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Century City secures $30-million loan

Century City Development Corp., a wholly-owned subsidiary of Century Properties Group, Inc. yesterday secured a US$30 million loan backed by unidentified assets from Golden First Century Pte Ltd., an affiliate of Phoenix Property Investors.

In a disclosure to the stock exchange, the firm said the proceeds from the capital-raising activity will be used to partly finance the firm’s latest project, Century Spire, a 60-storey tower in Century City in Makati with 98,954 square meters (sq.m.) of gross floor area, over 500 residential units, and 27,047 sq.m. of leasable office space.

Century Spire, which is set to open in 2018, is expected to rake in P8.4 billion in sales revenue.

Phoenix is one of the world’s largest private equity real еstatе fund managers with around US$4.7 billion worth of assets under management.

“The firm invests on behalf of some of the world’s leading institutional investors and its portfolio consists mainly of multi-residential developments, retail and office properties in key gateway cities across Asia,” the disclosure read.

It has offices in Hong Kong, Shanghai, Singapore, Taipei and Tokyo, and is a registered investment adviser in the U.S. Securities and Exchange Commission.

Century Spire was designed by Daniel Libeskind, the architect behind the Ground Zero masterplan in New York City.

The building’s common spaces and amenities were designed by Armani/Casa Interior Design Studio while GF and Partners were tapped to be the project’s local architects.

Century Properties’ quarterly report showed that its net profit grew by 3% in the first quarter, on the back of higher revenues in its real еstatе business.

Net profit reached P513.06 million from P500.56 million in the same period last year, while consolidated revenues rose 10% to P2.85 billion from P2.60 billion.

Its shares yesterday closed at P1.41 apiece, up 0.71% or P0.01 from Wednesday’s P1.40.

Source: Businessworld Online | June 13, 2014


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