Century Properties to offer up to P3B worth of bonds

Property developer Century Properties Group Inc. (CPG) plans to offer as much as P3 billion worth of bonds to the public.

In a disclosure to the Philippine Stock Exchange yesterday, CPG said it had obtained approval from its board to apply for a public offering of unsecured fixed-rate peso denominated retail bonds.

CPG is set to file with the Securities and Exchange Commission a registration statement and prospectus for the retail bonds under the provisions of the Securities Regulations Code.

Recently, CPG also signed a deal with Davao-based businessman Dennis Uy to jointly develop a 2.6-hectare parcel at Clark Global City into a mix of residential and office buildings.

The joint venture aims to develop a mix of residential and office buildings with support retail establishments.  This marks CPG’s debut in Clark, a former military base being transformed into the country’s next big metropolis.

CPG is banking on the phenomenal growth of Central Luzon, which has the highest number of occupied housing units; and also Clark, which has emerged as the second largest market for office after Metro Manila. —DORIS DUMLAO-ABADILLA