Century Properties raises P3 billion from retail bond offer
Iris Gonzales (The Philippine Star) - April 16, 2019 - 12:00am

MANILA, Philippines — Century Properties Group Inc. (CPG), the listed property developer of the Antonio family, successfully raised P3 billion in fresh capital.

The company recently completed its retail bond offering.

Strong demand from investors allowed CPG to raise P3 billion from the initial P2 billion target.

Proceeds will be used to partially finance development costs for its affordable housing and townhome projects.

The three-year unsecured fixed rate peso bonds due in 2022 were priced at the tighter end of the indicative spread at an interest rate of 7.8203 percent.

China Bank Capital Corp. is the issue manager, lead underwriter and bookrunner for the transaction.

CPG chief operating officer Marco Antonio said the offering marks CPG’s first corporate debt capital deal since 2014.

“This marks a significant milestone for CPG as it continues to expand into various asset classes and diversify its funding sources towards becoming a bigger and more profitable company,“ he said.

CPG diversified its business five years ago into allied areas of real estate from just high-rise condominiums.

In 2017, it launched its first affordable housing community in Tanza, Cavite under the brand PHirst Park Homes. The brand has since launched two more communities in Lipa, Batangas and San Pablo, Laguna, with a total of 33,000 housing units in the pipeline within the next four to five years.

CPG reported a 72 percent growth in its 2018 net income to P1.1 billion, with affordable housing contributing 23 percent of the total earnings last year.

Antonio said 2018 marked a banner year for the company, which is reaping the fruits of its diversification.

CPG plans to grow its commercial portfolio to 300,000 square meters from 133,000 sqm by year 2020 with a target of P1.5 billion in revenues.

The company plans to build more communities of affordable homes across the country.

  • Latest
  • Trending
Are you sure you want to log out?

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

or sign in with