Upmarket developer Century Properties Group Inc. (CPG) has acquired 56 hectares of land in San Vicente, Palawan, which it intends to turn into an integrated resort.
Costing P20 billion, the project will take up to 10 years to complete, according to CPG.
"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," issued Jose E.B. Antonio, chairman, president, and CEO of CPG.
Blessed with coral reefs, waterfalls, mangroves, a large forest to hike in, islands to explore, and a 14.7-kilometer stretch of white-sand beach called Long Beach, San Vicente has all the trappings of a major destination, poised for an influx of tourist activity in the coming years.
The upcoming integrated resort, according to CPG, is pegged to capture this burgeoning market. It should also establish the company as a competitive presence in the tourism and lifestyle sector, said Tim Hallett, chief operating officer of Century Properties said.
"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," stated Hallett.
CPG has allotted P1.5 billion for Phase 1 of the resort, which should take three to five years to finish.