Century Properties to issue retail bonds

Century Properties Group Inc., the listed property developer of the Antonio family, has filed a registration statement with the Securities and Exchange Commission (SEC) to issue P6 billion in fixed-rate retail bonds over a period of three years. 

The debt program, shelf registered with the SEC, consists of a first tranche of P2 billion in five-year fixed rate bonds with an oversubscription option of P1 billion for a total amount of up to P3 billion for the initial tranche. 

CPG tapped Chinabank Capital as sole issue manager, sole leader underwriter and sole book runner for the bonds, which will be listed at the Philippine Dealing & Exchange Corp. 

Proceeds of the offer shall be used for partial refinancing of bonds issued in 2019, to fund capital expenditures for horizontal affordable housing developments, and to fund general corporate requirements.

The company’s affordable housing brand is through PHirst Park Homes Inc. (PPHI), a joint venture with Mitsubishi Corp.

The partners have agreed earlier to broaden their partnership thru PPHI as they seek to build more residential and non-residential projects.

For the nine months ending Sept 30, 2021, PPHI contributed P2.76 billion to CPGI’s consolidated revenues of P6.07 billion.

Its current projects located in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan, have enjoyed strong sales, with 73 percent of its 13,829 units of inventory already pre-sold as of September 30, 2021. 

A total of P25.4 billion sales value is expected from these ten affordable housing projects, with sold revenues equivalent to P16.9 billion as of September 30, 2021.

Photo from Century Properties Real Estate

Latest

See how life mirrors success at SMDC’s Twin Residences

Nothing’s sweeter than being able to reap the rewards of your hard work. All those hours you’ve put in and lessons you’ve learned in the process, have...

Living the dream with Brittany: Luxury homes inspired by the world’s most scenic destinations

Imagine living in communities where you find yourself slipping into a somnambulant spell—waking up in luxury homes in scenic Italy, sophisticated Switzerland,...

Your home, your new beautiful beginning

A new year often inspires new beginnings. For many, a fresh start signifies exciting possibilities, new hope and optimism—something...

Spacious living in the South at Rockwell Carmelray

Living outside of Metro Manila is very attractive these days. With the lush greeneries, fresh air and wider spaces, this residential setting...

Federal Land Inc.: Investing in the Manila Bay Area

The potential is endless for the Manila Bay Area, that part of the metro which is seeing sustained transformation and growth.