Century Properties to sell bonds
The Securities and exchange Commission (SEC) has approved the public offering of Antonioled real estate developer Century Properties Group Inc. (CPG) of up to P3 billion in fixed-rate bonds.
The developer’s offer involves a principal of P2 billion in 3-year paper due 2024, and an oversubscription option of up to P1 billion.
The company expects to net up to P2.94 billion from the offer, assuming the oversubscription option is fully exercised. The proceeds will be used to refinance maturing debt, fund capital expenditures for ongoing projects as well as general corporate requirements.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing and Exchange Corp.
The company said it will still have to submit its final prospectus and transaction agreements to the regulators as part of the offering.
China Bank Capital Corp. was picked as the sole issue manager, lead underwriter and bookrunner for the offer.
CPG earlier said it will diversify its product offering in the coming years, hinting its buildings will be more environment friendly.
“Recognizing that there will be economic challenges, CPG will remain strong by diversifying its portfolio for further expansion, while reducing its carbon footprint and creating buildings with the future of the planet in mind,” the company said.
“They say the only constant thing in life is change, and to respond to the changing times, Century Properties will remain agile—looking for ways on how to do things better in the service of its clients and stakeholders. Beyond building passion which the company is known for, it will strive to have a lasting impact as it creates a new generation real estate.”
CPG said it is optimistic about the company’s prospects for this year, but it will re-align its strategies to meet the changing consumer needs and be of better service to its customers.
Despite the pandemic, CPG launched several subdivision developments aimed at the low- to middleincome markets, as sales from its in-city vertical developments waned with just a small amount of projects in the pipeline.
The company posted P1.6 billion in reservation sales for the first half of 2020, equivalent to 1,925 homes or 651 units under its in-city vertical developments business and 1,274 house and lot units under Phirst Park Homes, its affordable housing brand.
It launched its sixth and seventh horizontal community this year—in Nasugbu, Batangas, and in Magalang, Pampanga, respectively. Phirst Park has maintained its sales momentum, posting reservation sales worth P3.12 billion from its first six projects in Cavite, Laguna, Bulacan and Batangas in January to June 2020.