Century Properties to complete 31 buildings by 2019
MANILA, Philippines – Century Properties Group Incorporated (CPG) will complete 31 buildings covering roughly 1.67 million square meters of residential and commercial spaces within the next 6 years.
The buildings comprise residential projects for the luxury, middle income, and affordable markets, including retail, office, and medical office developments.
Out of the 31 buildings, 6 are commercial buildings totalling roughly 160,000 sqm of leasing space.
The buildings will be located within the company’s master-planned developments in Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Parañaque, the Residences at Commonwealth in Quezon City, and Canyon Ranch in Cavite.
“CPG is now evolving from being a top residential developer in Metro Manila to a well-diversified real estate developer with recurring revenue streams,” Century Properties chief operating officer Jose Marco Antonio said in a statement Thursday, July 3.
To date, the company has completed 25 condominiums totalling 873,127 sqm of space with 8,777 units.
CPG is also developing an office building in Fort Bonifacio, Taguig City. Its land bank for future development also consists of properties in Pampanga, Quezon City, and Batangas.
In a disclosure to the stock exchange June 20, CPG said its board approved the public offering of unsecured fixed-rate peso denominated retail bonds worth P2 billion ($45.81 million) with an option for oversubscription of P1 billion ($22.90 million).
As of June 6, Credit Rating and Investors Services Philippines Incorporated (CRISP) has assigned an AA+ issue rating with a stable outlook on the bonds, attributing to CPG’s strong market presence, healthy financial position, and excellent land banking strategy. Based on CRISP’s rating scale, an AA+ denotes very strong capacity to repay debt obligations.
Proceeds from the bonds will be used for the 6 projects of CPG, both in the residential and commercial segments located in The Fort, Makati, Parañaque, and Quezon City, with a total capital expenditure of over P12 billion ($274.85 million).
In February, CPG said it would complete 4 real estate development projects in 2014 to boost company revenues.
In 2013, Century Properties’ revenues hit a record high of P10.8 billion ($247.37 million) while net income amounted to P1.8 billion ($41.23 million). – Rappler.com