Upon acquisition of a huge property in Pampanga, real-еstatе developer Century Properties Group Inc. said that it is expecting P6 billion in sales from the residential portfolio of the mixed-use project it intends to develop in the area.
A disclosure to the Philippine Stock Exchange showed on Wednesday that Century Properties has closed a deal with House of David Realty and Development Corp. involving the acquisition of approximately eight hectares of land in San Fernando, Pampanga.
The Pampanga development, according to the listed developer, is currently being masterplanned and it estimates a sales value of P6 billion from the residential portfolio alone, which will target end-users from the middle-income market segment.
Century Properties said that the residential development will form part of a city or town center that the company intends to develop.
The property is located north of Metro Manila, or within the San Fernando Interchange on Jose Abad Santos Avenue and the North Luzon Expressway.
Century Properties said that the strategic location of the property makes it ideal for its planned mixed-use development with residential, commercial and institutional components.
The company added that its expansion to the north is guided by the rapid progress of the Central Luzon region, specifically in terms of attracting major businesses and investments.
“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,” the company said in a statement posted on the website of the local bourse.
Source: The Manila Times | August 7, 2013