Listed real estate developer Century Properties Group Inc. said Wednesday its proposed fixed-rate retail bonds secured an “AAa+” rating from Credit Rating and Investors Services Philippines Inc., or CRISP.
Century Properties is looking to raise as much as P3 billion, including P1 billion from oversubscription, from the sale of bonds to retail investors.
CRISP placed an “AA+” on the retail bonds in view of Century Properties’ diversified market portfolio and its strong presence in a traditionally competitive real estate market. An AA rating is the second highest credit rank in CRISP rating scale, with a plus or minus sign modifying a higher relative standing compared to a peer bond.
It said the listed property has solidified its strong presence in the vertical housing market with 30 housing developments with a total ground floor area of over 1.24 million square meters and a total of 17,481 residential units completed.
CPG’s entry into the horizontal affordable housing development market in 2017 provided opportunities for the company to capture a share in a traditionally reliable property market segment, CRISP added.
Century Properties’ joint venture with the Mitsubishi Corp., PHirst Park Homes, has launched 16 home communities on 293 hectares of land with over 19,800 units valued at P34.4 billion in eight provinces in the country’s main island of Luzon.
As of end-2022, PHirst Park Homes has sold 13,983 units valued at P24.6 billion and completed 6,002.
