Century Properties to launch new project in Pampanga

Posted at 07/23/2014 12:52 PM

MANILA, Philippines - Century Properties Group is making its foray into Pampanga with the soon-to-be-launched Azure North.

Azure North, located in San Fernando, will be patterned after the residential-resort concept project Azure Urban Resort Residences in Bicutan, Paranaque.

"As a whole, Pampanga is getting stronger financially with its own emerging middle class. The province is home to close to 300,000 OFWs and is a growing center of BPO activity,” said Century Properties Investor Relations head Kristina Garcia.

Azure North will offer 150,000 square meters of residential space and 50,000 square meters of commercial space.

Last March, Century Properties said it was collaborating with American socialite Paris Hilton on a new project in Pampanga. Hilton visited Manila to unveil the Paris Beach Club at Azure Urban Resorts Residences, her first real-estate project in collaboration with Century Properties.

Also, Century Properties said it will soon launch Tower 6 of the Acqua Private Residences.

At the same time, Century Properties is expanding into the commercial leasing business. The company is looking at developing over 150,000 square meters for its leasing portfolio, which is expected to generate up to P1 billion in revenue upon completion in 2019.

"The company is now evolving from being a top residential developer in Metro Manila to a leading well-diversified real estate developer with significant recurring and predictable revenue streams," Century Properties chairman Jose E.B. Antonio said.

Earlier this year, Century Properties launched Century City Mall in Makati. This was the first of the company's retail centers, as it plans to set up more of these centers in its master-planned developments.

Among the projects expected to contribute to Century's recurring income are the Centuria Medical Makati, luxury tower Century Spire, Forbes Media Tower, Asian Century Center in Bonifacio Global City and Acqua Tower 6.

Meanwhile, Century Properties said its residential real estate business has remained strong, with its current portfolio of launched projects now 90 percent pre-sold. In the first quarter, the company generated P5.2 billion in pre-sales.

By 2019, Century Properties said it will complete 31 residential buildings, equivalent to 1.67 million square meters.

From 2012 to 2016, Century delivered and expects to complete 21 residential buildings (1,158,962 sqm) and 2 commercial leasing developments (57,853 sqm) with the target markets of luxury, middle income and affordable for the residential; and retail and medical office for commercial.

From 2017 to 2019, Century targets to complete 10 residential buildings (359,988 sqm) and 4 commercial leasing developments (99,970 sqm).