Posted on December 16, 2014 10:58:00 PM [ BusinessWorld Online ]
CENTURY PROPERTIES Group, Inc. yesterday said it is investing P200 million to build a retail strip and commercial complex at its 142-hectare master planned estate in Batulao, Batangas.
The investment kick-starts the first phase of development of the Batulao property.
The first phase spans 36 hectares and includes a retail village that will be open to the public, a market square, and a commercial center with residential spaces on the upper levels, the luxury condominium developer said in a press statement.
The Batulao estate, situated near the beaches of Nasugbu, will be transformed into a fully-integrated leisure, recreational, retail and residential destination in Southern Luzon.
“The exclusive areas within the property include a premiere country club with crystal lagoons, a man-made beach cove and a lake that traverses the entire private residential section of the property,” the statement read.
The private residences include low-rise condominiums and premiere villas that will serve as secondary homes.
The company said it will disclose details about the project’s next phases “soon.”
“This development will further expand our offering to the market and will give immense value to our shareholders,” Tim Hallett, project head of the Batulao development and chief operating officer at Century Properties’ hospitality group, was quoted in the statement as saying.
Century Properties said the project is in line with its plan to expand outside Metro Manila and boost its stream of recurring income.
Other recurring income streams in the pipeline are the luxury tower Century Spire in Makati City, Forbes Media Tower, Asian Century Center in Bonifacio Global City, and the Tower 6 of the Acqua Private Residences in Mandaluyong City.
Shares in the company shed one centavo or 1.05% to close on Tuesday at 94 centavos each. -- Daphne J. Magturo