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Century plans $150-M bond issue

Century Properties Group Inc. (CPG), the upscale property firm of Executive Chairman of the Board Jose E.B. Antonio, said it plans to raise as much as $150 million in fresh funds from a dollar-denominated bond issue to partly finance upcoming projects up to 2019.

In a disclosure to the Philippine Stock Exchange, CPG said its board of directors has approved the offshore bond issue, which may only be offered “to not more than nineteen (19) non-qualified buyers” and to any number of qualified buyers, as defined in the Securities Regulations Code of the Philippines.

The bonds will be listed on the Singapore Stock Exchange. The actual size, timetable and bookrunners of the bond offer are still subject to board deliberations.

This will be CPG’s second bond issue following its P2.7-billion bond offering in September last year.

Both fundraising efforts are intended to contribute to the company’s capital expenditures for select residential and commercial projects set for completion between 2017 and 2019. These projects will total more than 3,400 residential units on more than 300,000 square meters (sq m) of gross floor area.

The maiden bond offer in September consisted of three-, five-, and seven-year bonds with interest rates of 6 percent, 6.6878 percent and 6.9758 percent, respectively.

The company said it expects to complete a total of 31 residential buildings up to 2019. Its portfolio of launched residential projects is over 90 percent pre-sold.

Century said it will turn over units at the 28-storey Centuria Medical Makati by yearend. Centuria is an outpatient IT medical arts building with more than 500 doctors’ clinics and other medical facilities such as a diagnostic laboratory, day surgery center, and pharmacy.

In March, the company opened Century City Mall to the public. It is a 50,000-sq m, five-level lifestyle commercial center, the newest mall in Makati City in nearly a decade.

As of the first half of 2014, CPG has completed 25 condominiums amounting to 8,777 units. The company’s projects include Essensa East Forbes in Fort Bonifacio; SOHO Central in the Greenfield District, Mandaluyong City; the Gramercy Residences and Knightsbridge Residences in its flagship Century City, Makati City; and the first three towers of Azure Urban Resort Residences in Paranaque City.

Incorporated in 1975, CPG is involved in the real еstatе business through its wholly-owned subsidiaries Century City Development Corp., Century Limitless Corp., Century Communities Corp. and Century Properties Management.

Source: The Manila Times | January 30, 2015


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