Century Properties Group, Inc. is aiming to complete 31 buildings covering roughly 1.67 million square meters within the next six years.
In a statement, the firm said these projects are within its 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 comprise residential projects for the luxury, middle income and affordable markets, as well as retail, office and medical office developments.
Apart from these, Century is also developing an office building in Fort Bonifacio. Its land bank for future development also consists of properties in Pampanga, Quezon City and Batangas.
CPGI expects to complete six commercial buildings totaling roughly 160,000 square meters by 2019.
“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 R. Antonio.
The firm is planning to issue unsecured fixed rate peso retail bonds to partially finance capital expenditures for a portion of its second-generation projects.
Antonio said this is in line with the company’s strategy to diversify its funding base and pursue growth opportunities for the company and its shareholders.
Credit Rating and Investors Services Philippines Inc. (CRISP) as of June 6, 2014 has 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.”
CRISP further believes that Century will be able to maintain its hold on its market segments and continue to diversify such segments further.
Proceeds from this bond issuance will be used for 6 projects of Century, both in the residential and commercial segment located in Fort, Makati, Paranaque, and Quezon City with a total capex of over P12 billion.
In 2013, Century’s revenues hit a record high of P10.8 billion. Net income amounted to P1.8 billion.
Source: Manila Bulletin | July 3, 2014