Cityland to hike capital to P1.9-B

Condominium developer Cityland Development Corp. is seeking the approval of the Securities and Exchange Commission to raise its capital stock to P1.9 billion from P1.2 billion.

The capital increase will partly cover the firm’s stock dividend declaration.

The Cityland group earlier issued P750 million in short-term commercial papers to pay down debt and finance project-related costs.

The Cityland group is a trusted name in the real estate industry with a track record of developing prestigious condominiums. It has been in the property development business for over 20 years.

CDC, formerly Statehouse Land Development Corp., was incorporated on Jan. 31, 1978 to engage in the development of land for residential, office, commercial, institutional and industrial uses.

CDC’s projects include medium to high-rise offices, commercial and residential condominiums located in Makati City and Mandaluyong City; affordable houses in Pasig City and residential subdivisions and farmlots in Bulacan and Cavite. Among the group’s shareholders are Stephen Roxas, Andrew Liuson, Grace Liuson, and Helen Roxas.

Sister firm City & Land Development Corp., on the other hand, caters to the low-to-middle income segments since its projects are offered at affordable prices. It developed residential units in Paranaque as well as an office and residential condominium project in Ortigas Center, Pasig City. – Zinnia dela Peña