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

7 groups offer bids for Mactan airport

By Lailany P. Gomez | Nov. 29, 2013 at 12:04am [ ]

The Transportation Department said Thursday all the seven pre-qualified groups submitted technical and financial bids for the P17.5-billion Mactan-Cebu International Airport project, indicating the private sector’s strong interest in the first airport project under the public-private partnership scheme.

“The high turnout is proof that investors are confident in our PPP program. We want to sustain the momentum from this project to the next ones in our pipeline,” said Transportation Department spokesman Michael Arthur Sagcal.

Sagcal said the agency’s special bids and awards committee would have 20 days to evaluate all the technical bid proposals submitted by the groups, before opening the financial bids.

The seven groups that submitted the bids were AAA Airport Partners led by the Ayala and Aboitiz conglomerates; the Filinvest-CAI Airport consortium; the Lopez group’s First Philippine Airports; the GMR Infrastructure and Megawide consortium; the MPIC-JGS Airport consortium of businessmen Manuel Pangilinan and John Gokongwei; SM’s Premier Airport Group; and the San Miguel-Incheon Airport consortium.

The roster of foreign airport operators that teamed up with the local conglomerates included ADC & HAS of Houston Airport, Malaysia Airports Berhad, Singapore’s Changi Airport, South Korea’s Incheon Airport, France’s Aeroports de Lyon, Switzerland’s Zurich Airport and India’s Delhi Airports.

The National Economic and Development Authority earlier approved the amended terms of the MCIA project. The project aims to modernize the country’s second-largest aviation hub with the construction of a new world-class international passenger terminal building to accommodate 8 million passengers annually.

It will also renovate the existing terminal building, which has been operating over the capacity with 6.7 million passengers.

The Transportation Department’s P1.72-billion automatic fare collection system also garnered strong interest from five consortiums last week.

The agency’s special bids and awards committee is now evaluating the technical proposals submitted for both the AFCS and MCIA projects and expects to proceed to the opening and evaluation of financial proposals in December.

Meanwhile, the bidding process for the P64.9-billion Light Rail Transit Line 1 Cavite extension project will begin next week, when the transport agency publishes its invitation to bid.

SM bags Pasay reclamation deal

Posted on November 28, 2013 09:34:33 PM [ BusinessWorld Online ]

SM GROUP has bagged the P54.5-billion deal to reclaim some 300 hectares of land in Pasay City, signing the joint venture deal with the local government in the middle of this month, a city official said yesterday.

“We signed the joint venture agreement with SM Land, Inc. last Nov. 15, and we submitted the joint venture documents to PRA (Philippine Reclamation Authority) last Nov. 19,” City Legal Officer Serevino C. Madrona, Jr. said in a telephone interview.

“So, the Swiss challenge is over,” noted Mr. Madrona, a member of city’s Public-Private Partnership Special Committee tasked to facilitate the bidding process.

This means that SM Land will be the official partner of the city government for the reclamation of 300 hectares in the Manila Bay area, he said, adding that the contract signing proceeded since no one was able to challenge the proposal in time.

“The Swiss challenge was simple. They (challengers) just have to top SM’s offer, particularly the cost and the share of the city government or PRA,” Mr. Madrona said.

SM Land offered to shoulder the entire cost of the project, which the firm promised to complete within seven years from issuance of the notice to proceed.

As part of its proposal, the company has also reserved 153 hectares or 51% of the area for the Pasay City government or PRA.

Ayala Land, Inc.; GT Capital Holdings, Inc.; and S&P Construction Technology and Development Co. bought bid documents but did not summit counterproposals by the Nov. 4 deadline for submission, largely due to questions on project terms.

Asked for comment, Dindo R. Fernando, Ayala Land assistant vice-president for external affairs, said via text yesterday: “It will be unfortunate if Pasay indeed proceeded despite unresolved issues,” but would not say if the company would take the issue to court.

Officials of S&P Construction were not immediately available for comment, while a senior executive of GT Capital said the company has yet to decide on its next move.

Mr. Madrona said his office had “already considered all legal challenges.”

A statement yesterday quoted him as saying some arguments against competition terms “were misplaced.”

“The Pasay City government today maintained that the procedure it followed in selecting a joint venture partner for the proposed reclamation of 300 hectares of foreshore lands in the city was legal and above board,” the statement read.

Mr. Madrona said the city government is now awaiting PRA’s advice.

“The PRA board has yet to approve it (reclamation proposal) and then it will go through relevant government agencies for evaluation,” he said.

“This is quite a long process.” -- Cliff Harvey C. Venzon       

Filinvest expands upscale residential portfolio

By Neil Jerome C. Morales (The Philippine Star) | Updated November 29, 2013 - 12:00am

MANILA, Philippines - The Gotianun family’s Filinvest Alabang Inc., the developer of Filinvest City in Muntinlupa, is expanding its upscale residential offering in the 244-hectare mixed-used community.

The property firm of Filinvest Development Corp. (FDC) expects to generate more than P3 billion in sales from its newest project, Bristol at Parkway Place.

Filinvest Alabang has launched the 40-story residential condominium Bristol at Parkway Place, the latest project under the Filinvest Premiere brand.

“We’re running out inventory for these kinds of projects,” said Filinvest Alabang executive-vice president Catherine Ilagan, adding that Filinvest Premiere’s previous product, La Vie,  was offered three years ago.

The Bristol at Parkway Place is estimated to contribute P3 billion in fresh revenues for Filinvest Alabang, Ilagan said.

The residential tower will consist of 345 units, most of which are 53-65 square meter (sqm) one-bedroom and 100-110 sqm two-bedroom units, with just a handful of 150 sqm three-bedroom units.
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“We will strategically increase price as we go along, especially near its completion,” Ilagan said.

The upscale condominium is the second of four towers in Parkway Place. Construction of the tower, which is located at the corner of the so-called Millionaires’ Row, will start in the first quarter next year.

“The market is really high-end but smaller families like early and empty nesters or those with small kids,” Ilagan said.

Filinvest Alabang also targets investors particularly for the one- and two-bedroom units.

“Alabang is still where expatriates go home to even when they work in Sta. Rosa [in Laguna] and farther south,” Ilagan said.

The launch of Bristol at Parkway Place completes the diverse offering of the property group in Filinvest City, Ilagan said. Other brands are Filinvest (homes, condominiums, mid-rise buildings and townships), Futura Homes (homes and townships) and Exclusive Collection.

Amenities in Bristol at Parkway Place include the private circular driveway, a meditative yoga deck and sky lounge, a library, a swimming pool, an outdoor tree courtyard, a private function hall, a game and entertainment room, and party rooms.

FDC is the investment holding firm of the Gotianun family and the parent firm of Filinvest Alabang.

In January to September, FDC’s consolidated net income jumped 26 percent to P4.3 billion from P3.4 billion a year ago while consolidated revenues picked up 24 percent to P25.6 billion from P20.5 billion due to robust income from banking and property units East West Bank and Filinvest Land.

SMDC expands QC footprint

By Neil Jerome C. Morales (The Philippine Star) | Updated November 28, 2013 - 12:00am

MANILA, Philippines - The residential arm of mall and banking conglomerate SM Investments Corp. (SMIC) is expanding its footprint in Quezon City through two new condominium projects.

SM Development Corp. (SMDC) recently launched the new phase of SM Grass Residences near SM North Edsa that will generate nearly P11 billion in sales, and mid-rise project Trees Residences in Novaliches.

The condominium builder has started selling the second phase of Grass Residences, which features two 40-story towers.

“It will suit individuals who want to capture the unprecedented growth happening today in Quezon City, particularly in its central business district,” said SMDC president Jeffrey Lim.

“It is located within the city, yet far removed from the din and grit associated with urban living, which makes it a relaxing retreat after a long day,” he added.

In a briefing, Jan Spencer Chavez, SMDC assistant vice-president for project development, said sales from the 3,900 units in Grass Residences Phase 2 will hit P9.7 billion while the 1,600 parking slots will result in sales worth P1.2 billion.
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SMDC sells studio and one-bedroom units at P2.5 million each while parking lots are worth P750,000 and up.

Grass Residences is one of SMDC’s top selling condominium projects to date given its proximity to SM North EDSA, the first mall built by SMIC, said SMDC marketing chief Nita Claravall.

The World Bank described the Quezon City central business district as the “center of gravity of all commercial activities in the coming years.”

Construction of the second phase of the high-rise project will be completed in the fourth quarter of 2017.

So far, Grass Residences has completed the turnover of two of three towers in the project’s first phase that offered 6,000 condominium units.

“It’s largely an end-user market but the investor market is always there because investments in SMDC projects are always a value proposition,” Claravall said.

Amenities in Grass Residences include landscaped lawns, swimming pools and water cascades. It also has a main clubhouse with function rooms, badminton courts, an indoor basketball court, a fitness gym, a childrens’ play area, cabanas and pavilions.

SMDC also launched a new Quezon City project, this time a mid-rise condominium development in Novaliches.

“SMDC is committed to provide access to a more upgraded urban living through vertical villages that are integrated with a commercial retail environment,” Lim said.

It occupies more than eight hectares of land and provides access to key facilities like SM City Fairview, the proposed Metro Rail Transit 7 and other transport hubs.

Claravall said Trees Residences, which offers condominium units in initially three towers, is a viable option for residents in Novaliches.

Studio, one-bedroom and two-bedroom units are available starting at P1.2 million to P1.8 million. The mid-rise condominium village will be constructed over a period of four years.

The gated community features landscaped parks in between buildings, swimming pools, function rooms, a multi-purpose court and access to a retail strip with an upcoming Save More market.

To date, SMDC has 14 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Residences in Tagaytay.

In January to September this year, SMIC’s  consolidated net income was flat at P3.27 billion while revenues from real estate sales fell 5.7 percent to P15.2 billion from P16.1 billion a year ago, reflecting both the timing of new project and expansion launches this year, as well as a high base effect.

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