PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Megaworld P5-B bond issue gets top rating

By Zinnia B. Dela Peña (The Philippine Star) Updated January 07, 2011 12:00 AM
MANILA, Philippines –  Megaworld Corp.’s P5-billion fixed rate bond issue maintained the highest credit rating of AAA from Credit Rating and Investors Services Philippines, Inc. (CRISP) due to its impressive net income growth.
“This shows that Megaworld’s P5-billion bonds are of the highest quality and with the least probability of investment risk,” CRISP said.
In assigning the rating, CRISP considered Megaworld’s exceptional track record in the real estate industry, strong property sales and leasing income, and continued dominance in the high-growth market segments that comprise the middle-income residential market and BPO office developments.
“CRISP continues to believe that Megaworld’s strong financial performance and landbanking strategy would provide the necessary resources to protect its leadership in the mid-income and BPO market segments,” it said.
The bonds, maturing in 2015, were issued to institutional and retail investors through a general public offering that was handled by BDO Capital & Investment Corp. and The Hong Kong and Shanghai Banking Corp. Ltd.
Proceeds from the bond issue would be used to partly fund Megaworld’s capital expenditures over three years beginning 2009 for the development of the North Bonifacio Central District project. Megaworld has committed to invest at least P15.6 billion over 20 years to develop the 8.38-hectare property into a mixed-use complex.
Megaworld is confident about the long-term development potential of the property and remains firmly committed to the Bonifacio Global City as the upcoming premier central business district in the country.
The company’s proposal for the North Bonifacio lots is a mixed-use development of more than 500,000 square meters of gross floor area and predominantly residential.
With a cash position of P15.7 billion as of end-June last year, Megaworld boasts of its strong capability to carry out large-scale property development projects. It has a successful track record of building self-contained communities under its pioneering live-work-play-learn concept.
Megaworld currently has five townships within Metro Manila, as well as stand-alone projects in the Makati central business district. It has about 275,000 square meters of BPO office space and expects to complete another 60,000 square meters by end-2010.
The company is launching five new residential condominium projects this year that are estimated to generate around P12 billion in sales.
______________________________________________________________

real estate central philippines
Copyright ©2008-2017