City & Land raising P400 million from commercial paper issuance

MANILA, Philippines — City & Land Developers Inc. is raising P400 million from the issuance of commercial papers to support its funding requirements.

The listed property company said that it has secured an approval from the Securities and Exchange Commission (SEC) for the registration of P400 million worth of short-term commercial papers.

The SEC certificate of permit to offer securities for sale dated Dec. 20 was issued in favor City & Land Developers.

The proceeds of the issuance will be used to finance the funding requirements of the company.

City & Land Developers, a subsidiary of Cityland Development Corp., is engaged in the business of acquiring and developing suitable land sites for residential, office, commercial, institutional and industrial uses.

The company has five completed commercial, office and residential condominium projects namely, One Taft Residences in Malate, Manila; North Residences in Veterans Village, Quezon City; Manila Residences Bocobo in Ermita, Manila; Grand Emerald Tower in Ortigas Center and Pacific Regency in Malate, Manila.

Cityland early this month held the topping-off ceremony for One Hidalgo, a 40-story residential condominium in Malate, Manila.

Designed to cater to the needs of modern urban living, the building features commercial units on the ground floor and office spaces on the second floor.

Strategically positioned near top educational institutions as well as major landmarks, One Hidalgo offers accessibility to work, study and leisure destinations.

“With 45 years of excellence ni real estate development, Cityland continues to deliver projects on time, often ahead of schedule, providing affordable and high-quality investments for homeowners and investors alike,” the company said.