Century Properties Group Inc. plans to spend P30 billion over the next three years, mainly to build more leasing and residential projects.
CPG president and chief executive Marco Antonio, at the sidelines Thursday of the listing of the company’s P3-billion preferred shares with the Philippine Stock Exchange, said the company would introduce a new residential brand this year to offer affordable condominium units priced between P3 million and P5 million.
Antonio said the new value-oriented residential brand would be mid-rise condominium buildings within the boundaries of central business districts.
The company is also set to complete two commercial leasing projects this year, namely the Century Diamond Tower in Century City and Novotel Hotel in Mandaluyong City.
These will double company’s leasing portfolio of 120,000 square meters of leasable space.
Antonio said the company would continue to build commercial leasing assets to improve the share of the rental business to 30 percent of the total net income from the current five percent.
It identified its land bank in Mandaluyong, Pampanga, Makati and other areas in Metro Manila for future developments of office and commercial projects.
For the affordable housing business under PHirst Park Homes, CPG plans to launch three to four new projects this year as demand remains robust.
Meanwhile, Antonio said the P3 billion in preferred shares, the company’s largest equity transaction to date, were two times oversubscribed over the P2 billion base issue size, allowing the company to fully exercise a P1-billion oversubscription option.
“We are very happy with the overwhelming market reception to CPG’s first fundraising exercise in the equity capital markets since 2011. This is a strong vote of confidence in the direction that the management has taken to drive growth for the company, supported by concrete results so far delivered through our positive financial performance over the past several quarters,” Antonio said.
China Bank Capital Corp. was the sole issue manager, lead underwriter and sole book runner of the offering.
“We are very pleased to usher the new year with the first equity listing for 2020. The success of CPG’s preferred shares offering demonstrates the market’s confidence in the company’s strategy of sustaining its impressive growth through a diversified property portfolio,” said China Bank Capital president Ryan Martin Tapia.
The stock offering was listed on the main board of the PSE under the trading symbol “CPGP.”
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