Philippines: Century to develop more tourism projects

Philippines: Century to develop more tourism projects

0 1144

CENTURY Properties Group, Inc. plans to expand its portfolio by developing more tourism-related projects, a senior company official told reporters in Makati City on Wednesday night.

“I think the key to tourism is hotels really. So we’re studying the launch of a hotel project in Palawan,” Jose Marco R. Antonio, Century Properties co-chief operating officer, said when asked on new tourism-related developments.

“We are going into certain hotel service type of apartment developments which we plan to partner with a foreign brand,” he added.

“This new hotel service apartment that we will be launching in the next couple of months will also cater to the tourism market.”

Mr. Antonio said the apartment, which will be the company’s first, will rise in Metro Manila.

The company — through a partnership forged last year with Group Developers, Inc.; Caylaway Development Corp.; and Batulao Bio-loop Farms, Inc. — will also develop a 142-hectare property in Batulao, Batangas into a resort.

“The one in Batulao is actually in the peak of planning. That will also be a tourism project. It will be mixed-use but horizontal,” Mr. Antonio said. “We want to build something sustainable — not an eyesore but, in fact, at the other end of the spectrum, which is beautiful.”

This year will also see continuation of various projects, Mr. Antonio said. “Our capex (capital expenditures) is going to be allocated to construction of ongoing projects. So we have several residential projects and also continuing construction of [The Residences at] Commonwealth and of course, Century City projects,” he said.

Without divulging cost of investment, Mr. Antonio said capex will be funded through a combination of equity and loans.

The property developer is also poised to launch its first mixed-use project outside Metro Manila.

“We’re master-planning [sic] right now several large exciting projects. Probably the nearest to be launched would be the project in San Fernando, Pampanga,” Mr. Antonio said.

The company in August last year acquired the eight-hectare land in Pampanga from the House of David Realty and Development Corp. It is eyeing locals in the area as the project’s main market.

“A lot of people, if given a chance, would want to purchase [a property in the place] where they grew up. So they still have this umbilical cord to their roots,” Mr. Antonio said.

“If you have a project in Makati, your market is wide. But ultimately, if people want to retire, they want (to live) where their families are so I think that’s still a fairly big market that we are targeting.”

The other projects in the pipeline, the official said, involve large mixed-use developments. “A lot of our future projects will be mixed-use in nature. There are large parcels that you can fill with residential (units) and it won’t make sense. Everyone has requirements so you have to cater to that for the project to become sustainable.”

Business World

Share this article Email this to someonePrint this pageShare on LinkedInShare on FacebookTweet about this on TwitterShare on Google+