Cityland plans P1.5-B debt papers

CITYLAND Development Corp. approved a plan to file P1.5-billion worth of commercial papers with the Securities and Exchange Commission to meet its funding requirements.

The filing was approved in a board meeting held on Aug. 1 as stated in the company’s disclosure on Tuesday.

“This debt mix in favor of short-term borrowings is a strategy which the group adopted to take advantage of lower cost of money for short-term loans versus long-term loans,” Cityland Development said in its information statement.

The company’s future projects include 50-story City North Tower in Bagong Pag-asa, Quezon City, and Pioneer Heights 2 in Mandaluyong City.

Cityland Development expects the completion of its Pioneer Heights 1 in Mandaluyong City by 2023, and its high-rise condominium 101 Xavierville in Loyola Heights, Quezon City by 2024.

Meanwhile, its subsidiary City & Land Developers, Inc. plans to build 40-story Bonifacio Place in Barangka Itaas, Mandaluyong City and 39-story One Hidalgo in Malate, Manila.

Cityplans, Inc., another subsidiary, plans to build Windsor Mansion, Oxford Mansion and Pasig Royale Mansion, which are all eight-story condominiums to be located in New Santolan, Pasig City.

“For the year 2022, real estate sales and leasing are expected to bounce back due to the opening up of the economy,” Cityland Development said.

“The return-to-office work setup will provide an increase in rental income and demand for condominium projects,” it added.

Cityland Development’s primary purpose is to engage in real estate development, it is 50.98%-owned by Cityland, Inc.

On the stock exchange on Tuesday, Cityland Development shares remained unchanged at P0.71 apiece. — Justine Irish D. Tabile

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