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CDC spending P1b this year

By Othel V. Campos | Posted on Feb. 28, 2013 at 12:00am
[ manilastandardtoday.com ]
Real estate developer CDC Holdings Inc. is increasing its capital expenditure by 40 percent to P1 billion in 2013 from P600 million in 2012 to develop five major projects in Metro Manila.
“We have big plans for 2013 and beyond. We have started to move to high-rise development from medium rise and we have many projects in the pipeline,” CDC Holdings vice president for sales Charlene Chua-Sy said.
She said the company planned to offer private placements to foreign and local investors to raise P400 million to partly fund the P1-billion capital expenditure for the year.
CDC Holdings president and chief executive Melesa Chua said revenues were expected to double to P2 billion in 2013 from P1.14 billion last year.  Net income was up 118 percent to P109 million in 2012 from P50 million in 2011.
Chua said in 2013, CDC would pursue construction of the Citadines Millennium Ortigas; River Green Residences and Manila River City, both in Sta. Ana, Manila; Sentrale in Makati City; and Manila Lion’s Park, a 1.9-hectare community of 11 low-rise condominiums in Sun Valley, ParaƱaque City.
“Amidst the competitive and aggressive market, we were still able to hit the numbers we aimed for. I see the company growing and opening up more markets in 2013,” Chua said.
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