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

SM Land gets SEC nod to double capital

By Zinnia B. Dela Peña (The Philippine Star) Updated December 31, 2011

MANILA, Philippines - SM Land Inc., the commercial property development and management arm of Sy-owned SM Investments Corp., has obtained the Securities and Exchange Commission’s nod to double its capitalization to P2 billion.

Documents filed with the SEC show that the capital increase was intended to cover SM Land’s dividend declaration.

SM Land submitted an unsolicited proposal to the state-run Bases Conversion and Development Authority to develop a 33.1-hectare military lot in South Bonifacio into a mixed-use complex. It committed to invest at least P20 billion.

The company’s proposal offers upfront cash worth P2 billion upon signing of the joint venture contract as well as secured annual revenues for 20 years totaling P25.9 billion, for a present value of P36,900 per square meter.

Six major real estate developerss namely Ayala Land, Filinvest Land, Jones Lang La Salle-Leechiu, Megaworld Corp., Robinsons Land and Rockwell Land, earlier purchased the terms of reference for the eligibility requirements to challenge the offer of SM Land.

Under the Bonifacio South master plan, the BNS/PMC/ASCOM/SSU lots would be developed into a medium- to high-density residential and mixed-use complex, with a maximum allowable gross floor area of 1.355 million square meters.

The property is located along Lawton Avenue and is separated from the 34.5-hectare Joint US Military Advisory Group property by state-owned National Mapping and Resource Information Authority’s property and a six-hectare piece of land retained by the Philippine Army.

Genting to build 2nd casino

by Jenniffer B. Austria
[ ] December 30, 2011

Star Cruises Ltd. of Genting Malaysia Bhd., co-operator of the country’s largest casino, and local partner Alliance Global Group Inc. plan to start building their second gambling resort in Pasay City next year to meet demand.

“We are confident that there is a market,” Alliance president Kingson Sian told reporters Thursday. The second project, called Resorts World Bayshore, follows the existing Resorts World.

Genting and Alliance’s venture, Travellers International Hotel Group, will build a 31-hectare gaming complex in Pasay City after winning one of four casino operator licenses the Philippines issued in 2008 and 2009. Belle Corp., Bloomberry Investments Holding Inc. and Japan’s Universal Entertainment Corp. are also building casinos under the licenses.

“We have to make sure that Bayshore won’t cannibalize what we have at Resorts World,” Sian said.

Travellers plans to expand its existing 10-hectare Resorts World and may buy two hectares of property after estimated foot traffic more than doubled to between 18,000 to 20,000 visitors a day this year, Sian said. Resorts World visitors will probably more than double to 5 million in 2011 from 2 million last year, the company estimates.

Alliance and unit Megaworld Corp. expect to post record profit this year, Sian said.

Sian said Travellers would acquire the two-hectare property from sister company Megaworld Corp. He said the acquisition would enable Travellers to put up more shopping, entertainment and gaming areas within the area.

About 15,000 of the 18,000 visitors in Resorts World Manila are casino players. Sian expects the number to increase to 35,000 to 40,000 a day toward the end of 2012.

He said the company had started offering 24-hour cinema and would soon have a 24-hour shopping for customers. It is also building a huge gaming arcade that will attract families.

The company is building the country’s largest ballroom with capacity of 2,500 people and putting up new hotels within the area.

Bayshore Manila will be the company’s second integrated tourism estate. It is three times the size of Resorts World Manila.

Travellers International has committed to invest $1.1 billion to develop the property.

Alliance Global is one of the biggest conglomerates in the Philippines, with interests in the food and beverage industry, property development and quick service restaurant operations.

Star Cruises is the leading cruise line in the Asia-Pacific. Its main business activities include leisure and entertainment under Genting Malaysia, a private company incorporated in 1980.

2nd Resorts World complex planned

Posted on December 29, 2011 08:41:39 PM [ BusinessWorld Online ]

THE RESORTS arm of conglomerate Alliance Global Group, looking to begin work at its second integrated tourism estate next year, a ranking official said yesterday.

“We plan to start next year. We’re still finalizing the plans. It’s a big property, you have to have several iterations,” Kingson U. Sian, president and chief operating officer of Alliance Global, in a briefing yesterday, referring to Resorts World Bayshore.

The 40-hectare complex in Pasay City to be located in the state-run Philippine Amusement and Gaming Corp.’s Bagong Nayong Pilipino Entertainment City will feature approximately 2,500 hotel rooms along with leisure, retail, gaming, and entertainment facilities.

Alliance Global unit Travellers International Hotel Group, Inc. had earlier allotted around $1.1 billion for the project, which is expected generate 100,000 direct and indirect jobs.

This comes on top of plans to further expand the firm’s existing Resorts World Manila complex across the Ninoy Aquino International Airport - Terminal 3 to accommodate more entertainment and hotel facilities.

The complex was developed in partnership with Genting Hong Kong, Ltd.

“We have around 10 [hectares] here right now, but we’re expanding this. We will probably end up with around 12 hectares,” Mr. Sian said, noting that the additional two hectares owned by subsidiary Megaworld Corp., had already been secured.

“[Our plans show] that we are confident about the business, and that the market is there. We are committed to the Philippine tourism story, and you can see this in the tourism numbers,” Mr. Sian added.

Alliance Global was incorporated in 1993 and listed on the Philippine Stock Exchange in 1999 with an initial business investment in glass-container manufacturing in Canlubang, Laguna. -- Franz Jonathan G. de la Fuente

Vista Land eyes higher capex for next year

Posted on December 29, 2011 08:38:02 PM [ BusinessWorld Online ]

REAL ESTATE firm Vista Land & Lifescapes, Inc. may ramp up capital spending next year as it looks to further improve existing developments south of Metro Manila, a ranking official said late last week.

“We’re working on our capex (capital expenditures) for next year, but it will definitely exceed this year’s,” Ricardo B. Tan, Jr., Vista Land chief financial officer, told BusinessWorld in a telephone interview, declining to state the size of the intended increase.

Earlier this year, the Villar-led firm tentatively earmarked P45 billion for capital spending through 2013, allotting around P11 billion for 2011.

Approximately P8.1 billion it had already been spent for construction, land development, and acquisitions in the first nine months, the company said in November.

Vista Land said the higher spending for next year will be allotted for improvements to its four development hubs: Evia, a masterplanned residential development in the Alabang-Las Pinas area; Lakefront in Sucat, Paranaque City; the Swiss-themed Crosswinds in Tagaytay City, and its mixed-use project dubbed Sta. Elena City, in Santa Rosa City.

These projects are expected to receive a boost with the contract for the P1.96-billion Daang Hari-South Luzon Expressway Link seen to be awarded to contractors next year, Mr. Tan said.

Further, Vista Land may also opt to explore the debt market but only as needed, given the firm’s strong cash position at present.

“Borrowing is also an option, but we have enough cash [now.] We have raised P75 million from notes this year,” Mr. Tan said.

Vista Land launched 19 projects valued at P13 billion in the January to September period. -- Franz Jonathan G. de la Fuente

VP Binay: Gov’t to help rebuild Iligan homes

12/30/2011 [ ]

Vice President Jejomar Binay yesterday assured families affected by tropical storm “Sendong” in Iligan City that the national government, in partnership with the local government unit (LGU), will help them rebuild their houses.

“It is really sad especially as the New Year is upon us. But the government is here, ready to provide help,” the Vice President said.

“For the victims’ properties that are not in the danger zones, we will help in providing materials to build your homes and Pag-IBIG (Home Development Mutual Fund) members, you can avail pf loans and insurance claims,” he added.

Non-Pag-IBIG members, on the other hand, were assured of assistance from the National Housing Authority through socialized housing.

Binay also told the residents that President Aquino ordered not to allow them to return to the danger zones to keep them safe.

Binay, however, reassured that he had already asked Iligan City Mayor Lawrence Lluch Cruz to search for relocation sites for those who live along danger areas such as rivers, creeks and other waterways.

“The mayor said, what is needed is to find 30 hectares for relocation. This is why we are revisiting the places and houses so everybody can be given homes as quickly as possible. We just have to distinguish Pag-IBIG and non-Pag-IBIG members,” he said.

“Philip Morris also provided a little help and we will use this for relief operations and disinfectants for the houses,” he added.

While in Iligan, Binay handed out 4,700 bags of canned goods, noodles and biscuits at the Iligan National High School, Marawi State University-Iligan Institute of Technology, Luinab Elementary School, Hinaplanon Elementary School and Iligan City East Central School.

Earlier, Binay visited Cagayan de Oro City and Negros Oriental to check on the situation of the survivors, hand out relief goods and condole with families who lost their loved ones due to the typhoon.

Alsons eyes control of Davao property

    Published : Friday, December 30, 2011 00:00 [ ]

Alsons Consolidated Resources Inc. (ACR) is set to purchase a controlling stake in a company that has rights to own and develop a property in Davao.

In a disclosure to the Philippine Stock Exchange, ACR said it obtained board approval to acquire 72 percent of the outstanding shares of C. Alcantara & Sons. Inc. from its parent firm Alsons Development and Investment Corp. for P1.2 billion.

“This acquisition provides ACR the right to own and develop 21.27 hectares of land and three hectares of foreshore leased area in Lanang, Davao,” the company said.

The Lanang property is beside a mixed-use residential, commercial and industrial area.

The company is also engaged in the property development sector through Alsons Land Corp., which is primarily involved in a 72- hole golf course development Eagle Ridge Golf & Residential Estate and a 440-hectare industrial estate Lima Technology Center.

ACR expects its profit to reach P482.9 million by yearend, an improvement of 28 percent from the P377.8 million in 2010.

In the first nine months, it reported a 58-percent growth in net attributable earnings to P403.4 million from P254.2 million in the same period last year.

Consolidated net income for the nine-month period grew by 18 percent to P915.7 million, inclusive of other non-recurring income from the remainder of Western Mindanao Power Corp.’s insurance claim and loan provision reversals.

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