MANILA, Philippines — Cityland Development Corp. plans to issue P1.4 billion worth of commercial papers.
The Securities and Exchange Commission has already given Cityland the go signal to sell the papers.
Proceeds of the fund-raising activity will be used to finance the company’s capital requirements and other financing needs.
CDC was incorporated on Jan. 31, 1978 with the primary purpose of acquiring and developing suitable land sites for residential, office, commercial, institutional and industrial uses.
Its current portfolio of projects includes medium to high-rise office, commercial, and residential condominiums located in the cities of Makati, Mandaluyong, Manila and Pasig; and residential subdivisions and farmlots in Bulacan and Cavite.
Among its projects include Grand Central Residences I, Makati Executive Towers II, III and IV, Mandaluyong Executive Mansion III, Corinthian Executive Regency, Manila Executive Regency and Rada Regency.
Among its recent projects are Cityland Pines Peak Tower I and II located along EDSA near Shaw Boulevard.
The development is situated within a cluster of shopping malls, luxury hotels, schools and business centers.
CDC has two subsidiaries, namely, City & Land Developers Inc. and Cityplans Inc.