MANILA – Century Properties Group Inc kicked off its expansion outside Metro Manila with the development of a new township project in San Fernando, Pampanga.
In a disclosure to the Philippine Stock Exchange, the real еstatе company of Executive Chairman of the Board Jose EB Antonio said it acquired close to eight hectares of land from the House of David Realty and Development Corp.
Century Properties is preparing the master plan for the property, which will have residential, commercial and institutional components.
The listed property firm estimates sales of P6 billion from the residential portfolio alone, which will target end users from the middle-income segment.
“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,” Century Properties said.
Central Luzon is accessible through the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX) and its airports. The region is also the second top source of Filipino overseas workers.
San Fernando is the country’s third most competitive city, according to the National Competitiveness Council. The city is experiencing a boom anchored on a strong middle class, comprising 59 percent of the total population, Century Properties said.
“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,” said Ladislao David, chairman emeritus of the House of David Group.
Source: Interaksyon | August 7, 2013