Century Properties Group, Inc. Successfully Listed its PHP 2 Billion Preferred Shares

Century Properties Group, Inc. announced that it had completed its P2 billion follow-on offering of perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible Series B Preferred Shares (CPGPB) at the Philippine Stock Exchange (PSE).

“We are very pleased with the investors' reception of our issuance which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432%," said Ponciano S. Carreon, Jr, CPG Chief Finance Officer. "The timing for CPGPB issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures,” he added.

China Bank Capital Corporation served as the transaction's sole issue manager, lead underwriter, and bookrunner.

“On behalf of CPG, we are grateful to our institutional and retail investors, transaction partners, dedicated working group, and stakeholders for their unwavering trust. The success of this undertaking is a testament to our combined efforts and their enduring support and confidence in CPG's growth,” said CPG President and CEO Marco R. Antonio. “The proceeds of this fundraising will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts,” he added.

CPG recently announced two projects for the first half of 2024 under its Premium In City Line: "The Hotel Residences at Acqua" in Mandaluyong City, offering move-in-ready suites, and a mid-rise residential development at Azure North in San Fernando, Pampanga, with the first tower offering 375 units. The complex will have many water-park attractions, adding a distinctive and enticing dimension to resort living.

CPG has effectively diversified into the first-home market to meet unmet housing demand and strengthen its position in key locations around the country.

PHirst, now completely owned by CPG, aims to expand nationwide and provide sustainable product delivery. PHirst recently launched PHirst Park Homes Bacolod, which fueled its expansion in the Visayas region. PHirst intends to open at least six new subdivisions this year, with the goal of having 26 active first-home developments by the end of 2024.

Century Properties Group, Inc. ("CPGI") is one of the Philippines' premier real estate corporations, with 37 years of expertise. The company's primary business is to develop, market, and sell mid- and high-rise condominiums and single-family houses, as well as to lease retail and office space and manage properties.​