Century Properties gets SEC nod for P3 B bonds

MANILA, Philippines — Antonio family led-Century Properties Group (CPG) has received the green light from the Securities and Exchange Commission to issue up to P3 billion in retail bonds.

In a disclosure, the company said the SEC favorably considered its registration of unsecured fixed-rate peso retail bonds with the aggregate principal amount of P2 billion with an oversubscription option of up to P1 billion subject to the final prospectus and the transaction agreements forming part of the offering.

Proceeds will be used to fund general corporate requirements.

The company is pouring in P8 to P10 billion in capital expenditures this year to fund its various projects.

Last year, CPG’s net income grew 72 percent to P1.1 billion.  Revenue grew 60 percent to P10.7 billion with the completion of three residential buildings, an office tower and 259 affordable housing units.

For this year, the company will launch three more sites including areas in northern Luzon.

The company’s leasable area, meanwhile, is targeted to grow to 300,000 square meters of gross floor area by the 2020 from 133,000 sqm at present.

It has a target to churn in P1.5 billion in revenues as it plans to complete another four residential buildings with a gross floor area of 134,000 square meters and an office tower with a GFA of around 95,000.

So far, CPG has completed 24 out of its planned 32 residential condominium buildings with a gross floor area of one million square meters.

The company became a publicly listed company in 2012.