MANILA, Sept. 2 (PNA) — Locally-listed property firm Century Properties Group Inc. has raised a total of Php2.7 billion funds after the completion of maiden bond retail offering.
“The company initially targeted to raise Php2.0 billion, and due to strong demand, exercised its oversubscription allowance to raise a total of P2.7 billion,” Century Properties said in a disclosure to the Philippine Stock Exchange (PSE) Tuesday.
“We are grateful for the success of our maiden bond issuance and the confidence accorded to us by the investing public. This is a testament to the company’s sound financial management and profitable business model,” said Century Properties chair Jose Antonio.
The listed firm mentioned that the Php2.7 billion fresh funds will be allocated to partly finance capital expenditures for selected residential and commercial projects of the company that are expected to be completed from 2017 to 2019.
Those projects from the said period will total at over 3,400 residential units and more than 300,000 square meters of gross floor area.
“Not only will the bond enable us to diversify our funding sources, it also helps us get a step closer towards our goal of building a bigger and more diversified Company,” Antonio added.
For the next five years, Century Properties commercial portfolio is expected to reach over 160,000 square meters including the 50,000-square meter Century City Mall in Makati City.
The firm is also set to turnover the Centuria Medical Makati, a 28-storey outpatient medical building which also caters sale and lease of medical IT units, by the end of 2014.
The company will likewise finish the three Class A commercial buildings in prime locations with a total area of 90,000 square meters. (PNA)