Cityland gets SEC nod for P4-B capital hike

MANILA, Philippines - Cityland Development Corp. (CDC), a member of the Cityland Group of Companies, has obtained the Securities and Exchange Commission’s nod to raise its authorized capital from P3 billion to P4 billion.

The capital hike was intended to cover the company’s stock dividend declaration.

The company is currently building Pines Peak, a 27-story medium sized residential condominium located along the corner of Union and Pines Sts. in Mandaluyong City. The project is targeted towards the fast-paced Filipino family.

Pines Peak will offer more than 1,000 units with sizes ranging from 16 square meters to 40 sqm. Each floor will have around 50 units.

A studio unit may sell for around P1.2 million while one-bedroom units may be priced at around P1.5 million each. Two-bedroom units may be sold at P2.1 million to P3.1 million each.

CDC said friendly and flexible payment terms are available to interested buyers.

The Cityland Group is a trusted name in the real estate industry given its track record of developing condominiums. It has been in the real property development business for over 25 years.

Aside from CDC, the group has two other units – City and Land Developers (CLD) and Cityland Developers.

CDC was incorporated on Jan. 31, 1978 to engage in the development of land for residential, office, commercial, institutional and industrial uses. The company’s projects include medium to high-rise offices, commercial and residential condominiums located in the cities of Makati and Mandaluyong and Ortigas, Pasig; and farmlots in Bulacan and Cavite.

CLD, 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.