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