By Zinnia B. dela Peña
Saturday, November 1, 2008 [ November 1, 2008 ]
The Securities and Exchange Commission has approved the plan of Cityland Inc. to issue P1.15 billion worth of commercial papers.
Proceeds from the offering will be used to fund project costs and pay maturing obligations.
Cityland is developing a 39-story office, commercial and residential condominium building along Taft Ave. in Manila. The project dubbed The Manila Residences is slated for completion in March 2011.
Located right along the bustling stretch of the country’s university district, The Manila Residences offers well-equipped facilities such as swimming pool, mini-gym, sauna for men and women, function room, viewing deck, children’s playground and 24-hour association security to satisfy even the most demanding lifestyle.
Cityland is a recipient of the Leading Condominium Developer Presidential Award and was inducted in 2005 CNBC Asia Business Leader Awards Honor Roll in Kuala Lumpur, Malaysia.
The Cityland Group is a trusted name in the real estate industry with a track record of developing prestigious condominiums. It has been in the property development business for 25 years.
Other subsidiaries of the group aside from Cityland are Cityland Developers Corp. (formerly Statehouse Land Development Corp.) and City & Land Development.
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 Makati City and Mandaluyong City 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 Parañaque as well as an office and residential condominium project in Ortigas Center, Pasig City.