DMCI unit hikes notes offer to P10B

MANILA, Philippines - DMCI Project Developers Inc., a unit of the Consunji-led DMCI Holdings Inc. that is engaged in construction projects and infrastructure development, has increased the size of its planned issuance of fixed-corporate notes to  P10 billion.

DMCI-PDI received commitments equivalent to more than double the initial intended issue size of P5 billion, prompting it to fully exercise its oversubscription option.

DMCI said its subsidiary inked a facility agreement with a group of `financial lenders for DMCI PDI’s issuance of P10 billion notes.

Proceeds from the issue will be used to fund project development and construction costs, acquire real estate properties and fund other general corporate purposes.

BDO Capital & Investment Corp. acted as the lead arranger and sole bookrunner of the notes issue.

DMCI PDI is the country’s premier triple A builder-developer that brings serviced, themed communities within reach of urban families.

DMCI Homes, the property development unit DMCI Holdings, is eyeing a 20 percent growth in sales and reservations this year as it accelerates product launches to take advantage of the growing  property sector.

DMCI Homes has alloted P13 billion this year for the launch of seven new residential projects equivalent to 5,800 units.

The new projects will be a mix of mid-to high-rise vertical community developments, located in key strategic areas within Metro Manila.

Among these new projects include One Castilla Place in Valencia, Quezon City, Zinnia Towers (located along North Edsa, Quezon City), a high-rise development in another prime Quezon City location along A. Bonifacio Street; Verawood Residences in Acacia Estates, Taguig; Torre de Manila a high-rise development in Taft Avenue in Ermita, Manila and Serissa Residences, a medium-rise community along Alabang-Zapote Road in Las Piñas.