Cityland to issue P840-M papers

The Cityland group of companies, a leading residential condominium developer, will float a combined P840 million in short-term commercial papers to fund capital requirements. Of the total amount, P700 million will be issued by Cityland Development Corp. while the remaining P100 million will be issued by City & Land Development Inc. Among the group’s projects are the Pacific Regency and Grand Emerald.

Pacific Regency is a 38-story commercial, office and residential condominium project located on Pablo Ocampo Sr. Avenue (formerly Vito Cruz St.). It is slated for completion in April 2008.

Meanwhile, the 39-story Grand Emerald Tower, located at the corner of Garnet and Ruby Roads in Ortigas Center, is estimated to cost P1.1 billion. Development of the pro-ject is expected to start in the fourth quarter of 2006 and is targeted for completion by the first half of 2011.

The Cityland group recently put up a new sales office in the Ortigas district to market all its residential condominium and subdivision projects in Pasig, Mandaluyong, Manila and Makati.

It will also market subdivision projects in Tagaytay and Cavite.

The group has been in the real estate business for 27 years, having developed over 35 condominium projects. It also holds the record of delivering all its launched projects.

It is a trusted name in the real estate industry with a track record of developing prestigious condominiums mostly bearing its name.