UPSCALE residential and business district developer, Century Properties Group Inc. expands its development portfolio in key regions outside of Metro Manila and has chosen the competitive city of San Fernando, Pampanga to be one of the strategic sites for its future town center project.
In a statement, Century said the strategic location of the property makes it ideal for its planned mixed-use development with residential, commercial and institutional components.
The acquisition of close to 8 hectares of property— in the Capital City of Pampanga from the House of David Realty and Development Corporation to build the said mixed-use development—will form part of a city or town center that the company envisions for the area.
The prime property will be positioned by Century as a future Central Business District in the north.
The Pampanga development is currently being master planned, and the listed property firm estimates a sales value of Php 6 billion from the residential portfolio, which will target end users from the middle-income market segment. Funding from the property acquisition came from a portion of the proceeds of Century’s equity placement offering in March.
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 and Robinsons malls in San Fernando City.
“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.
“We are pleased with the successful sale of the property to a real еstatе company with a proven track record of delivery and innovation,” David said.
“Likewise we are confident that, similar to how it has masterplanned its projects in Metro Manila, Century Properties will also build a world-class urban center in San Fernando Pampanga that our fellow Kapampangans and the rest of Central Luzon will be proud of, “David added.
Century added that its strategic expansion to the north is guided by the rapid progress of the Central Luzon region, specifically in terms of attracting major businesses and investments. The region is very much accessible through the improved road networks of NLEX and SCTEX (Subic, Clark, Tarlac Expressway) and its airports. It is also the second top source of Filipino overseas workers in the country.
“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,” the statement said.
San Fernando City Pampanga—recently ranked as the 3rd Most Competitive City by the National Competitiveness Council—is being heralded as a boomtown with a strong middle class, comprising a huge 59% of its total population.
Century Properties is a forerunner of premium real еstatе developments in the Philippines. Now 27 years with 21 completed buildings and 30 more buildings in various stages of development and construction, its name has become synonymous to aspirational properties that showcase the best of innovations and world-class design, and a desire to contribute to the transformation of the Philippines into a global destination.
The company continuously redefines the real еstatе landscape and has successfully positioned itself as the progenitor of progressive living, as well as a forward-thinking catalyst of positive urban change with projects such as Century City in Makati, a township project with prominent residential towers Gramercy Residences, Knightsbridge Residences, Milano Residences interior design by Versace Home, Trump Tower, Centuria Medical Makati and Century City Mall. It is also the developer behind the Azure Urban Resort Residences in Paranaque City, the Acqua Private Residences in Mandaluyong City, and Commonwealth by Century in Quezon City.
Source: Manila Standard Today | August 10, 2013