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

Vista Land targets P10-B sales

Posted on September 30, 2012 09:29:06 PM [ BusinessWorld Online ]

LISTED property developer Vista Land & Lifescapes, Inc. expects combined sales from The Hudson at the Fort and The Alpine Village, its new upscale residential projects in Bonifacio Global City (BGC) and Tagaytay City, respectively, to reach about P10 billion, a company official told reporters during the projects’ joint launch in Makati Shangri-La on Friday last week.
Architect’s rendition of The Alpine Village project in Tagaytay City provided by Brittany Corp.

“Sales value for Hudson is around P3 billion, and around P7 billion for Alpine,” said Nova J. Noval, marketing head of Vista Land’s subsidiary Brittany Corp. which targets the high-end residential market.

So far, pre-selling has been robust for both projects, Ms. Nova said, noting: “At the rate we’re going, hopefully we’ll be sold out by the end of the year.”

Bulk of unit buyers at The Hudson at the Fort and The Alpine Village are businessmen, another company official said. “We usually have entrepreneurs and self-employed people [buying units] at these developments,” Ricardo B. Tan, Jr., Vista Land chief financial officer and compliance officer, said in a separate interview. “A good 30% are foreigners.”

The Hudson at the Fort is a 28-storey mixed-use residential condominium set to rise at the corner of 20th and 21st Drives in BGC’s East Forbes district, also known as “Millionaire’s Row,” according to Brittany’s Web site.

The Hudson at the Fort will offer 141 one- to three-bedroom units, as well as four Elite Garden Suites and two Penthouse Suites, Vista Land said last week. The first two levels will house upscale dining, retail, and service establishments to cater to residents, while corporate spaces will be on the eighth and ninth floors.

The Alpine Village, meanwhile, is a seven-hectare residential and commercial complex in Crosswinds, Brittany’s 100-hectare, Swiss-inspired prime leisure development in Tagaytay City, a statement said on Friday. The Alpine Village will feature three residential towers patterned after Swiss chalets, shops and restaurants.

The Alpine Village is scheduled to be completed in 2014, while The Hudson at the Fort should be operational by 2017, Mr. Tan said.

Vista Land shares gained three centavos or 0.63% to P4.78 last Friday from P4.75 on Thursday.

Century Properties plans mall in Makati City complex

Posted on September 30, 2012 09:29:56 PM [ BusinessWorld Online ]

REAL ESTATE developer Century Properties Group, Inc. plans to open next year Century City Mall, its first retail development that will form part of its planned mixed-use complex in Makati City.

“Century is already accepting letters of intent from potential locators. Expected opening is in the second half of 2013,” Terrie Fucanan-Yu, the company’s vice-president for corporate communications, said via text last Saturday when asked for a timetable for Century City Mall’s opening.

According to a statement by the firm last Saturday, the five-storey Century City Mall will have 50,000 square meters for lease to about 110 retailers, as well as three basement floors with 527 parking spaces.

Upon completion, Century City Mall will have a supermarket, stores, concept shops, restaurants, and four cinemas.

Century City Mall will form part of Century Properties’ P15-billion, 3.4-hectare Century City project along Kalayaan Avenue in Bel-Air, Makati City, the statement read.

Shares of Century Properties gained four centavos or 2.80% to P1.47 on Friday last week from P1.43 on Thursday. -- FJGDLF      

SM Prime sees faster growth in H2

By Neil Jerome C. Morales (The Philippine Star) Updated October 01, 2012 12:00 AM

MANILA, Philippines - SM Prime Holdings Inc., the country’s largest mall developer, said it expects to post faster growth in the second half compared with the first semester.

Robust economic growth backed by consumer spending and efficient operations will result in a better second half, the company’s top executives said.

“I am very confident we are hitting all our targets. I am now working towards going beyond our targets,” SM Prime president Hans Sy said in a chance interview.

“It is very encouraging. One thing is for the operation, we are very much in control of how we want things done,” he said.

In the first six months of 2012, SM Prime posted P4.92 billion in net income, up 15 percent compared with P4.27 billion in the same period last year.

Revenues also climbed 15 percent to P14.57 billion on the back of the uptick in same-store sales, new store openings and the improved performance of the group’s malls in China.

“I think the economy and consumer spending continues to improve,” said Jeffrey Lim, executive vice-president and chief finance officer of SM Prime.

He said the economic resiliency amid global woes will drive the continuous growth for SM Prime.

The Philippine economy grew 6.1 percent in the first half, slightly faster than the government’s five- to six-percent target for the year.

To sustain the growth pace, the mall developer allotted P63 billion in capital expenditures for the next three years.

Lim said this will allow SM Prime to develop three to five malls per year.

SM Prime is keeping its options open in funding the average of P21-billion spending in the next three years.

“We have to see how the market goes and will just wait for next year,” Lim said.

The company might take advantage of the low interest rate environment and market liquidity to secure funds, Lim said.

On Friday, the company opened SM Lanang Premier in Davao, its 46th mall in the country, bringing the firm’s total combined gross floor area to 5.5 million square meters.

It is the fifth SM mall to be opened this year after SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga and SM City Gen. Santos in South Cotabato.

For the rest of 2012, SM Prime, the mall developer of retail and banking tycoon Henry Sy, is slated to open SM Chongqing in China.

9 banks, 8 developers sign up for HGC's B-B-B program

(The Philippine Star) Updated September 29, 2012 12:00 AM

MANILA, Philippines - Philippine Savings Bank, Planters Development Bank, East West Banking Corp., Sterling Bank of Asia, Philippine National Bank, Land Bank of the Philippines, Rural Bank of Makati, Philippine Veterans Bank, and Equicom Savings Bank; and developers Filinvest Land, New San Jose Builders, PRO-Friends, Suntrust Properties, Foghorn, 8990 Development Corp., Hausland and NGG Properties, Inc. all signed up for the Home Guaranty Corp.’s (HGC) Bankers-Builders-Buyers (B-B-B) program.

According to HGC president Manuel R. Sanchez, the B-B-B program is an enhancement of HGC’s function as fund mobilizer for housing.

“We aim to bring together bankers, builders and buyers in a housing finance circle complementing each other’s needs and functions”, Sanchez said.

The B-B-B program aims to assist partner banks promote housing loan products to builders and home buyers; bring builders to banks for project financing and promoting their housing units to prospective buyers; and guide homebuyers to self-qualify for housing loans and provide them with home-buying options according to their financial capacities and other preferences such as types of housing unit, location, etc.

Prospective homebuyers and the general public can avail of B-B-B services through the official B-B-B website. The B-B-B website is an online database of housing loan products of partner banks, available housing units of partner developers, home buying tips and guides, FAQs and various other information. “It is virtually Home Ownership 101,” Sanchez said.

The B-B-B website will be launched on Oct. 8, at the SMX Convention Center, Mall of Asia.

Vista Land Homebuilder Bonds OK’d

Posted on September 28, 2012 08:13:26 PM [ BusinessWorld Online ]

THE P2.5-BILLION Homebuilder Bonds of Vista Land & Lifescapes, Inc. has obtained regulatory approval in a bid to raise funds for corporate purposes and attract more buyers of the company’s properties.

The real estate firm’s registration statement was approved by the Securities and Exchange Commission (SEC) last Sept. 24 and made available late Thursday.

“Yes, it’s already okay,” Gerard M. Lukban, SEC secretary, told BusinessWorld in a text message on Friday when asked whether the company’s bonds have been approved.

Last July 26, Vista Land authorized its management to offer the Homebuilder Bonds at a maximum amount of P2.5 billion, and will be offered to the traditional low- to middle-income market base.

“Through this offer, Vista Land seeks to enable its potential market for affordable and middle-cost housing units to accumulate funds that could sufficiently afford them a quality home built to suit their needs in the near future,” the company’s registration statement read.

“This alternative savings mechanism is primarily targeted to benefit the low to middle-income market segment, which very seldom has access to relatively high-yielding investment products at reasonable risks,” it added.

Vista Land expects to initially raise P468.93 million in net proceeds from the first tranche of P500.40 million due in 2015, which may be further expanded to a maximum of P834 million due in 2017, the document added.

For the first tranche, the bonds will have a 5.00 to 6.75% per annum indicative interest rate and a P180,000 minimum subscription payable through 36 monthly payments of P5,000.

Upon the bonds’ maturity, investors may opt to use the proceeds to purchase a Vista Land property, or secure a cash pay-out.

Investment & Capital Corp. of the Philippines and RCBC Capital Corp. will be serving as underwriters for the transaction.

Vista Land, founded by Senator Manuel B. Villar, Jr., has so far delivered about 200,000 units to buyers since 1977, and claims to have a presence in over 50 cities and municipalities nationwide, its Web site read.

In the first quarter, the company bared plans to develop eight residential condominiums worth P10 billion and 32 residential subdivisions worth P32 billion this year.

In addition, the developer is targeting to hit reservation revenues of P28 billion to P30 billion by the year-end, compared to a 2011 goal of P24 billion incurred from 23 projects, it said last May.

For 2012, Vista Land had programmed a capital expenditure of P15 billion, to be used mostly for Camella Homes, which sells residential units valued at P3.5 million and below.

The real estate firm boosted its January to June net income by 25% to P2.19 billion from P1.74 billion last year, buoyed by revenue growth that reached P8.1 billion versus P6.6 billion last year, a 22% increase.

Costs and expenses for the period, meanwhile, expanded by 21.86% to P6.41 billion from P5.26 billion, year on year.

Vista Land shares rose by 0.63% to P4.78 on Friday from P4.75 at its previous close. -- Franz Jonathan G. de la Fuente

real estate central philippines
Copyright ©2008-2019