Century Properties Group Inc. is spending P12.3 billion to build residential and commercial projects between 2014 and 2019.
Century Properties said in a filing with the Securities and Exchange Commission it allotted P4.41 billion for capital expenditures from the second quarter of 2014 until 2016, which would be partially funded by a P3-billion maiden bond offering.
Another P7.9 billion will be spent from 2017 to 2019, which will be financed through collections of receivables from units already sold, internally generated cash and drawdown from credit facilities, it said.
Century Properties earlier reported it would issue P2 billion in three, five and seven-year fixed rate bonds, with an oversubscription of up to P1 billion.
The property company appointed BDO Capital & Investment Corp. and HSBC as joint underwriters for the offering.
Century Properties will use proceeds from the bonds to finance the construction of residential projects, such as Azure (Bicutan), Commonwealth (Quezon City), the 60-story Century Spire at Century City as well as commercial projects, including the Fort Bonifacio office tower and projected lease components of Century Spire office towers.
“In total, these projects are expected to have over 3,250 residential units and about 9,000 square meters of commercial leasing space,” Century Properties said.
Credit Rating and Investors Services Philippines Inc. earlier assigned an ‘AA+’ issue rating with a stable outlook on the bonds due to “Century’s strong market presence, healthy financial position, and excellent land banking strategy.”
Century Properties disclosed plans for the implementation and issuance of stock dividends amounting to two billion shares from the proposed application of an increase in its capital stock, subject to shareholders’ approval during the annual stockholders’ meeting on July 23.
Century Properties has completed 25 condominium and commercial buildings (8,777 units) with a total gross floor area of 873,127 square meters over the past 28 years.
Among its projects are Essensa East Forbes in Fort Bonifacio, South of Market in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas, a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole, and the Gramercy Residences in Century City, Makati City.
It formally launched the Century City Mall in March 2014, its initial foray into the retail development.
To our Century Properties partners, stakeholders, and communities,
As we closely monitor the developments on the coronavirus (COVID-19) and the government’s declaration of a community quarantine in the National Capital Region, we recognize that we have entered a unique and challenging time.
Despite this, we want to assure you that your safety and well-being are our priority. We are grateful that you continue to choose us as your partner and developer, and trust us to handle your business, property investment, and home with utmost professionalism and genuine care.
To safeguard your health, we have implemented steps to ensure that all safety measures and guidelines from the Department of Health and the World Health Organization are disseminated to our properties and communities, and our property management teams are well staffed and prepared with the proper contingencies to assist the needs of our tenants and residents. We are prepared for medical emergencies, and protocols are in place should we encounter COVID-19 cases within our properties. We have no reported cases at this time, but we are preparing for all eventualities.
We also augmented our equipment and know-how to implement additional precautionary measures in our communities, including the regular disinfection of common areas and tapping the expertise of hospital-grade cleaning providers to train our teams in applying high standards of sanitation in our properties.
Our employees are likewise important to us, as they are the lifeblood of our operations and services to you. Our valuable concierge, security personnel, housekeeping, and engineering staff will continue to serve you round the clock. And to do so without compromising their health and safety, they have been equipped with protective gear and are strictly observing hygiene measures to reduce the risks of transmission.
Furthermore, our support staff who are servicing our partners, tenants, and property buyers are adopting flexible working arrangements to continue to assist you. We will be open with augmentation from personnel who will be working from home as part of the contingencies we have in place. Our partner and client-facing teams will inform you of any adjustments on this end, and we hope for your understanding as we also protect the health of our employees and their families, and support government efforts to contain the further spread of COVID-19 in the country.
Rest assured that no matter the difficulties, we are here for you and we are here to stay. Our company has been around for 34 years, with our strong foundations built upon the wisdom and experience of our management, and the expertise of our young, committed, and dependable team. We have endured disasters and economic downturns for more than three decades, and with your help and cooperation we can weather this challenge together and come back from this even stronger.
As you also do your personal assessment of what’s going on, let us know how we can help you.
If you have any concerns with your property purchase, call your agent or send our documentations and collections team a message. We are going to provide utmost consideration and assistance to our clients who have been diagnosed with COVID-19. Let’s talk and please don’t worry.
If you are feeling unwell or need medical assistance, call or Viber our building concierge. Our Urgent Care Clinic at Centuria Medical Makati, located in Century City, is open 24 hours for your medical needs should you feel worried about possible coronavirus symptoms or other illnesses.
Retail tenants are also welcome to contact us for questions concerning the latest guidelines from the government as malls and other public-facing establishments reduce operating hours.
In case stores have run out of alcohol, sanitizers, or hygiene kits, let our concierge know and we will do our best to help source them for you.
Contact details of our various support teams are below. Or simply reply to this e-mail so we can have someone assist you immediately.
We are here to help ease your concerns. We are confident that the resilience of Filipinos, coupled with everyone’s perseverance and cooperation, will help our country emerge stronger from this challenge.
Thank you for your time and please remember to take the necessary health precautions for you and your family. We pray for everyone’s safety as we navigate this challenge and will update you as we have new and pertinent information.
MARCO R. ANTONIO
President and CEO
Century Properties Group
Please contact us for your concerns:
Urgent Care Clinic
Centuria Medical Makati
+63 2 7793 8750
Property Management Office
+63 8888 4726
+63 917 589 6560+63 8478 5157
Property Management Office
+63 917 672 4050
+63 2 8860 9500
local 100 and 101+63 2 8860 9500
local 555 and 333