August 7,
2013 8:51 pm [ manilatimes.net ]
by MADELAINE
B. MIRAFLOR
Upon
acquisition of a huge property in Pampanga, real-estate 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.
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