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SEC approves increase in Cityland capital to P3 billion

[ BusinessWorld Online ]

Updated June 13, 2009 12:00 AM

MANILA, Philippines – The Securities and Exchange Commission has approved the increase in the authorized capital stock of Cityland Development Corp. (CDC) from P1.9 billion to P3 billion.

In a filing with regulators, CDC said it continues to maintain a cautious stance to achieve a healthy financial position amid the global financial downturn. “This will ensure that the development and construction of all its existing projects will be delivered on time or even ahead of its scheduled turnover,” the company said.

CDC said it is on the lookout for quality projects suited for the middle and working class situated at convenient locations with affordable and flexible payment terms.

Funding for its projects will come from internally-generated cash and additional borrowings.

“The company plans to remain liquid in order to avail attractive investment opportunities that may arise in the event of an economic rebound,” CDC said.

As of end-December last year, CDC had total assets of P 7.84 billion, up 21.17 percent from P6.47 billion due to an increase in installment contracts receivables, real estate properties for sale and for future development.

CDC reported a net income of P520.33 million last year, 8.21 percent higher than the P480.85 million posted in 2007.

Income contributors include Makati Executive Tower III and Rada Regency located in Makati City; Manila Executive Regency in Manila; Corinthian Executive Regency and Grand Emerald Tower (a project of CLDI) in Ortigas Center, Pasig City.

CDC, a member of the Cityland Group of Companies, is currently developing The Manila Residences, a 39-story office, commercial and residential condominium along Taft Avenue. CDC has completed over 35 condominium projects, holding the record of delivering all its launched projects. – Zinnia dela Peña

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