Century Properties Group Inc. on Monday said it bought a 56-hectare property in Palawan to develop a beachfront integrated resort and real еstatе destination in San Vicente town.

The listed property developer said it has set aside P1.5 billion over the next three to five years to complete the first phase of development, and over P20 billion in the next 10 years.

Based on the master plan it will take 10 years to fully develop the site, said Jose E.B. Antonio, founder and chairman of Century 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,” Antonio said.

“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 delivering innovative branded real еstatе, we will be able to unlock the very significant long-term potential from this site,” he added.

Source: GMA News Online | April 21, 2015