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Antonio family’s Century Properties gets issuer rating upgrade
Antonio family’s Century Properties gets issuer rating upgrade for planned P3B bond offer
Century PropertiesCentury Properties Group Inc. of the family of ambassador Jose E.B. Antonio has secured a rating upgrade for its planned P3 billion bond issue given its diversified market portfolio and its growing presence in a traditionally competitive market.
In a regulatory filing, CPG said the proposed second tranche of its P6 billion debt securities program under shelf registration with the Securities and Exchange Commission, received a credit rating of “AA+” issuer rating upgrade from the Credit Rating and Investors Services Philippines (CRISP).
The fixed rate retail bonds will have a base size of P2 billion, with an oversubscription option of up to P1 billion.
CPG said among the factors that led to the issuer rating upgrade was the company’s move to diversify its market portfolio, which CRISP considers as strategically beneficial to the firm’s market position.
CPG’s entry into the horizontal affordable housing development market in 2017 provided opportunities for the company to capture a share in a traditionally reliable property market segment.
PHirst Park Homes, its joint venture brand with Japan’s Mitsubishi Corp., has launched 16 home communities on 293 hectares of land with over 19,800 units valued at P34.4 billion in eight provinces in Luzon.
It sold 13,983 units valued at P24.6 billion and completed 6,002 as of end-2022.
CPG has also solidified its strong presence in the vertical housing market with 30 vertical housing developments with a total ground floor area of over 1.24 million square meters and a total of 17,481 residential units completed.
The company’s portfolio also includes five leasing assets with aggregate gross leasable area of 146,670 square meters which include the Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower and the recently opened Novotel Suites Manila.
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