Century Properties eyes $110M from offshore equity offer

MANILA, Philippines - Upscale realty firm Century Properties Group (CPG) said it is looking to raise up to $110 million from an offshore equity offering.

In a disclosure to the stock exchange yesterday, CPG said it is in discussions with certain investors for possible fund-raising activities but reiterated that no agreement has yet been reached.

UBS has reportedly been tapped as sole bookrunner for the proposed issue designed to boost CPG’s public float.

CPG, which gained backdoor listing on the bourse via dormant firm East Asia Power Resources Corp., has earmarked between P7.3 billion and P8.3 billion for capital expenditures this year, significantly higher than the P2.6 billion spent in 2011.

CPG, through unit Century Limitless Inc., is building a P4.8-billion mid-rise building to make available a total of 2,000 affordable housing units. The project is situated on a 4.4-hectare property along Commonwealth Ave. in Quezon City.

CPG is the developer of the posh Essensa East Forbes in Fort Bonifacio and Pacific Star building. Its portfolio also includes the country’s first fully-fitted and fully-furnished condominium South of Market (SOMA) in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas and a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole.

CPG also manages 51 properties including the Asian Development Bank and Makati Medical Center.

The company pre-sold P18.8 billion worth of residential units last year, more than double the P8 billion recorded in 2010.