MANILA – The property company of former ambassador Jose E.B. Antonio has acquired a beachfront property in Palawan.

In a disclosure to the Philippine Stock Exchange, Century Properties Group Inc said it signed a memorandum of agreement for the acquisition of a 56-hectare property in San Vicente town, which is located at the northwestern portion of Palawan province.

The company plans to develop the beachfront property into an integrated resort, its first outside Metro Manila where Century Properties has built a number of residential-cum-leisure projects.

Antonio said Century Properties will spend an estimated P20 billion in the next 10 years to develop the Palawan resort.

For the first phase alone, the company is setting aside P1.5 billion in the next three to five years. Subsequent phases would depend on take-up of the first phase hotel villas and residential properties.

“We have long identified tourism as a structural growth area for the Philippine economy and as such we are very pleased to announce the purchase of this development site in San Vicente, Palawan,” said Antonio.

“This is a deal we have been working on for a considerable period of time. We have been able to purchase an exceptional block of land and are confident that given Century Properties’ long track record of deliverin innovative branded real еstatе, we will be able to unlock the very significant long-term potential from this site,” he said.

“By focusing on larger projects where the local tourism infrastructure is in place or under development, we are taking a careful and prudent approach to capturing the potential in the hospitality and lifestyle sector,” Antonio said.

Palawan is a popular tourist destination not only among Filipinos, but also among foreigners. Recently, one of its world-renowned resorts was host to the world’s richest man, Microsoft founder Bill Gates. San Vicente, which is 140 times bigger than Boracay Island and boasts a 14.7-kilometer stretch of white sand, has its own airport, which is scheduled for completion this year.

Source: Interaksyon | April 21, 2015