Century Properties Group Inc (CPG), the listed upscale property firm of former ambassador Jose EB Antonio, has set aside P20 billion to develop a 56-hectare integrated resort project in Palawan in the next 10 years.
CPG said in a statement it has signed a memorandum of agreement for its acquisition of 56 hectares of prime property in San Vicente, Palawan, which is projected to be the next “world-famous” destination in the area.
“This is a deal we have been working on for a considerable period of time. We have been able to purchase an exceptional block of land and are confident that given Century Properties’ long track record of delivering innovative branded real estate, we will be able to unlock the very significant long-term potential from this site,” Antonio said.
The company will build the integrated resort through phases. Phase 1 will be developed in the next three to five years at a cost of P1.5 billion.
Based on the master plan total capital expenditure of over P20 billion in the next 10-year period is needed to complete the project.
Antonio said a big-scale resort in Palawan is in line with the firm’s goal to capture a big part of the hospitality and lifestyle market in the country.
“This acquisition represents an important next step for Century Properties as it works towards positioning itself to benefit from the huge structural potential identified in the tourism and lifestyle sector in the Philippines,” said Tim Hallett, chief operating officer of CPG’s unit Century Properties Hospitality Inc.
San Vicente town has a total land area of 146,294 hectares known for its pristine beaches and diverse marine wild life. It has its own airport that has a new two-kilometer runway and terminal, which is set to be completed within the year.
“On their completion, the roads and airport infrastructure will be a major catalyst to the growth of Palawan and San Vicente, as a prime tourist destination, will facilitate larger regional and global arrivals to the Philippines,” Hallett said.
He said the company will capitalize on the projected increase in tourist arrivals in the country—both domestic and international travelers—compared with its regional neighbors.
“We would like to give this large group of younger travelers, which we call the emerging millennials in the Philippines, access to new experiences and new lifestyle destinations through our San Vicente project,” he said.
Aside from the 56-hectare Palawan resort project, CPG is also working on the Phase 1 of its 142-hectare township project in Batulao, Batangas, which involved development of the initial 36 hectares towards 2019.
Incorporated in 1975, CPG is involved in the high-end real estate business through its subsidiaries Century City Development Corp., Century Limitless Corp., Century Communities Corp. and Century Properties Management, among others.