SEC okays P1.33-B comm’l paper issue of Cityland Group

The Securities and Exchange Commission (SEC) has approved the combined commercial paper issuance of the Cityland Group of Companies amounting to as much as P1.33 billion.

Of the total amount, P610 million will be issued by Cityland Inc.; P595 million by Cityland Development Corp. (CDC); and P127 million by City & Land Developers Inc.

The Cityland Group will use the proceeds from the issuance to pay debts and finance project-related costs.

If the proceeds will be substantially less than the above maximum proceeds, the group plans to renew all maturing obligations from existing financial institutions or tap existing credit lines with the banks.

The Cityland Group is a trusted name in the real estate industry with a track record of developing prestigious condominiums. It has been in the property development business for more than 20 years.

CDC, formerly Statehouse Land Development Corp., was incorporated on January 1978 to engage in the development of land for residential, office, commercial, institutional and industrial uses.

Sister firm City & Land Development Corp., on the other hand, caters to the low-to-middle income segments since its projects are offered at affordable prices. It developed residential units in Parañaque as well as an office and residential condominium project in Ortigas Center, Pasig City.

CDC’s projects include medium to high-rise offices, commercial and residential condominiums located in Makati City and Mandaluyong City; affordable houses in Pasig City and residential subdivisions and farmlots in Bulacan and Cavite.

Among the group’s shareholders are Stephen Roxas, Andrew Liuson, Grace Liuson, and Helen Roxas.