CENTURY Properties Group Inc. on Thursday said it secured a five-year loan facility to fund the sixth tower of its high-rise project in Mandaluyong City. No amount was disclosed.
The company said the loan facility was arranged by Standard Chartered Bank.
The loan is the third arranged by Standard Chartered for the company. The first was a dual-currency secured term loan of P4.2 billion in 2013, which matures in 2018. And the second, which was a bilateral facility of P500 million, was fully paid this year.
“With the new facility, [the company] has further financial flexibility to embark on a growth opportunity that is expected to enhance shareholder value. It also helps free up corporate lines for other new projects,” the company said.
The company’s 2.4-hectare Mandaluyong project will rise at the former location of Noah’s Arc sugar refinery that sits right in front of Rockwell in Makati City. The sixth tower is the last component of the project. The first tower has been completed and is currently undergoing unit turnover. The second tower is scheduled for turnover this year, while the third and fourth towers will be completed next year. The fifth tower will be completed in 2018.
The recently launched project will feature a hybrid of residential units for sale, hotel suites, and preferred shares as fractional ownership of hotel units.
The company reported a 5-percent decline in net income for the first half of the year ending June to P1 billion, from last year’s P1.05 billion, as costs increased.
Revenues from real-estate sales rose 5 percent to P4.97 billion from last year’s P4.74 billion.
Leasing revenue increased to P147.2 million in the first half from last year’s P49.46 million since operation of the Century City Mall in the former site of the International School in Makati started in March 2014.