Cityland launches residential project

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Listed property developer Cityland Development Corp. is set to build a new residential condominium in Madaluyong City, the company announced on Wednesday.

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In a disclosure to the Philippine Stock Exchange, Cityland said the 27-story Pines Peak Tower 2 is a follow-up to Pines Peak Tower 1, which was recently turned over to unit owners.

Pines Peak Tower 2 will rise side-by-side the first tower along Pines St. in Barangay Barangka Ilaya in Mandaluyong City.

Cityland develops residential, commercial, and office properties.

In the first quarter of 2016, Cityland posted a net income of P112 million, down 69 percent from P365.09 million the previous year. The company attributed the decline to a non-recurring income when it sold a parcel of land in 2015.

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