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Developer starts new condo

Posted on 10:01 PM, August 02, 2010 [ BusinessWorld Online ]

LISTED Cityland Development Corp. has launched a 40-storey residential condominium project targeting investors in Mandaluyong.
Grand Central Residences, which will be near establishments like Shangri-La Plaza, Star Mall, Edsa Central, and SM Megamall, will offer studio, one-bedroom, two-bedroom and three-bedroom units, the property developer told the local stock exchange yesterday.
Amenities include multipurpose function rooms, a swimming pool, gym, a closed circuit television system, and 24-hour security, among others.
Early last month, Cityland launched the four-tower Tagaytay Prime Residences, which will have 21 storeys per tower.
Ongoing projects include the 39-storey office, commercial and residential Manila Executive Regency in Malate, Manila and the 39-storey office, residential, and commercial condominium Grand Emerald Tower at Ortigas Center in Pasig.
Cityland has two subsidiaries: City and Land Developers, Inc., a real estate company, and Cityplans, Inc., a pre-need firm. The company has built medium- and high-rise office, commercial, and residential condominiums in Makati, Mandaluyong, Manila, and Pasig.
Shares in the condominium developer -- whose profits rose by 5% to P69.821 million in the first quarter on the back of a 10% increase in revenues -- were last traded on July 27 at P1.60 each. -- Neil Jerome C. Morales
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