By Jenniffer B. Austria
| Sep. 25, 2015 at 11:25pm [ manilastandardtoday.com]
The Securities and Exchange Commission
approved the P1-billion homesaver bonds of DMCI Project Developers Inc., the
real estate unit of conglomerate DMCI Holdings Inc.
SEC secretary Armando Pan Jr. said in
an interview the corporate regulator approved DMCI’s issuance of deferred
coupon-paying homesaver bonds with an initial offer of P500 million. The
remaining P500 million will be issued within a year.
Homesaver bonds are interest-earning
financial instrument that primarily targets retail investors who wish to set
aside funds that may be used as full or partial downpayment to purchase units
in any DMCI Homes development.
The bonds will be issued in three
tranches. Tranche A bonds will have minimum investment of of P180,000, payable
in equal monthly subscription payments of P5,000 over a period of three years.
Tranche B bonds will have a minimum
investment of P300,000 payable in equal
monthly subscription payments over a period of five years while tranche C bonds
would be issued one-time with a minimum investment of P180,000.
Tranche A and tranche C bonds will
both carry a fixed interest rate of 4.5 percent per annum while tranche B bonds
will have a fixed interest rate of 5 percent per annum.
The investment scheme targets future
home buyers. A bondholder that will opt
to use the proceeds from the bonds to purchase a unit from DMCI Homes will be
entitled to discount.
The company hired SB Capital as the
underwriter for the bond sale, with the offer period set on Sept. 23 to Nov. 5.
Other property developers such as
Ayala Land Inc. and Vista Land and Lifescapes Inc. previously issued similar financial saving
instruments.
DMCI Homes earlier projected its net
income to hit P3.6 billion for 2015, an 11-percent increase from last year’s
P3.2 billion, as it plans to launch five new residential projects offering more
than 3,000 units this year.
The projects
to be launched this year include Ivorywood and Maple Place in Taguig, Bristle
Ridge in Baguio, Valenia Residences in Mandaluyong and Lumiere Residences North
in Pasig.
Reservations
sales fthis year are expected to reach P22 billion, up from last year’s P20
billion.
DMCI Homes
is allocating P5 billion purely for land acquisition and and up to P7 billion
for development cost.
DMCI Homes
also lined up nine new projects that will offer 10,700 units in the market in
2016.
DMCI is one
of the leading conglomerates in the Philippines, with interests in
construction, real estate, power, water, mining and toll roads.
______________________________________________________________________
