MANILA – Century Properties Group Inc today said it will break ground on its maiden foray into the hotel and resort business late this year or early next year.
On the sidelines of the 3rd Philippine Financial Market Forum, Century Properties Executive Chairman of the Board Jose EB Antonio told reporters it has acquired close to 100 hectares of land in various areas in Palawan.
“We are going to do an integrated resort in Palawan. We’re still in the planning stage and we hope we will launch in the last [quarter of 2013] or first quarter of 2014,” Antonio said.
Century Properties will spend a “few million pesos” to build up its hotel portfolio, which will be a “very important” segment of the company by 2015.
Antonio said Century Properties will build three-, four- or five-star hotels in “key cities” in the Philippines. They will be “self-managed” or managed by branded hotels.
“Investment grade is for financial market which is good indication, but at the end of the day, we need to make the population feel the prosperity. The only way they can feel it is through employment. If they are employed they have money for education, money to spend,” said Antonio.
Century Properties is the company behind branded residential projects such as the Azure Urban Resort Residences, which has a beach club designed by hotel heiress Paris Hilton, and Trump Tower Manila, a tie-up with American real еstatе mogul Donald Trump.
Also among Century Properties’ projects are Milano Residences, designed by world-renowned fashion brand Versace; Acqua Livingstone, a tie-up with Italian brand MissoniHome; and Acqua Iguazu yoo, which was inspired by Starck.
Last year, Century Properties marked its foray into the affordable housing market with the development of The Residences at Commonwealth in Quezon City. The company is also building the medical arts and outpatient building Centuria Medical Makati and shopping mall Century City Mall at its integrated mixed-use project along Kalayaan Avenue in Makati City.
Source: Interaksyon | June 26, 2013