Cityland gets SEC okay for P1-B STCP

MANILA, Philippines - Listed property developer Cityland Development Corp. has obtained the Securities and Exchange Commission’s nod to issue P1 billion worth of short-term commercial papers (STCP).

Proceeds from the issue will be used to fund CDC’s ongoing projects which include the recently launched Grand Central Residences, a 40-story residential condominium in Mandaluyong City; the 39-story mixed-use Manila Executive Regency in Malate, Manila; and the Grand Emerald Tower in Pasig.

Other proceeds would be used to pay down loans.

As of end-September this year, CDC had outstanding loans of P1.97 billion.

CDC, a member of the Cityland Group of Companies, is on the lookout for quality projects suited for the middle and working class which will be situated at convenient locations with affordable and flexible payment terms.

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 over 25 years.

Aside from CDC, the group has two other units City and Land Developers (CLD) and Cityland Developers.

CLD caters to the low-to-middle income segments since its projects are offered at affordable prices. It developed residential units in Paranaque as well as an office and residential condominium project in Ortigas Center, Pasig City.