SEC okays City & Land P200-M comm’l papers

The Securities and Exchange Commission has approved the application of City & Land Developers Inc., a member of the Cityland Group, to issue P200 million worth of commercial papers to fund its working capital requirements.

City & Land is primarily engaged in real estate development and has completed office and residential condominium projects in Ortigas Center, Pasig City and Malate City, as well as a residential subdivision in Paranaque City consisting of single-detached, duplex and townhouse units.

An existing project is the Grand Emerald Tower, a 39-story commercial, office and residential condominium located at the corner of Emerald, corner Ruby and Garnet streets in Ortigas Center in Pasig City.  

For its new project, City & Land is building Manila Residences Bocobo, a 24-storey office and residential condominium with a net saleable floor area of about 18,500 square meters. The project is located in Bocobo st., Ermita, Manila.

City & Land posted a net income of P118.57 million last year, down 35.43 percent from the P183.62 million reported in 2006, due to lower revenues. The Pacific Regency condominium which had a high sell-out and completion rate in 2006 of 91.93 percent and 88.94 percent, respectively accounted for the previous year’s higher revenues on sales of real estate.

As of end-2007, Pacific Regency was 99.79 percent sold and 100-percent completed. Since this project was almost sold out, the Ortigas condominium project, Grand Emerald Tower, started to moderately contribute to the firm’s sales. Sell-out rate and percentage of completion of this project reached 14.54 percent, and 17.5 percent respectively. — Zinnia B. Dela Peña