Century Properties Group Inc. is planning a $100 million bond offering, just after it raised P1.46 billion from an overnight placement of shares, to help finance its capital expenditures this year. In an interview, Century chairman Jose E.B. Antonio said Standard Chartered Bank is organizing the bond offering which will also fund the firm’s working capital requirements. The firm is aggressively expanding outside of its core luxury residential segment and expects its affordable residential condominium business help boost growth in its reservation sales by 10 to 15 percent from P20 billion last year. Century is planning to use a substantial portion of this year’s capex for land banking as it plans to open projects in four new areas with at least six to 10 buildings in each project.
Source: Manila Bulletin | March 14, 2013