By Richmond S. Mercurio (The
Philippine Star) | Updated May 13, 2015 - 12:00am
MANILA, Philippines - Upscale real
estate firm Century Properties Group Inc. plans to pour in P60 billion worth of
investments over the next six years to bolster its array of property offerings.
“Our capex plan is to have P10 billion
spending per year or roughly P60 billion from now until 2020. That is as
opposed to our historical average capex of P8.3 billion from 2012 to 2014,”
Century Properties chief finance officer Jose Carlo R. Antonio said.
He said about P12 billion would be
used to develop 20,000 homes under its horizontal housing segment, P10 billion
for property investment and land banking, and P5 billion for vertical
development and tourism.
The property company owned by the
family of former ambassador Jose E.B. Antonio has embarked on a “Century 2020
plan” which aims to bring the company’s leasable space to 192,000 square meters
and put up 20,000 economic housing units in five years’ time.
Part of the plan is also to develop
the company’s tourism portfolio, Antonio said.
“For tourism, it will have both a
leasing component as well as a for-sale component. We will launch new projects
based on market demands that we project will give return on capital and
internal rate of return targets. With regard to landbank on vertical
developments, we will be selective but it has to be in the right location,
price, and terms,” Antonio said.
Antonio added that Century Properties
has sufficient landbank in Batangas and Palawan for developing its leisure and
tourism portfolio.
The company is beefing up its resort
portfolio as it works towards positioning itself to benefit from the growth
potential in the country’s tourism and lifestyle sector.
“There is a significant opportunity in
the Philippines but also a significant expansion of supply. We need to
differentiate our product in light of increasing competition,” he said.
________________________________________________________