses and investments. The region is very much accessible through the improved road networks of NLEX and SCTEX (Subic, Clark, Tarlac Expressway) and its airports. It is also the second top source of Filipino overseas workers in the country.
In particular, San Fernando City Pampanga – recently ranked as the 3rd Most Competitive City by the National Competitiveness Council – is being heralded as a boomtown with a strong middle class, comprising a huge 59% of the total population.
Proof of this is the establishment within the city of the largest commercial and retail developments in the entire Central Luzon. In terms of new capital, the total amount invested in San Fernando as of December 2012 is P21.7 billion. The number of new businesses has risen steadily from 3,574 in 2010 to close to 5,000 in 2012.
Aside from employments generated by the 4 largest shopping malls in Central Luzon, San Fernando benefits from the manpower requirements of manufacturing companies such as Universal Robina Corporation, Zuellig Pharma Corporation, Nestlé Philippines, Petrophil, Mondragon Industries, Asia Brewery, and Del Monte Corporation.
“Central Luzon is one of the fast-rising growth centers in the Philippines. Century will contribute to further enhance the competitiveness of San Fernando by building an integrated urban center that will complement the city’s progressive pace. It is time to expand modern infrastructure into cities like San Fernando for a greater population to experience the country’s advancement,” the statement said.