Century Properties Group, Inc. (CPG:PM) announced the strong uptake of units in the Resort Residences at Azure North, the listed real еstatе developer’s first development in San Fernando, Pampanga and its first foray into an integrated mixed-use development outside of Metro Manila.
Monaco and Bali, the first and second residential towers of Azure North, have a combined pre-sales of Php1.6 billion. This amount of pre-sales has been brisk, generated in only approximately three months.
In addition to Monaco and Bali, the entire Azure North development will have 7 planned residential buildings with projected sales revenues of P14 billion.
The 8-hectare Pampanga development marks the company’s move to diversify its portfolio geographically, targeting key growth cities in the Philippines to build masterplanned communities with residential, commercial, hotel and institutional uses.
“We are excited about the prospects of Azure North. Our sales take-up figures are proof of the strength of the city’s economy and the strength of the Century brand,” said Century Properties Investor Relations Director Kristina Garcia.
Century announced the acquisition of the Pampanga property in August 2013 from the House of David Realty and Development Corporation. 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, Robinsons and S&R malls in San Fernando City.
Seeking to replicate the success of the award-winning Azure Urban Resort Residences in Parañaque City, Century said it will also build a man-made beach in Azure North and complement it with organic design elements. Its buildings will be structured around a one-hectare man-made beach and additional recreational amenities.
“We are bringing the world-class residential resort lifestyle to one of Luzon’s most dynamic cities. San Fernando is the perfect home for Azure North as it is the regional center of Central Luzon, with direct access to northern Luzon and the Subic Bay economic zone,” Garcia said.
The project also forms part of Century’s growth strategy that taps into the recurring income business with plans to build commercial spaces for restaurant, retail, and office locators. Business Processing Outsourcing and Knowledge Process Outsourcing companies are expected to take up a significant percentage of the office spaces in Azure North.