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

DMCI Holdings nets P9.6B, up 76%

[ ] April 28, 2011
DMCI Holdings Inc. said profit last year reached P9.64 billion, up 76.23 percent from P5.47 billion in the previous year.
In a regulatory filing, the Consunji-led firm said profit less minority interest reached P7.87 billion, 67.44 percent higher than the previous year’s P4.7 billion.
Revenue rose to P43.48 billion from last year’s P27.27 billion, with the biggest share coming from the company’s mining operation at 37 percent.
Construction revenues contributed 25 percent of the total, real estate contributed 18 percent, while power contributed 21 percent.
DMCI’s mining operation is done through coal mining unit Semirara Mining Corp. and mineral exploration through unit DMCI Mining Corp.
The construction business is done through unit DM Consunji Inc. and DMCI Project Developers Inc. The latter is engaged in construction business-generating investments, primarily through its equity participation in various project and infrastructure development activities.
The real estate business is handled through unit DMCI Homes, while the power business is held under DMCI Power Corp.
The company said profit also received a boost from earnings from DMCI’s holdings in the Maynilad Water concession.
The water business contributed 24 percent of profit, the mining business contributed 26, construction and real estate, 16 percent, and power, 11 percent.
DMCI said the full-year operation of its Calaca power plant in 2010 was also a big contributing factor in its profit growth, as the other businesses were already doing good.
DMCI also recognized an after-tax income from the sale of unit AG&P as a discontinued business worth P677 million.

Filinvest gets ITH for P2.3-billion mass housing project

By Ma. Elisa P. Osorio (The Philippine Star) Updated April 28, 2011 12:00 AM
MANILA, Philippines – Filinvest Land Inc. has received income tax holidays (ITH) from the government for two of its mass housing projects with a combined worth of P2.3 billion.
The first condominium project, The Linear Makati will be located at Mayapis St. cor. Malugay and Yakal Sts., San Antonio Village, Makati City.
The firm will develop 7,413 sq. m. of land and will construct two 24-story buildings comprising of 1,734 units. Of this, only 1,483 units will be applied for BOI registration with package price available at P2.02 million and P2.62 million per unit. The construction cost using the conventional system is P34,404 per square meter.
The project involves a total investment of P2.276 billion, which covers site acquisition and development, condominium construction and acquisition of equipment, pre-operating expenses and working capital. The proposed project will generate 269 personnel.
The second real estate development is a subdivision project, La Brisa Townhomes located at Brgy. Punta, Calamba City, Laguna. The firm will develop a 4,943 sq. m. of land and will construct 40 low cost/economic housing units with package price available at P1.3 million and P1.5 million per unit.
The construction cost using the pre-cast system is P 13,118 per sq. m.
The project involves a total investment of P 35.46 million, which covers site acquisition and development, house construction, pre-operating expenses and working capital. This proposed project will generate 22 personnel.
The project will be located in Brgy. Punta, Calamba City, Laguna which is one of the less-served areas for mass housing, hence will be entitled to four-year ITH.

Ayala Land puts up IT complex in Iloilo

Posted on April 27, 2011 07:56:50 PM [ BusinessWorld Online ]
LOCAL DEVELOPER Ayala Land, Inc. is building a three-building complex in Iloilo City to house business process outsourcing firms (BPO), signaling continued interest in growing office spaces in the provinces, a statement released last week showed.
The complex will be adjacent to Smallville Business and Leisure Park and the Boardwalk Leisure Center that accommodate restaurants and entertainment facilities.
Already, the complex has reportedly secured a tenant for a 2,500-square-meter (sq. m.) area in the BPO hub: Hinduja Global, one of India’s biggest BPO firms offering client servicing to firms in the Western countries in the insurance, telecommunications and consumer electronics sectors.
Lylah Fronda, senior manager of property consultancy Jones Lang LaSalle Leechiu (JLLL), said Hinduja considered three factors for its Iloilo branch: the presence of 17,000 graduates per year who have a natural proficiency to speak English; the opening of the Ayala Land-developed Iloilo Technohub and the recent completion of the 164-megawatt, coal-fired plant Global Business Power Corp., which allows competitive power rates in the region.
“All these developments were accomplished with the encouragement of a proactive local government focused on availing of opportunities for pump-priming the local economy,” said Phillip G. Añonuevo, associate director of JLLL.
Mr. Añonuevo said the key factor in looking for a BPO space is that the area is accredited by the Philippine Export Zone Authority, allowing tax incentives.
“Opportunities in the real estate office market have never been more attractive even in the key cities outside of Metro Manila like Iloilo, Lipa, Bacolod and Davao,” the statement read.
The project comes in line with Ayala Land plans to start the construction of additional 200,000 sq. m. of office space gross leasing area (GLA) and start the operation of five new BPO buildings in Baguio, Nuvali, Iloilo, Bacolod and Cebu totaling 55,000 sq. m. of GLA, according to earlier reports. Last year, it launched 103,000 sq. m. of new BPO GLA.
As of end-December, total available BPO GLA of Ayala Land hit 272,676 sq. m. with an occupancy rate of 70% compared with 55% a year ago.
The BPO industry posted almost $9 billion in revenues last year, up by 26% from 2009. The BPO sector drives the growth of the office market in the country.
BPO firms have increasingly set up outside metropolitan centers like Manila and Cebu as they seek to utilized untapped work force. -- N. J. C. Morales

PRCI approves tie-up with ALI for dev't of Makati racetrack into mixed-used estate

By Zinnia B. Dela Peña (The Philippine Star) Updated April 28, 2011 12:00 AM
MANILA, Philippines – Shareholders of Philippine Racing Club Inc. (PRCI) approved yesterday the joint venture between the race track operator and Ayala Land Inc. (ALI) involving the development of PRCI’s 21-hectare property in Makati into a mixed-use estate.
PRCI said the property, which used to house the company’s race track operations until 2008, will be its contribution in the joint venture. It will include recreational, entertainment, commercial, retail, office, residential and hotel components.
Several years ago, ALI teamed up with Manila Jockey Club to gain access to a part of the latter’s former San Lazaro racetrack area in Sta. Cruz.
PRCI trimmed its net loss to P33.93 million last year from P42.65 million in 2009 due to the slight growth in betting income and a decrease in costs and expenses.
Total revenues, however, slightly declined to P328.84 million. Revenues from club races inched up to P309.71 million from P305.78 million while lease revenues amounted to P14.77 million or a drop from P15.89 million.
PRCI maintained its position as the industry leader by posting P4.08 billion sales in 2010. Although the increase in sales is not big, this is still a significant development because it reversed the big drop in sales registered in 2009.
The share of OTBs (off-track betting stations) in the revenue generation remains the biggest source of sales due to the continuing expansion of the OTB network. As of end-December last year, the company had 288 OTBs.
PRCI is expanding outside Metro Manila even as its existing OTBs in Bulacan and Pampanga in Central Luzon, and Cavite, Rizal, Laguna and Batangas and Bicol area south of Metro Manila continues to show encouraging potentials.
Except for the second race track (1,400-meter track), the new racing facilities in Naic, Cavite has been completed at the start of 2009.
The immediate plan for the Cavite project is to complete the 1,400-meter racetrack to complement the 1,600-meter track; the construction of additional horse stables to accommodate the additional horses that want to stay in Naic, Cavite; and the construction of additional housing facility for helpers and grooms of horseowners who leave stables in the site.

Backlog of affordable housing units hits 1.4-M units - Panlilio

By Ma. Elisa P. Osorio (The Philippine Star) Updated April 27, 2011 12:00 AM
MANILA, Philippines - There is a backlog of 1.4 million units of affordable housing despite the 300 mass housing projects approved by the Board of Investments (BOI).
In an interview, Board of Investments (BOI) managing head Cristino L. Panlilio said they have included mass housing in the 2011 Investments Priorities Plan (IPP) to address the backlog.
However, the IPP has not yet been approved because of the dispute between the office of the vice president and the BOI and the Department of Finance. The DOF and the BOI would like to reduce the maximum worth of mass housing units to P2.5 million but the office of the vice president wants the ceiling to remain at P3 million.
In a separate interview, BOI executive director Efren V. Leano said their data showed that the 1.4 million units backlog is expected to go up further to four million by 2016.
“There is a need to encourage to go into mass housing,” Leano said. “From 2010 till today, investments in mass housing has reached P1.8 trillion and has generated employment for 100,000 individuals,” he added.
The DOF earlier said they would like the incentives for mass housing to be given directly to home buyers instead of the developers. Panlilio said they are open to this suggestion although this particular scheme did not come up during the consultations they did with the various government agencies when they were writing the 2011 IPP. Likewise, it was not brought up during any of the IPP public consultations held earlier this year.
“That suggestion never came up but we are open to discussing that. We are open to listening,” Panlilio said.

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