City and Land gets nod to sell P200-million papers

MANILA, Philippines - City & Land Development Inc., a member of the Cityland Group of Companies, has obtained the Securities and Exchange Commission’s nod to sell P200 million worth of short-term commercial papers.

Based on documents filed with the SEC, City & Land said it will use the proceeds from the issue to partly fund the construction of the Grand Emerald Tower — a 39-story office, residential and commercial condominium located along Emerald Avenue in Ortigas, Pasig — and the 34-story Manila Residences Bocobo.

Grand Emerald Tower, which was 76 percent complete as of March 31 this year, needs around P400 million while Manila Residences needs P590 million to finish construction.

Grand Emerald Tower is slated for completion in June next year while Manila Residences is expected to be finished by June 2013.

The Cityland Group is a trusted name in the real estate industry with a track record of developing prestigious condominiums.

Aside from City & Land, other subsidiaries of the Cityland Group are Cityland Inc. and Cityland Developers Corp. (CDC).

CDC is currently developing The Manila Residences, a 39-story office, commercial and residential condominium along Taft Avenue. It has completed over 35 condominium projects, holding the record of delivering all its launched projects.