Alphaland seeks lifting of PSE sanction

Posted on February 28, 2013 10:22:56 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Alphaland Corp. has formally asked the Philippine Stock Exchange (PSE) to lift its current trading suspension after the firm raised its public ownership level to meet the bourse’s requirement.

“Alphaland wishes to inform the PSE that it has complied with the 10% MPO (minimum public ownership) requirement. Enclosed with this letter is a Secretary’s Certificate executed by the undersigned certifying to the foregoing facts,” Alphaland said in a disclosure yesterday, saying it now has a 10.53% float from 8.3% as of end-2012.

“In this regard, Alphaland respectfully reiterates its request for the exchange to lift the trading suspension imposed on the company’s shares for its previous noncompliance with the MPO requirement.”

Hans B. Sicat, PSE president and chief executive officer, said in an interview last Wednesday that Alphaland needed to present a Secretary’s Certificate before its trading suspension could be lifted.

PSE officials were not immediately available for comment yesterday.

On Thursday last week, Alphaland announced it had complied with PSE’s MPO rule when offshore unit Alphaland Holdings (Singapore) Pte. Ltd. sold on Dec. 31 last year 49.61 million common shares at P19 apiece to an undisclosed buyer.

Alphaland also paid last month P186,030 in documentary stamp tax and a P44.64-million capital gains tax for the share sale as part of sanctions for failing to comply with the MPO rule by the end of last year. Like other noncompliant firms, trading on its shares was also suspended.

Alphaland, formerly known as Macondary Plastics, Inc. is a joint-venture between London-based private equity fund Ashmore Group and Ongpin-led RVO Capital Ventures Group.

Its shares were last traded on Dec. 28 last year at P19.50 apiece. -- F. J. G. de la Fuente

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Rockwell introduces 3rd Proscenium tower

(The Philippine Star) | Updated March 1, 2013 - 12:00am

MANILA, Philippines - On Feb. 16, 2013, premium property developer Rockwell Land introduced the third tower of its latest residential project, the Proscenium, to chosen clients. The third tower, Lincoln, follows the successful introduction of the project in the fourth quarter of 2012.

The Proscenium will add 3.6 hectares to the Rockwell Center in Makati, and will be linked to the Power Plant Mall and will be within the proximity of other retail areas and residential towers in the mixed-use community.

Lincoln will rise to 47 stories and presents a selection of units ranging from studios to two-bedroom apartments, offering a variety of cuts to both end-users and property investors, which comprise majority of Rockwell Land’s clientele.

“The luxury property sector remains positive, and we are glad to see that this is reflecting on the Proscenium sales performance,” says Valerie Soliven, Senior Vice President for Sales and Marketing of Rockwell Land. “We are excited to provide more quality residences for those looking for a good investment and clients seeking ideal homes.”

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CDC spending P1b this year

By Othel V. Campos | Posted on Feb. 28, 2013 at 12:00am

[ manilastandardtoday.com ]

Real estate developer CDC Holdings Inc. is increasing its capital expenditure by 40 percent to P1 billion in 2013 from P600 million in 2012 to develop five major projects in Metro Manila.

“We have big plans for 2013 and beyond. We have started to move to high-rise development from medium rise and we have many projects in the pipeline,” CDC Holdings vice president for sales Charlene Chua-Sy said.

She said the company planned to offer private placements to foreign and local investors to raise P400 million to partly fund the P1-billion capital expenditure for the year.

CDC Holdings president and chief executive Melesa Chua said revenues were expected to double to P2 billion in 2013 from P1.14 billion last year.  Net income was up 118 percent to P109 million in 2012 from P50 million in 2011.

Chua said in 2013, CDC would pursue construction of the Citadines Millennium Ortigas; River Green Residences and Manila River City, both in Sta. Ana, Manila; Sentrale in Makati City; and Manila Lion’s Park, a 1.9-hectare community of 11 low-rise condominiums in Sun Valley, Parañaque City.

“Amidst the competitive and aggressive market, we were still able to hit the numbers we aimed for. I see the company growing and opening up more markets in 2013,” Chua said.

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Federal Land listing mulled

Posted on February 27, 2013 10:45:12 PM [ BusinessWorld Online ]

TY CONGLOMERATE GT Capital Holdings, Inc. is considering listing its property unit in the face of continued bright outlook on the stock market, a senior company official said yesterday, even as noted that initial public offering (IPO) will not take place this year.

  GT Capital Vice-Chairman Alfred V. Ty, who is also president of Federal Land, Inc., said while an IPO for property firm was “very much possible,” it would not take place in the near-term.

AN EXCITING YEAR

“Very much possible; the market is very good,” Mr. Ty replied when reporters asked on Federal Land’s IPO prospects on the sidelines of the GT Capital’s bond listing at the Philippine Dealing and Exchange Corp. (PDEX) office in Makati City.

“[We have] a lot of projects for Federal Land and additional funds would definitely be helpful for the projects that we are putting up; so, exciting year, so definitely it is something to consider.”

GT Capital yesterday listed P10-billion bonds on PDEX. It listed P3.1 billion worth of bonds maturing in 2020 with an interest rate of 4.8371% per annum, and P6.9 billion with 5.0937% interest rate per annum that will mature in 2023.

Asked if the IPO would be this year, Mr. Ty replied: “Not yet. It is something to think about from the Federal Land side, from GT Capital side.”

He did not elaborate.

So far, only one firm -- Yao-led Philippine Business Bank -- has listed this year.

Including GT Capital, five firms conducted IPOs last year. The other four firms were East West Banking Corp.; farm supply distributor Calata Corp.; coal miner Coal Asia Holdings, Inc.; and colorant producer D&L Industries, Inc.

CAPEX

Meanwhile, Mr. Ty said the company has earmarked P10 billion for capital expenditures this year, a fourth more than the P8 billion budget last year.

The company, he said, plans to launch five new “bigger” projects this year.

In comparison, the company launched eight projects last year.

“For the new ones, these are residential projects, but they are really… in bigger scales because we are trying to add some retail and office components to them, so that the place would be more conducive for family living,” Mr. Ty said.

Federal Land also expects to increase its reservation sales by 25% this year, he said.

“We are looking at reservation level of P15 billion. Last year, it was around P12 billion,” Mr. Ty said.

Federal Land’s parent, GT Capital, has earmarked as much as P40 billion for capital expenditures this year, compared to its P15-billion budget last year, mostly for its property and power ventures.

Aside from property and power generation through Global Business Power Corp., the company has investments in other sectors, namely: in banking (Metropolitan Bank & Trust Co.), life insurance (AXA Life Insurance Corp.), and automobiles (Toyota Motor Philippines Corp.).

STRONG RESULTS

The firm more than doubled its net income to P6.86 billion as of September last year from only P2.64 billion in the same nine months in 2011 due to gains from the consolidation of its power business, a bigger share in the net income of its units, and nonrecurring income from its property subsidiary.

In the same comparative periods, revenues grew threefold to P16.70 billion from P5.37 billion, while costs and expenses surged nearly fourfold to P9.71 billion from P2.66 billion.

Shares of GT Capital added 50 centavos or 0.07% to close at P730 apiece yesterday from P729.50 on Tuesday. -- Cliff Harvey C. Venzon          

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Roxas land unit sets aggressive expansion

Published on 27 February 2013 [ manilatimes.net ]

Written by Madelaine B. Miraflor

Roxaco Land Corp., the real estate arm of Roxas and Company Inc., will be allocating P400 million for the planned expansion program for its three projects, which are expected to fuel the company’s growth starting this year.

Roxas and Company Chairman and President Pedro Roxas told reporters after the firm’s annual stockholder’s meeting on Wednesday that the company is going to set its focus on the expansion of its three projects in Tagaytay and Batangas, adding that these projects are expected to contribute largely to the firm’s income in 2013.

“We have the second phase or the expansion of our Anya project in Tagaytay, then we have also the expansion of our project in Balayan in Orchard, and then the townhouse project in Nasugbu,” he said.

“Those three are the ones that are on-going,” Roxas added.

He said that that Roxas and Company will be allocating P400 million for the expansion programs for the three projects. Roxas and Company Senior Vice President Santiago Elizalde said that currently, phase 1 for the Anya project has been 85 percent sold, while the Landing Townhomes in Nasugbu, which caters to the middle income, is 50 percent sold.

Phase 2 for the Orchard project, on the other hand, is 25 percent to 30 percent for the middle income bracket, he added.

“Our inventory is still good for the next three years in those three projects,” Elizalde further said.

Armando Escobar, Roxas and Company Chief Financial Officer, also said that with the estimated units sold, the firm is looking to boost its net income by P300 to P400 million this year, recognizing the projected profit that the firm will generate from the projects.

“These three projects will only have the biggest impact to our growth this year,” Roxas said.

As of now, the firm has at least 200 hectares of potential land bank, depending on how the firm will resolve its issues with Department of Agrarian Reform (DAR).

“The land bank that we have, it depends on how we resolve our issues with DAR. We have at least 200 hectares of potential land bank. We have plans for some of those areas, study phase, but obviously they will have a potential development,” Roxas said.

”We would probably develop it ourselves,” he added.

Roxaco Land also has another planned development on its pipeline, which is a three-star hotel in Batangas which signifies the firm’s intention to boost its presence in the tourism industry.

”We are also looking at Laiya, Batangas for a three- or four-star hotel in the Coastal property. We are also ramping up our activities in Fuego Hotels,” Roxas said.

“In the medium term, [we’re looking to develop our] properties in Palawan, Coron. We do not have any specific projects in that area but we are looking at some potential projects mostly in Coron,” he added.

Elizalde said that as they wind down existing projects, they may also start polishing the firm’s plan to develop establishments in Puerto Princesa and Coron, Palawan.

“[We’re also looking at] some joint venture agreements for that,” he added.

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