Seal of Makati City, Philippines (Photo credit: Wikipedia)In a disclosure to the stock exchange yesterday, Century Properties said its wholly-owned unit Century Communities Corp. has signed an agreement with Group Developers Inc., Caylaway Development Corp. and Batulao Bio-loop Farms Inc. to develop a tourism-oriented project catering to both the local and foreign markets.
Century Properties did not disclose other details but nevertheless committed to report any relevant and material information on developments regarding the joint venture.
The project marks Century Properties’ entry into the tourism-related business, seen as the next big thing in the Philippines, especially with the government putting great effort in promoting the industry.
Bullish on the property sector, Century Properties has earmarked up to P8.3 billion for its capital expenditures this year, more than twice the P2.6 billion spent in 2011.
Century Properties is accelerating the development of new and existing projects within its four master-planned developments, namely Century City in Makati City, Canyon Ranch in Cavite, Azure Urban Residences in Parañaque City and Acqua Residences in Mandaluyong City.
These new developments, when completed, will make available 23 condominium buildings with 15,703 condominium and office units and 955 single-detached homes, with a gross floor area of 1.18 million square meters.
Century Properties, through subsidiary Century Limitless Inc., is also developing a P4.8- billion mid-rise condominium, located on a 4.4-hectare lot along Commonwealth Ave. The project will comprise a total of 2,000 affordable housing units.
The group had pre-sold P18.8 billion worth of residential units last year, more than double the P8 billion recorded in 2010. On a unit basis, it pre-sold 5,367 units in 2011, more than twice the 2,325 units sold a year earlier.
Century Properties is the developer of the posh Essensa East Forbes in Fort Bonifacio and the Pacific Star building. Its portfolio also includes the country’s first fully-fitted and fully-furnished condominium South of Market (SOMA) in Fort Bonifacio, SOHO Central in the Greenfield district of Mandaluyong City, Pacific Place in Ortigas, and a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole.
http://www.philstar.com/Article.aspx?articleId=775284&publicationSubCategoryId=66
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