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Century eyes 31 buildings in 6 years

Century Properties Group Inc. on Thursday said it will complete 31 buildings offering roughly 1.67 million square meters of residential and commercial spaces within the next six years.

Century Properties said in a statement it would build the structures 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.

The 31 buildings consist of residential projects for the luxury, middle income and affordable markets, as well as retail, office and medical office developments. Century is also developing an office building in Fort Bonifacio. Its landbank for future development includes properties in Pampanga, Quezon City and Batangas.

Out of the 31 buildings, six are commercial buildings totaling roughly 160,000 square meters of leasing space.

“Century is now evolving from being a top residential developer in Metro Manila to a well-diversified real еstatе developer with recurring revenue streams,” said Century Properties President and CEO Jose Marco Antonio.

The company so far has completed 25 condominium buildings with 873,127 square meters of space from 8,777 units.

The property company earlier announced plans to issue up to P3 billion in unsecured fixed rate peso retail bonds to partially finance its P12-billion capital expenditure this year. The bonds will have tenors of five and seven years.

Century Properties tapped BDO Capital & Investment Corp. and HSBC as joint underwriters and bookrunners for the transaction.

Source: Manila Standard Today | July 4, 2014


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