The Securities and Exchange Commission has approved Century Properties Group Inc.’s shelf registration for up to P12 billion in fixed-rate bonds, allowing the listed property developer to raise funds in several tranches without seeking separate approvals each time.
Under the program, Century Properties plans an initial offering of up to P3 billion, with an oversubscription option of up to P2 billion. The offer will consist of four-year Series D bonds due in 2030 and seven-year Series E bonds due in 2033, to be sold at face value. If the oversubscription is fully exercised, the company expects to net about P4.9 billion.
Proceeds from the initial tranche will be used to finance the company’s residential development projects.
The bond offer is scheduled to run from January 26 to 30, with issuance and listing targeted on February 6 on the Philippine Dealing and Exchange Corp. China Bank Capital Corp. was appointed sole issue manager, and will also serve as joint lead underwriter and bookrunner with PNB Capital and Investment Corp.
A shelf registration allows companies to access the capital markets more quickly when funding needs arise, giving Century Properties greater flexibility to support ongoing and future projects.
The fund-raising comes as the company advances key developments at its Azure North Estate in Pampanga, where it recently marked the first concrete pouring of Mykonos Tower, the groundbreaking of Azure North Townvillas, and the inauguration of the completed Barbados Tower.
Century Properties said the Azure North Townvillas, its entry into the premium house-and-lot segment in Pampanga, has already sold out and is expected to generate P1.3 billion in revenues, with completion targeted for 2028. Meanwhile, construction continues on Mykonos Tower, a mid-rise building with P1.2 billion in capital expenditures and projected sales of P2.7 billion, slated for completion by end-2027.
