Philippines: Manila-based developer CDC Holdings Inc is set to receive a US$15 million capital injection from a foreign investor to fund its expansion plans.
CDC Holdings was among the first to introduce the serviced
apartment concept in Manila with the Millennium Plaza Residences in
1993 and Millennium Suites in 2001.
President and chief executive officer Elsie Chua said the company is likely to close within the year a partnership with a foreign investor which will inject fresh funds to the company: "There is a foreign investor looking into our company, they want to invest around $15 million to CDC," she said.
She stressed the investment would further boost the development of the company's planned projects in Metro Manila: "The market in the Philippines is progressing, the economy is doing well. We need more place for our expats and the tourism is growing, they need more accommodations."
Chua also said the company is also looking to mark its first venture outside Metro Manila by expanding to Cebu and is considering raisingfunds through an initial public offering (IPO) in the local stock market.