Since going public in 2012, property developer Century Properties Group expects to complete 31 new buildings with around 1.67 million square meters of residential, office and retail space through 2019.
In a press statement on Thursday, CPG said that within the next six years, it expected to complete new 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 Bonifacio Global City.
The countdown for the 31 buildings started in the year 2012 when CPG became a publicly listed company. Prior to 2012, CPG has completed 25 condominium towers totaling 873,127 square meters with 8,777 units.
Of the 31 new towers that CPG plans to deliver through the next six years, six have so far been completed: Gramercy Residences, Knightsbridge Residences, Century City Mall and the first three towers of The Azure Urban Resort Residences.
The additional residential space will mostly be located within the company’s master-planned developments in Metro Manila: Century City Makati, Acqua Private Residences in Mandaluyong, Azure Urban Resort Residences in Parañaque and The Residences at Commonwealth in Quezon City. Outside of Metro Manila, CPG will also develop residential towers in its Canyon Ranch project in Cavite. Its land bank for future development also consists of properties in Pampanga, Quezon City and Batangas.
CPG earlier announced that it is expected 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,” CPG President and CEO Jose Marco Antonio said.
Aside from the six completed buildings, CPG has 25 others that are now under various stages of development and construction, broken down as follows: five towers in Century City including Centuria Medical Makati, Milano Residences and Trump Tower; six towers in Azure, eight towers in Commenwealth, one office building in Fort Bonifacio and five towers in Acqua.
CPG plans to debut on the local bond market with a retail offering worth as much as P3 billion from a local offering of retail bonds, boosting funds for its expansion program. The plan is to offer unsecured fixed-rate peso denominated retail bonds worth at least P2 billion with an option to upsize by P1 billion.
Local credit watcher Credit Rating and Investors Services Philippines Inc. has assigned an ‘AA+’ issue rating with a stable outlook on the bonds, citing CPG’s “strong market presence, healthy financial position, and excellent land banking strategy.”
Proceeds from the bond offering will fund CPG’s six projects of Century, both in the residential and commercial segment located in Fort, Makati, Paranaque, and Quezon City with a total capital expenditure budget of over P12 billion.
Source: Philippine Daily Inquirer | July 4, 2014