CITYLAND Development Corp. said on Wednesday that its offering for P1.4 billion worth of commercial papers had been approved by the Securities and Exchange Commission (SEC).
In a disclosure, Cityland said the securities offering was approved by the regulator during its meeting on Oct. 22.
The board of directors of Cityland in a special meeting on Aug. 16 approved and authorized the company’s application for the issuance of commercial papers.
“[T]he proceeds shall be used to finance the funding requirements of the Company,” Cityland said.
Based on the company’s financial report as of the second quarter, Cityland is pinning its growth hopes on the country’s economic performance.
“The Philippine real estate industry has grown robustly through the years and the increase in demand for residential and commercial properties can be attributed to various factors,” it said.
“These includes, rising urban population growth, housing needs of BPO (business process outsourcing) employees and remittances of the overseas Filipino workers (OFWs). The leasing market was fueled by the influx of tourist arrivals and from young professionals from BPO firms, while the sales market was fueled by the demand from local and foreign individuals,” it added.
Cityland said the “cultural shift” led by the millennial generation had driven the popularity of condominium living, while the worsening traffic in the metropolis had encouraged them to live near their school or workplace.
“Due to the emergence of new trends and opportunities in the country, 2019 is anticipated to be another solid year for the Philippine real estate industry,” it said.
As of the first half, the company was selling seven projects, including Pioneer Heights 1 in Mandaluyong City and 101 Xavierville in Quezon City.
Pioneer Heights is a 24-storey office, commercial and residential condominium located at Pioneer St., Barangay Highway Hills. It is on track to be completed in December 2023.
101 Xavierville is a 40-storey commercial and residential condominium located along Xavierville Avenue, Loyola Heights.
It is estimated to be completed in February 2024.
Cityland has three other projects in Mandaluyong City, namely: Pines Peak Tower 1 and Pines Peak Tower II, and Grand Central Residences. Both Pines Peak Towers are 27-storey residential condominiums located at Union corner Pines St. Grand Central Residences is a 40-storey office, commercial and residential condominium located at EDSA corner Sultan St. — Victor V. Saulon
