Cityland sets up new sales office for condo, subdivision projects

The Cityland Group of Companies, a leading real estate developer, has set up a new sales office at the Ortigas business district to market all residential condominium and subdivision projects.

The new branch will promote all Cityland condominium projects in Pasig, Mandaluyong, Manila and Makati.

It will also market subdivision projects in Tagaytay and Cavite.

A model unit has also been put up for prospective clients’ viewing, Cityland said.

The Cityland Group has been in the real estate business for 27 years, having developed over 35 condominium projects.

It also holds the record of delivering all its launched projects.

It is a trusted name in the real estate industry with a track record of developing prestigious condominiums.

The group, through City & Land Developers Inc., recently issued P400-million worth of short-term commercial papers (STCP) to finance the development of two condominium buildings.

Proceeds from the issue will be used to build Pacific Regency and Grand Emerald.

The Pacific Regency, a 38-story, commercial, office and residential condominium project located at Pablo Ocampo Sr. Ave. (formerly Vito Cruz St.) is expected to be completed by April 2008.

Construction of the 39-story Grand Emerald Tower, located at the Ortigas Center is expected to start on the fourth quarter of 2006 and is slated for completion in the first half of 2011.

This project is estimated to cost P1.1 billion.

City & Land said while the short-term investments may provide a yield of eight percent which may be lower than the interest to be paid to the STCP holders, these investments are only temporary in nature and intended to be readily available to defray the cash requirements of the projects to ensure their timely completion.