CITYLAND Development Corp. (CDC) is launching a new mixed-use tower in Mandaluyong City, as it banks on the continued growth of the commercial area.
In a statement issued Friday, the listed property developer said it has unveiled Pioneer Heights, a 24-storey building that consists of office, commercial, and residential components. It is located along Pioneer Street, Barangay Highway Hills in Mandaluyong.
For the residential portion, the project will offer studio units, studio deluxe, one-bedroom deluxe, and three bedroom units.
Pioneer Heights will also feature amenities such as a swimming pool, clubhouse, gym, multipurpose event area, and viewing deck.
The company noted the project is situated near the ongoing construction of the Bonifacio Global City — Ortigas Center Link road project that will effectively shorten travel time across the cities of Pasig, Makati and Mandaluyong.
“Pioneer Street, a famous industrial avenue, is now a booming commercial area where all places of interest are a stone’s throw away,” the company said.
CDC posted a net income attributable to the parent of P96 million in the second quarter of 2018, 24% lower than what it booked in the same period a year ago, amid a 13.5% increase in gross revenues to P503.6 million.
By end-June, CDC’s attributable profit stood at P240 million, six percent higher year-on-year. Revenues meanwhile jumped by a fifth to P1.02 billion.
Incorporated in 1978 originally as Statehouse Land Development Corp., CDC’s core business is in development of land for residential, office, commercial, institutional, and industrial purposes.
The company’s projects are located in Makati, Mandaluyong, Manila, Pasig, Bulacan, and Cavite.
Earlier this month, its board of directors approved the filing of a registration statement with the Securities and Exchange Commission to raise P1.4 billion from the issuance of commercial papers. The funds will be used for the company’s capital requirements.
Shares in CDC gained two centavos or 2.02% to close at P1.01 each at the stock exchange on Friday. — Arra B. Francia