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Century spending P8b for expansion

By Jenniffer B. Austria | Mar. 10, 2014 at 12:01am [ ]

Century Properties Group Inc. is spending P8 billion this year, primarily to expand its real estate projects.

Century Properties co-chief operating officer Marco Antonio said in an interview the company was currently master-planning several huge properties in San Fernando, Pampanga and Novaliches, Quezon City.

Antonio said the company would also venture into tourism-related businesses, with a plan to put up a hotel in Palawan and a service apartment in one of its properties.

The company is also expected to announce within the year the residential development within the 44-hectare casino and resort project of Japanese billionaire Kazuo Okada in Pagcor Entertainment City in ParaƱaque.

Century Properties signed an agreement with Okada-led Eagle I Landholdings Inc. last year to develop five hectares of the 44-hectare Manila Bay Resorts in Pagcor Entertainment City.

Under the plan, Century Properties will put up luxury residential and retail properties within the five-hectare lot. It will contain over 300,000 square meters of gross floor area upon completion.

Antonio said Century Properties will be the only residential developer that will build residential projects in Manila Bay Resorts.

The company, however, will not be involved in any aspect of the gaming and casino operations.

Antonio said he remained positive about the company’s performance this year, after posting a record P26.5 billion in reservation sales in 2013, which was up 15 percent from 2012.

Century Properties plans to launch P17 billion worth of residential projects this year, aimed at overseas Filipino workers and foreign investors.

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