CPG announced on Wednesday the acquisition of an eight-hectare property using part of the proceeds from an equity placement offering in March. The new development is now being master-planned and CPG expects to generate about P6 billion sales from the residential portfolio, which will target the middle-income market.
The property, which was acquired from House of David Realty and Development Corp., is located near the San Fernando Interchange on Jose Abad Santos Avenue and the North Luzon Expressway (NLEX). It is situated across the SM and Robinsons malls.
CPG said the strategic location of the property made the landbank ideal for its planned mixed-use development with residential, commercial and institutional components.
“This will form part of a city or town center that the company envisions for the area, to position it as a future central business district in the north,” CPG said.
“We are pleased with the successful sale of the property to a real estate company with a proven track record of delivery and innovation. We are confident that, similar to how it has masterplanned its projects in Metro Manila, Century Properties will also build a world-class urban center in San Fernando Pampanga that our fellow Kapampangans and the rest of Central Luzon will be proud of,” said Ladislao David, chairman emeritus of property seller House of David Group.
“Many have expressed interest in developing the House of David property because of its strategic location and vast business potential, but we believe that Century Properties is the right company to do this collaboration with as we share the same family and corporate values,” he said.
For its part, CPG said it was investing in Central Luzon because this was one of the fast-rising growth centers in the Philippines. “Century will contribute to further enhance the competitiveness of San Fernando by building an integrated urban center that will complement the city’s progressive pace. It is time to expand modern infrastructure into cities like San Fernando for a greater population to experience the country’s advancement,” the company said.
CPG has been in the property business for 27 years. It has so far completed 21 buildings and 30 more are in various stages of development and construction. Among its projects are Century City in Makati, a township project with residential towers Gramercy Residences, Knightsbridge Residences, Milano Residences interior design by Versace Home, Trump Tower, Centuria Medical Makati and Century City Mall. It is also the developer behind the Azure Urban Resort Residences in Paranaque City, the Acqua Private Residences in Mandaluyong City, and Commonwealth by Century in Quezon City.
source: business.inquirer.net
