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Property company eyes mixed-use project

Posted on August 25, 2013 08:58:32 PM [ BusinessWorld Online ]

REAL ESTATE developer Century Properties Group, Inc. plans to launch next year its first mixed-use project in San Fernando City, Pampanga, an official told reporters at the sidelines of the 5th Annual Corporate Treasury & CFO Summit at Fairmont Makati hotel on Thursday last week.

“We’re launching sometime next year. We don’t have a specific date yet,” Jose Carlo R. Antonio, Century Properties chief financial officer, said when asked on a timetable for the new project.

The company earlier this month announced that it had acquired an eight-hectare land in Pampanga on which it plans to develop a mixed-use project that is expected generate some P6 billion in sales from the residential component alone.

The property -- which also marks the company’s foray to Central Luzon -- was bought from the House of David Realty and Development Corp.
Mr. Antonio said the value of the deal was “still confidential and still being finalized.”

He added that the project will be “mostly affordable residential with a bit of commercial.”

The property is located north of Metro Manila in the area of the San Fernando Interchange across SM and Robinsons malls in that city.

“This will form part of a city or town center that the company envisions for the area, to position it as a future central business district in the north,” Century Properties had said in an earlier statement on the project.

Asked if the company was eyeing other areas outside Metro Manila, Mr. Antonio replied: “Select, very select -- I think most of our businesses will still be here.”

“But Pampanga presents a unique opportunity. It’s quite developed already. The roads are there,” he explained.

“We’re still looking mostly at central business districts aside from Pampanga; few resort properties, but nothing firm yet.”

Century Properties has earmarked about P7 billion for capital expenditure this year -- particularly for land bank buildup and construction -- higher than the P4 billion actually spent last year.

The company’s net income climbed 6.57% to P1.06 billion in the first semester from P944.5 million in the same six months last year.

Revenues rose 7.09% to P5.29 billion from P4.94 billion, while cost and expenses increased by 4.11% to P3.80 billion from P3.65 billion.

Its shares lost one centavo or 0.79% to close at P1.25 apiece on Friday last week from P1.26 each on Thursday. -- C. A. M. C. Feliciano             
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