PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
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Melco Crown to offer P15-billion debt notes

December 20, 2013 8:48 pm [ manilatimes.net ]
by Madelaine B. Miraflor Reporter

Melco Crown (Philippines) Resorts Corp. is set to raise up to P15 billion from the issuance of debt notes,  a transaction seen to provide the company enough financing for its capital expenditure program and debt financing.

In a disclosure to the Philippine Stock Exchange, Melco Crown Philippines announced on Friday that its wholly owned indirect subsidiary, MCE Leisure (Philippines) Corp., has priced its senior notes that were eventually offered to limited investors via private placement within the Philippines.

Priced at 100 percent of par, the notes offering consisted of P15 billion or approximately $340-million aggregate principal amount of 5-percent senior notes due in 2019.

“MCE Leisure Philippines intends to use the net proceeds from the offering for capital expenditure, refinancing of debt and general corporate purposes,” the company told the local bourse.

Still subject to customary closing conditions, the issuance is expected to occur before January 31, 2014.

The notes were offered via a private placement to not more than 19 primary institutional lenders. Melco Crown Philippines is a subsidiary of Hong Kong-listed casino operator Melco Crown Entertainment Ltd.

Melco Crown Philippines is currently developing a $1.3-billion integrated casino resort at Entertainment City with the Henry Sy-led Belle Corp.

City of Dreams Manila, when it opens around the middle of 2014, will mark the formal entry of Melco Crown Entertainment into the country’s tourism industry. City of Dreams Manila is
next to the City of Dreams Macau to be branded as such.

The 6.2-hectare City of Dreams Manila is masterplanned to have six hotels under three hotel brands.
                                                                  
The company also announced during the naming ceremony of the casino resort complex that following various amendments to gaming regulations in the Philippines by the state-run Philippine Gaming and Amusement Corp., City of Dreams Manila has been permitted to operate a substantially increased number of gaming tables and electronic gaming machines upon opening.
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Condo developer gets clearance to dissolve subsidiary

Posted on December 19, 2013 10:16:51 PM [ BusinessWorld Online ]

THE CORPORATE REGULATOR has approved the dissolution of a unit of listed condominium builder Cityland Development Corp.

Asian City and Land Development Corp.’s dissolution was cleared by the Securities and Exchange Commission (SEC) last Dec. 2, according to an SEC certification attached to a Cityland disclosure yesterday.

The dissolution was first approved by its board in December 2004, Cityland Executive Vice-President Rufina C. Buensuceso said in a telephone interview yesterday.

“It (Asian City) never had operations, so the board decided to just dissolve it back in December 2004,” Ms. Buensuceso said.

Cityland has various condominium projects in Metro Manila.

The company last month secured SEC clearance to sell P1.4 billion worth of commercial papers.

Cityland’s net income rose 4.37% to P400.31 million as of end-September from P383.56 million in the same nine months last year on better cost management.

In the same comparative periods, revenues went up 3.62% to P1.38 billion from P1.33 billion, while cost and expenses fell 7.19% to P847.46 million from P913.11 million.

Its shares were last traded on Nov. 27 at P1.14 apiece. -- CHCV     
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BCDA boosting access to freeport zone

Posted on December 09, 2013 10:01:25 PM [ BusinessWorld Online ]

STATE-RUN Bases Conversion and Development Authority (BCDA) is spending nearly P76 million on three road projects in San Fernando, La Union that will improve access to the 146-hectare Poro Point Freeport Zone (PPFZ) and boost tourism in the area.

The BCDA, in a statement, yesterday said the projects include construction of the road leading to the Poro Point Lighthouse, repair of the road leading to the Poro Point Management Corp. (PPMC) -- a subsidiary of the BCDA, and upgrade of the road leading to San Fernando Airport.

Ives Q. Nisce, PPMC Board chairman, said in the statement that the road projects are expected to increase tourism and economic activities in the area.

“The roads going to the PPFZ become flooded during the rainy season. Through the projects, this perennial problem will be finally solved,” Mr. Nisce added.

BCDA President and Chief Executive Officer Arnel Paciano D. Casanova was also quoted in the statement as saying that “this initiative is in line with the BCDA’s mandate to be a catalyst for national growth and development. The PPFZ is a key economic driver in the region, and these road projects will make it more accessible to tourists and locators.”

The projects, whose funds were disbursed last July, are scheduled to be finished by February next year in time for Sillag Festival -- the province’s Festival of Lights held in March. -- DEDS    
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Condo builder targets university areas

Posted on December 09, 2013 10:02:21 PM [ BusinessWorld Online ]

THE CONDOMINIUM-focused subsidiary of listed Vista Land & Lifescapes, Inc. plans to build more projects near schools next year, senior company officials said last week.

“Lined up for next year are university areas,” Maribeth C. Tolentino, president of Vista Residences, Inc., said in an interview in Makati City on Wednesday last week.

“We already have one (condominium) near La Salle (De La Salle University in Manila, or DLSU), two near UST (University of Santo Tomas in Manila) and one near Ateneo (Ateneo de Manila University in Quezon City),” she added.

“We are eyeing one (more) each in those areas.”

In a telephone interview last weekend, Red J. Rosales, Vista Residences vice-president for planning and marketing, said the company will spend P1.5 billion to build the three buildings with total sales estimated at P3 billion.

“Usually, we build 30-storey condominiums near campus areas,” Mr. Rosales said.

“Most of our existing units are already 95-100% sold out.”

Ms. Tolentino said the company is targeting those who buy units as investments.

“It’s like dormitory, it is a rental business, so it is good for investors,” she said. “In university areas, we do joint ventures; we also look for some properties that are available for acquisition.”

Building high-rise residential projects near campuses is a common strategy among developers as investors usually take bulk orders.

Sy-led SM Development Corp. has Blue Residences along Katipunan Avenue in Quezon City near the Ateneo and Sun Residences in the Welcome Rotonda area in Quezon City near UST. It is also building Green Residences along Taft Avenue in near DLSU.

Vista Land, the property investment holding firm of the family of company founder and former Sen. Manuel B. Villar, Jr., recorded a net income of P3.79 billion as of end-September, up 16.98% from P3.24 billion in the same nine months last year.

Revenues rose 20.51% to P15.92 billion from P13.21 billion, while cost of sales increased 22.35% P11.99 billion from P9.8 billion.

In the same comparative periods, revenues of Vista Residences alone went up 38% to P820 million from P595 million, “attributable to the increase in overall completion rate of its sold inventories in the nine-months of 2013.” Reservation sales rose 18% annually to P35.5 billion from P30.1 billion as the company launched 27 projects collectively worth P19.4 billion.

Vista Land had planned to spend P18.6 billion this year, with nearly P10 billion earmarked to start new projects and the rest for land acquisition.

Shares of Vista Land ended trading yesterday at P5 apiece, unchanged since Thursday last week. -- Cliff Harvey C. Venzon            
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Ayala Land subsidiary seeking perks for Quezon City project

Posted on December 09, 2013 10:00:42 PM [ BusinessWorld Online ]

A UNIT of property developer Ayala Land, Inc. is applying for government incentives for its “affordable” condominium project in Quezon City, according to a Board of Investments (BoI) notice published in newspapers yesterday.

Amaia Land Corp. is seeking fiscal and non-fiscal perks on non-pioneer status for its Amaia Skies Cubao Tower 3 project in Barangay Socorro, Cubao, Quezon City.

If the firm’s application will be approved, it will enjoy a four-year income tax holiday; duty-free importation of capital equipment to be used in the project covered; permit to employ foreign nationals in supervisory, technical or advisory positions for five years from date of registration; and simplification of customs procedures for importation of equipment and raw materials.

BoI is the agency that approves registration of projects that qualify for such incentives.

Mass housing is covered in the 2013 Investment Priorities Plan (IPP) the government released last month which identifies sectors that can avail of state incentives. Other sectors identified in the IPP are agriculture, agribusiness and fisheries; creative industries or knowledge-based services; shipbuilding; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital and medical services; as well as disaster prevention, mitigation, and recovery projects. The 2013 IPP came into force on Dec. 5 and its implementing rules and regulations will be released this month, according to Trade Secretary Gregory L. Domingo. It will remain in effect until the 2014 IPP is released.

According to Amaia Land’s Web site, Amaia Skies Cubao is its first high-rise condominium. The three-tower development is located near Gateway Mall, SM Hypermarket Cubao, and Metro Rail Transit Cubao Station. Other residential projects by Amaia Land are house-and-lot development Amaia Scapes in Cavite, Tarlac, Batangas, Laguna, Quezon, and Negros Occidental, as well as mid-rise condominium Amaia Steps in Bicutan, ParaƱaque City; Novaliches, Quezon City; in Calamba City, Laguna; and in the San Miguel area, Pasig City.

Aside from Amaia Land, other Ayala Land brands are Ayala Land Premier, which caters to the high-end market; Alveo Land, Inc., which targets the upper- and middle-income segment; Avida Land Corp., for affordable housing; and BellaVita Land Corp., for socialized housing.

Ayala Land in August infused P1.1 billion in fresh capital into Amaia Land to partly finance its capital expenditure.

Ayala Land booked P10.33 billion in net income as of the third quarter, up 27.85% from P8.08 billion a year ago. Revenues jumped 37.86% to P57.71 billion from P41.86 billion, while cost and expenses climbed 41.62% to P43.76 billion from P30.90 billion.

Ayala Land shares lost 55 centavos or 2.03% to close P26.55 apiece yesterday. -- D. E. D. Saclag          
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