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

Bonifacio project to get more funds

Posted on July 31, 2012 09:43:46 PM [ BusinessWorld Online ]

LISTED PROPERTY developer Megaworld Corp. has pledged to spend more on a mixed use development in Bonifacio Global City than earlier committed amid brisk sales so far.

Megaworld said it will increase its investment in the so-called Uptown Bonifacio project to P65 billion over the next 20 years from P45 billion “due to the strong outlook and demand.”

Uptown Bonifacio is a 15-hectare mixed-use project which will be located in the northern district of Fort Bonifacio.

It will have 18 towers, offering a total potential development of 500,000 square meters (sq. m.) of residential space, 400,000 sq. m. of office space and 90,000 sq. m. of retail space.

It will include a residential condominium facility called Uptown Ritz which the firm said has been experiencing “exceptionally brisk” sales.
Uptown Ritz is estimated to cost P8 billion.

“We have never experienced such tremendous optimism in the real estate market in the last 15 years. It will take Megaworld’s renowned live-work-play lifestyle to new heights,” said Megaworld Senior Vice-President for Marketing Noli Hernandez.

Megaworld could not be reached for further details on its increased investments.

The township will also host a P12-billion corporate tower.

The planned complex will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system developed by local accreditors.

Megaworld was incorporated in 1989 as Megaworld Properties and Holdings, Inc., and is currently engaged in the development of large-scale, mixed-use, master-planned townships.

Since its formation, the firm claims to have launched approximately 225 residential, office, and hotel units, bringing its aggregate property footprint to over 5.8 million sq. m.

Megaworld is currently developing over 40 residential and business process outsourcing projects in Metro Manila.

For 2012, the company is allotting P25 billion to bankroll its capital spending this year, with 11 residential projects targeted for launching in the first semester alone.

Megaworld said it increased its net income by 27% to P1.58 billion in the first quarter from the P1.24 billion recorded in the same period last year.

Revenues, meanwhile, expanded by a reported 22% to P7.0 billion from P5.7 billion in year-ago levels, a separate filing further showed yesterday.

Strong sales from residential projects in Megaworld-developed districts Newport City, McKinley West, McKinley Hill, and Eastwood City, coupled by higher leasing income from business process outsourcing and retail projects, boosted the developer’s net earnings.

Shares of Megaworld closed at P2.26 yesterday, up 0.89% from its previous close. -- Emilia Narni J. David        

Ortigas & Co. readies road for new complex

Posted on July 31, 2012 09:38:36 PM [ BusinessWorld Online ]

ORTIGAS & CO. will open this week a widened Meralco Ave. in Pasig City as it prepares the area for a planned mixed-use development, officials said yesterday.

“The Meralco [Ave.] expansion is set against the backdrop of transforming the site of the former Rizal Provincial Capitol to be a vibrant, mixed-use development, Capitol Commons,” Joselito F. Santos, Ortigas real estate division general manager, said in a statement released yesterday at the launch ceremonies.

“[The widened portion] will probably open this week. We’re just securing some permits from the city government,” Sylvan John S. Monzon, commercial business development manager for Ortigas’ real estate division, told BusinessWorld in a separate interview yesterday.

Ortigas provided funding and for the project, while the Pasig city government contributed logistical support, Mr. Santos said.

The P19-million widening of Meralco Ave. -- which borders one side of Capitol Commons -- broadened a 450-meter stretch of the thoroughfare from Capt. Henry Javier Road to Shaw Boulevard to 22.2 meters from a previous 9.7 meters.

The road widening is seen to increase Meralco Ave.’s vehicle capacity by 134% to about 4,215 vehicles during peak hours versus a previous 1,800-vehicle limit, the statement noted.

This comes as traffic and pedestrian volume in the area is likely to rise significantly in the next few years while Ortigas’ P25-billion, 10-hectare Capitol Commons development is being constructed.

In addition to pedestrian lanes, stone and concrete sidewalks, three new lanes were constructed for northbound vehicles, with each lane measuring 3.22 meters.

“A widened Meralco Ave. will pave the way for a stable traffic flow and reduced travel time for motorists who use the road to access St. Paul College [Pasig], University of Asia & the Pacific, PhilSports Complex, and the Valle Verde Country Club,” Ortigas added.

Ortigas is the developer behind the Valle Verde and Greenmeadows subdivisions, the Ortigas Center, as well as the Greenhills Shopping Center. -- Franz Jonathan G. de la Fuente       

DLC starts first real estate leasing project with DoLE

Written by  Aileen Lor
Wednesday, 01 August 2012 00:00 [ ]

The DBP Leasing Corp. (DLC) recently acquired an Insular Life building in Cebu for its first real estate leasing project.

The building, is going to be  leased by the Department of Labor and Employment (DoLE) for its regional office in Region VII.

“The project will enable DoLE to benefit from the lease financing scheme as the lease application requires no collateral with a reasonable interest rate and flexible terms,” DBP president and chief executive officer Francisco del Rosario said. Del Rosario also serves as DLC chairman.

Meanwhile, DLC president and chief executive officer Agustin Bengzon said the completion of the  DoLE project for the first quarter of 2012 is an achievement and a significant contribution to DLC’s non-traditional lease portfolio for 2012.

“As our first venture into real estate, we want to make sure that systematic evaluation and documentation are observed and a proper turn-over of the building is accordingly facilitated providing  only the best service for our first non-maritime project client — the DoLE,” Bengzon stressed.

“We would like to encourage other national government agencies (NGAs) to avail of DLC’s lease facility for NGAs in the acquisition of buildings for their offices through conversion of rentals into lease payments,” Bengzon added.

The property acquired from Insular Life is a six-story building located at the corner of General Maxilom and Gorodo Avenues in Cebu, City. It has a total area of 5,237 square meters which is inclusive of open parking spaces, penthouses and basement.

The building will house the DoLE Region VII office and its attached agencies such as the Overseas Workers Welfare Administration, the Philippine Overseas Employment Administration and the Occupational Safety and Health Center, among others.

21 families hang on to Jusmag property

By Ferdinand Fabella | Posted on August 01, 2012 | 12:01am
[ ]

The Bases Conversion and Development Authority urged residents of Jusmag property in Fort Bonifacio to vacate the lot and tap the government’s relocation program.

Arnel Casanova, BCDA president, said only about 21 families out of 299, or seven percent, living in the area have not applied for relocation, insisting that the BCDA has no jurisdiction over the 35.5-hectare Jusmag area.

Casanova said 277 families occupying 10 hectares of the property have voluntarily vacate the area and avail of the BCDA’s relocation option. Of the 277 families, 198 have already vacated the area.

On the other hand, a total of 107 families have opted for outright cash while 69 families chose to relocate in the National Housing Authority’s relocation site in Rodriguez, Rizal.

“The relocation program presented to the informal settlers is considered one of the best relocation programs so far offered to informal settlers,” Casanova said.

The relocation package consists of cash equivalent to the value of their respective houses as assessed by the Taguig City Assessor’s Office, plus a cash incentive which the resettlers can use as start-up capital for any livelihood project they may set up in their new community, according to the BCDA official.

As to the remaining residents who threatened BCDA of criminal lawsuits, Casanova said they held a dialogue with them on July 26.

“However, the dialogue abruptly ended following the unruly behavior from representatives of the seven percent minority who refused to avail of the relocation program,” he said.

SMC sells Rockwell shares

Posted on July 30, 2012 11:05:24 PM [ BusinessWorld Online ]
By Franz G. de la Fuente, Reporter

SAN MIGUEL Corp. (SMC) and two of its units have completed the sale of their stake in Rockwell Land Corp. for over P2.09 billion, a disclosure to the local bourse yesterday showed.

According to the disclosure, 681,646,831 shares held by parent firm San Miguel were sold back to the Lopez-led First Philippine Holdings Corp. (FPH) last Friday.

The 166,530,579 shares held by San Miguel Pure Foods Co., Inc., and 194,624,266 million shares held by SMC Global Power Holdings Corp. were likewise crossed, but these were not sold to the Lopez camp, FPH spokesperson Maria Hazel B. Velasco said.

Over 1.042 billion Rockwell Land shares in total were sold at P2.01 apiece, a 35.58% discount from their closing price on Friday, the filing showed.

The San Miguel group, a shareholder in Manila Electric Co., (Meralco) had obtained the Rockwell Land shares after the distribution utility issued such as property dividends. Meralco shareholder Beacon Electric Asset Holdings, Inc. had similarly sold its Rockwell Land shares to FPH at P2.01 apiece.

Rockwell Land debuted on the Philippine Stock Exchange last May by way of introduction, listing 6.23 billion shares at P1.46 each.
The developer said its first-quarter net income grew by 3.77% to P165 million from year-ago levels, on the back of higher condominium sales and improved leasing income.

San Miguel, for its part, already has a presence in the local real estate market via listed San Miguel Properties, Inc.

San Miguel recorded an 18.77% increase in its first-quarter net income to P8.48 billion from P7.14 billion in the same period last year, anchored on the robust results of a majority of its businesses in the period.

Rockwell Land shares went up by 0.32% to P3.13 yesterday.

Shares of San Miguel climbed by 0.89% to P112.80 yesterday, while those of its subsidiary, San Miguel Pure Foods, were last traded on July 10 at P950 apiece.

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