PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

DMCI to raise P5 billion via corporate notes

By Zinnia B. Dela Peña (The Philippine Star) Updated November 01, 2010 12:00 AM
MANILA, Philippines - DMCI Homes Inc., the property arm of Consunji-led conglomerate DMCI Holdings Inc., is planning to raise P5 billion through a corporate notes issuance in December this year or January next year.
DMCI Holdings managing director Victor S. Limlingan said the money would be used to beef up its landbank. “Our philosophy is to buy land and turn it around into a project. Our advantage is we can buy land of any shape and build something on it,” he said.
Limlingan said the note issuance is in line with DMCI Homes’ five-year plan aimed at doubling profits and revenues by 2016 as it capitalizes on a booming property market.
He said the company intends to convert some of its short-term notes into five year loans.
The company is eyeing P10.5 billion in sales this year, up 10.5 percent from 2009.
DMCI launched three projects during the first quarter of the year – Cedar Crest (a medium-rise residential development in Taguig City), The Redwoods (a neo-Asian inspired residential village in Fairview, Quezon City and the Iris Tower at the Tivoli Garden Residences (a high-rise garden community in Mandaluyong City.
Five more projects will be introduced to the market in the second half of the year. These include La Verti Residences, a twin high-rise tower located behind the Manila Adventist Hospital on Donada Street in Taft Avenue Pasay; Flair Towers which is a two-tower high-rise along Reliance corner Pines Street near Edsa; Siena Park Residences, a medium-rise development in West Service Road, Bicutan, Parañaque City.
Also in the pipeline is a medium-rise development in Visayas Avenue, Quezon City and another medium-rise property in Muntinlupa on a three-hectare property.
DMCI Homes, which has been building themed communities for the past 10 years with most of its housing units priced below P2.5 million.

Bahay Financial names new CFO

(The Philippine Star) Updated November 01, 2010 12:00 AM
MANILA, Philippines - Bahay Financial Services (BFS), the country’s premiere asset management company, recently announced the appointment of Elizabeth Ann Yu as its new chief finance officer (CFO).
BFS, the first-of-its-kind and fully integrated asset management and mortgage servicing platform in the country, is successfully manages both performing and non-performing loan portfolios.
Apart from its commitment to raising the standards for account management, the company is steadfast in its policy of ensuring that its various areas of expertise are up to par with international standards and best practices – highlighted in the area of asset management.
As the company’s new CFO, Yu vowed to focus on sound finance management, strategy and execution in order to proactively create value-adding processes to move forward towards BFS’ next growth stage. 
Yu is a seasoned executive with over 30 years of diverse experience in the fields of general management, sales, marketing, finance, risk management, human resources and information technology.
Prior to joining BFS, Yu was with Merck Inc., a global pharmaceutical and chemical company for 17 years, eight of which she served as the vice president, head of chemical Philippine operations. She also became President of the Association of Pharmaceutical Finance Executives of the Philippines.

Property development projects sprout in Albay

(The Philippine Star) Updated October 29, 2010 12:00 AM
MANILA, Philippines – Property development projects have sprouted in Albay, especially around the P3.07- billion Bicol International Airport, now under construction, due to the province’s disaster risk program.
Local officials said the development could usher in a real estate boom, especially in the airport vicinity and Legazpi City, in the next few years, with property prices leaping up 10-fold from their original P50 per square meter value.
The development in the area, known as the Guicadale Economic Platform, is impressive, said economist and Albay Gov. Joey Salceda.
Private investors in the Guicadale Economic Platform now help integrate Disaster Risk Reduction (DRR) and Climate Change Adaptation (CCA) into public investment programs, Salceda said.
He said Jaucian Village, a large residential subdivision in Daraga, for example, reported near 100 percent take up, with locators leaping by 74 percent.
Bicol College, one of Albay’s growing educational institutions, is also set to establish its new campus in Anislag, once a lowly upland barangay but now a populous one.
The Guicadale area is strategically situated in the towns of Guinobatan, Camalig, and Daraga and Legazpi City.
Salceda said these developments “are most welcome as they enable the province to build safer areas for habitation and business away from the Mayon Volcano lahar zone and flash flood-prone areas.”
“Without private sector participation, the government will spend at least P14 billion for the Mayon refugees’ relocation to safer areas. There is also the added benefit of the spatial integration of the markets and economies
of Sorsogon and Albay,” he said.

Resorts World operator gets $300M in funds

Posted on 09:20 PM, October 28, 2010 [ BusinessWorld Online ]
TRAVELLERS International Hotel Group, Inc., a joint venture between Andrew L. Tan-led Alliance Global Group, Inc. and Genting Hong Kong Ltd., has raised $300 million in fresh capital by selling seven-year bonds.
The maiden offering of the unlisted hotel and leisure firm, bagged the lowest coupon rate for a gaming firm worldwide, officials said.
Fresh funds will be for the “expansion of Resorts World,” Alliance Global President Kingson U. Sian told reporters.
“Travellers [International] was able to successfully tap the bond market after just a year of operations. It has no credit history yet,” he added.
“Since this is the maiden issue of [Travellers International], for them to raise $300 million and $1.1 billion in demand is unique,” said Lauro C. Baja III, managing director of sole global coordinator UBS Investments Philippines, Inc.
The coupon rate for the bonds due in 2017 is 6.9%, lower than the guidance of 7.5%.
“[The investors] are comfortable with the principal shareholders Alliance Global and Genting,” Mr. Baja said.
The bonds were sold to 88 investors, 90% of which were from Asia, and 10% from Europe. Mr. Baja said 59% of the bonds were secured by banks. A quarter went to fund managers.
UBS and Deutsche Bank were the joint book runners while the local lead manager was Banco De Oro Capital and Investment Corp.
Mr. Baja said investors wanted more exposure to Alliance Global following the conglomerate’s $500-million maiden bond issue, which was nine times oversubscribed, in August.
Travellers International, which operates the eight-hectare Resorts World Manila in Pasay, is 50% owned by Genting, the third-largest cruise line operator in the world. -- Neil Jerome C. Morales

Century taps Versace for condo design

Friday, 29 October 2010 00:00 [ ]
Century Properties has partnered with Milan-based fashion-luxury brand Versace for a residential project in Makati city. In a statement, the property developer said Versace Home will design the interiors of the P3-billion high-end project called The Milano Residences. This development will be the international brand’s first project in Southeast Asia.
“To have a Versace Home interior designed address presents a rare opportunity and an immense value to both end users and investors for units are very few and are considered collectible real estate,” Robbie Antonio, Century Properties project head and managing director, said.
The developer said the building’s architecture is seen to complement Versace Home’s elegant interior design, which will be shown in the grand lobby, hallways, lounge, library, pool garden and spa.
Versace Home will also create interior inspirations that residents may adopt for their own units, Century Properties said.
The 53-story Milano Residences is expected to be completed in 2015.

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