CENTURY Properties Group Inc. on Tuesday said it signed a memorandum of agreement to acquire 56 hectares of property to develop a beachfront lifestyle destination development in the municipality of San Vicente in the northwestern part of Palawan province.
The company said it will spend some P1.5 billion for the project during the next three to five years for the initial phase of the project, and spending as much as P20 billion for the entire development that will take some 10 years to complete. “The pace and timing of subsequent phases will, in a large part, be driven by the take-up of the sale of hotel villas and the residential investment properties, which will form a significant part of the returns from this project,” Jose Antonio, the company’s chairman, said in a statement.
The company said that the acquisition represents an important next step for Century Properties, as it is positioning itself in the tourism and lifestyle sector in the Philippines.
“Given the exceptional potential of the site and the relatively low capital intensity inherent in the low-rise nature of this type of development, we will be able to focus on the long-term margin maximization of this project,” Antonio said.
“We have long identified tourism as a structural growth area for the Philippine economy and as such, we are very pleased to announce the purchase of this development site in San Vicente, Palawan. This is a deal we have been working on for a considerable period of time,” he added.
With a total land area of 146,294 hectares, the town of San Vicente is 140 times larger than Boracay Island in Panay. One of its crown jewels is the Long Beach, a 14.7-kilometer stretch of immaculate sand and water that is four times the length of Boracay’s white beach.
In the past 12 months, Century Properties announced development plans for the Novotel at Acqua Private Residences to be completed in 2019 and the Phase 1 development of our 142-hectare Batulao project in Batangas.
“Palawan is the perfect choice for Century Properties to expand its tourism and lifestyle destination-development portfolio. Tourism brings inclusive progress to the country, and our company seeks to contribute to the growth of Palawan as the next tourism hot spot, which we feel, in time, will rival or even surpass the prestige of Boracay as an international beach destination,” the company said.