By Alena Mae
S. Flores | Posted on Mar. 14, 2013 at 12:00am
[ Malaya.com.ph
]
Property
developer Century Properties Group Inc. plans to raise $100 million from a bond
offering to support the company’s working capital, a company executive said.
“Standard
Chartered is organizing a $100-million bond offering for the working capital,”
Century Properties chairman Jose Antonio told reporters at the sidelines of an
economic forum.
The company
early this month raised P1.6 billion
from an overnight equity placement to fund land acquisition and project
expansion.
“The
overnight placement recently, we will make that into full use for land bank,”
Antonio said.
Antonio said
Century Properties’ reservation sales were expected to sustain a strong growth,
driven by expanding middle class.
“We expect to
grow between 10 to 15 percent for this year…We have consistently been very
active in the property sector. We take the opportunities as they come. Right
now, I feel the big story is actually the rising middle class in the
Philippines. Century Properties is addressing the needs of the middle class,”
he said.
______________________________________________________________________
