By Leslie D. Venzon
MANILA, April 21 (PNA) — Century Properties Group Inc. is pouring in Php20 billion in investments in the next 10 years to transform a 56-hectare beachfront land into an integrated resort and real estate destination in San Vicente town in Palawan, optimistic about the country’s tourism potential.
Jose E.B Antonio, founder and Chairman of Century Properties, bared the company’s investment plan following the signing of a memorandum of agreement for purchase of the development site.
“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 said.
Antonio said the company will pursue a phased development plan for the project and has earmarked Php1.5 billion over the next three to five years to complete phase 1.
“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,” he said.
Antonio said that by focusing on larger projects where the local tourism infrastructure is in place or under development, the company aims to capture the potential in the hospitality and lifestyle sector.
“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 for Century Properties Hospitality Inc.
Hallett said Century will initially target the domestic market for the development project.
“But as the facilities and accommodation options increase in later phases of the project, we will then look to target both regional and international markets,” he noted.
Touted as the Philippines’ final frontier, Palawan is rated as one of the best travel destinations in the country.
It is the site of the Puerto Princesa Subterranean River and was declared as one of the new seven natural wonders of the world.
“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,” added Hallett. (PNA)