SEC okays P1.67-B STCP float by Cityland Group

The Securities and Exchange Commission (SEC) has approved the plan of the Cityland Group of Companies to issue a combined P1.67 billion in short-term commercial papers. (STCPs).

Of the P1.67 billion, P970 million will be issued by Cityland Inc. while the balance of P700 million will be issued by Cityland Development Corp.

Proceeds from the issuance will be used to pay off some loans and fund capital requirements.

Among the group’s projects include the Pacific Regency and Grand Emerald.

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

The 39-storey Grand Emerald Tower, located at F. Ortigas Jr. Road cor. Garnet and Ruby Roads, Ortigas Center, is estimated to cost P1.1 billion. The project is slated for completion in 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 Cityland 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 twith a track record of developing prestigious condominiums.