Century Properties Group Inc. is planning to raise US$150 million from a public offering of US dollar-denominated bonds which will be listed with the Singapore Stock Exchange.
In a disclosure to the Philippine Stock Exchange, Century Properties said the planned fund-raising activity has been approved by its board of directors including the hiring of financial advisers for the transaction.
Century Properties has pre-sold P15 billion worth of condominium units in six residential buildings scheduled for completion in 2015 on the back of continuous strong demand from the overseas Filipino market.
The firm said reservation sales came from its affordable to mid-market projects. Also included is the luxury development Milano Residences at Century City, Makati.
Its mid-market projects are Positano and Miami towers of Azure Urban Residences in Parañaque, Niagara and Sutherland towers of Acqua Private Residences in Mandaluyong, and Osmeña West tower of the Residences at Commonwealth in Quezon City.
The six projects have a total of 3,000 units, of which approximately 95 percent are sold.
Century investor relations director Kristina Garcia attributed the strong sales to the real demand for mid-market and affordable housing from overseas Filipino workers.
“We continue to give importance to the largely underserved overseas market with its strong demand and the strength of OFW remittances. This market is 11 million strong and spread across all continents,” she noted.
Garcia added that OFWs are profiled as prudent spenders of their hard-earned income and are mostly end users.
“Our marketing strategy was validated by recent reports, which showed that the Philippines still has a serious shortage of housing units with a backlog of almost 4 million units for affordable housing alone,” Garcia pointed out.
Century Properties is one of the first real еstatе firms to create a strong international presence to cater to Filipinos overseas. The company has established over 70 international offices and selling partners throughout 3 continents.
Locally, the company sees the Philippines’ growing population and the increasing number of young income earners as key drivers of the demand for affordable homes, while high net worth individuals and foreign expatriates will sustain the momentum for luxury properties.
As Century Properties pursues its business expansion into commercial leasing properties, Garcia said it will continue to boost its residential portfolio of innovative projects that cater to global Filipinos and foreigners.
Source: Manila Bulletin | February 1, 2015