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

Rockwell expects P22.5B from residential unit sales

Posted on May 31, 2015 09:56:00 PM [ BusinessWorld Online ]

ROCKWELL Land Corp. expects three residential projects to bring in some P22.5 billion in revenues, a company official said last week.

ROCKWELL Land Corp. is launching the fifth and final tower of the Proscenium, a mixed-use project rising on a 3.6-hectare lot, in September this year. -- E-ROCKWELL

Rockwell Land President Nestor J. Padilla told reporters it is launching the fifth and final tower of the Proscenium, a mixed-use project rising on a 3.6-hectare lot owned previously by Colgate-Palmolive Philippines, in September this year.

The luxury building will generate P10.5 billion in revenues from the sale of 563 units at an average price of P200,000 per square meter.

So far, the first three towers at Proscenium -- Kirov, Sakura, and Lincoln -- are 76% sold as of last month. Lorraine, the fourth tower, is offering 177 units in the market.

Likewise, Rockwell Land is rolling out two new projects in Pasig and Muntinlupa cities that will add 230,000 square meters of gross floor area to its portfolio, equivalent to five to seven years of inventory.

They will be introduced under Rockwell Primaries, the listed firm’s subsidiary catering to the broader segment of the market, with combined revenues pegged at P12 billion.

The Pasig project -- called The Vantage at Kapitolyo -- will be Rockwell Primaries’ first high-rise project on a half-a-hectare lot in Barangay Kapitolyo.

The property developer will also turn the 6.5-hectare premium property in Sucat into an exclusive condominium village touted to be Rockwell Primaries’ biggest project to date.

Rockwell Land has earmarked P13 billion this year to finance the development of its residential and commercial projects.

The Lopez-led real estate company is doubling its office and retail space in the next five years to 200,000 square meters to increase its recurring income stream.

Rockwell Land is considering raising public ownership in the company from the current 12%-13% to boost liquidity that will allow the market to price its shares correctly, but a definite timetable was not provided.

Shares of Rockwell Land added 1.80% or three centavos to finish at P1.70 apiece. -- Krista Angela M. Montealegre           

PH islands are being sold online

By Roderick T. dela Cruz | May. 31, 2015 at 10:05pm []

A leading property portal, which lists more than 100,000 properties for sale in the Philippines, confirmed that an idyllic island in Cagayan province valued at P80 billion was leased out to an American investor.

Jacqueline van den Ende, the Dutch managing director of Lamudi Philippines, said an American investor signed a lease agreement for the 100-square-kilometer Fuga Island in Aparri, Cagayan.  She did not disclose more details such as the actual lease terms, as Lamudi was not directly involved in the financial transaction.  Lamudi just provides a link between sellers, buyers and brokers.

Fuga Island is not the only island advertised for sale or lease through Lamudi’s Web site.  “We have 10 private islands for sale,” said van den Ende.

Van den Ende did not identify the 10 other islands, but a check on Lamudi’s Web site shows that some islands or parts of the islands are being sold for as much as P300 million.  These include islands in Aklan, Palawan and Quezon.

Even waterfalls are being advertised for sale. A 5.2-hectare property in Iloilo province, featuring 120-meter waterfalls, is being sold for P8 million.

New 4-star hotel opens in Cabanatuan City

(The Philippine Star) | Updated June 1, 2015 - 12:00am

MANILA, Philippines - A new four-star hotel opened recently in Cabanatuan, Nueva Ecija. Built by First Kingston Leisure and Services Corp., the newly-opened Harvest Hotel boasts of locally produced furnishings and artwork as well as amenities like an all-day dining restaurant and café fronting the swimming pool, fitness center, ballroom, function rooms, business center and a boutique store.

Hotel owner Maria Angelica Aimee Ilagan said one reason why she chose Cabanatuan as the site of Harvest Hotel is that it is the hometown of her mother, Angie Ilagan.

Besides, we saw a good opportunity here, she said, noting that Cabanatuan has long been the center of trade in Central Luzon. It is deemed the economic heart of Nueva Ecija because of its business-friendly practices, which earned it a classification of a first-class city. Over  70 banks as well as regional offices of multinational corporations are located here, and serves as second home to visiting executives and top managers from Manila and other countries.

 “We wanted to put up an establishment the locals will look forward to go to and be proud of,” Ilagan said as she pointed out that the hotel sits on a 8,000-square meter property located in the center of the city. The 80 plus rooms, which include classic and loft suites are well-appointed but not flashy.  Function is never compromised for form.

“We understand that Cabanatuan City is primarily a city of commerce.  As such, majority of the hotel guests are either people in business, in government for live-in seminars and entrepreneurs in the province” explained hotel GM Marc Montesa.

What makes a hotel stay pleasant is the personalized service.  What makes it memorable is the kitchen creations served using what this old city is known for.  In this case, the Group Hotel Director, Belgian-born Philippe Bartholomi personally developed the menu at the hotel’s Cafe Ecija.
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Hospitality Innovators, Inc. (HII) is the hotel management team behind Harvest so the imprints of innovation are present in various aspects of the hotel. Ably steered by its founder and chief executive officer, Luis “Spanky” Monserrat, HII has established itself as one of the leading hotel and property management companies in the Philippines.   His Innovision,  a clever play on the words Innovation and Vision ,sets it apart from other conventional hotel management outfits as careful attention to details and needs of the unique clients of each hotel are applied.   Understanding the uniqueness of each hotel translates to warm, unpretentious and genuine service to every guest.

One distinguishing character of all Hii-managed properties is the offer of high quality accommodations at rates that represent value for money. The Harvest hotel definitely fits that bill.

Eton spending P28 B for 5-year expansion

By Richmond S. Mercurio (The Philippine Star) | Updated May 30, 2015 - 12:00am

MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group, is embarking on an aggressive investment spree over the next five years with at least P28 billion earmarked for expansion.

In an interview following the company’s annual stockholders meeting yesterday, Eton deputy chief operating officer Josefino C. Lucas said the company is doubling its capital expenditures this year to P9 billion from last year’s P4.3 billion.

“Among the company’s 2015 plans is to launch a mixed-use development composed of a high rise condominium, a boutique mall, and a BPO office building. Plans are also afoot to commence construction of a fifth BPO building in Eton Centris, and to expand Centris Walk, in order to increase our retail footprint and enhance recurring income streams,” Lucas said.

This year’s spending budget will form part of the company’s plan to spend at least P28 billion until 2019.

Lucas said the five-year capex consists only of the projects to be launched this year as well as several more in the pipeline.

“So if there are projects somewhere around 2018, then that would mean revising the capex for the next five years,” he said.
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Eton is planning to almost double its current gross leasable offering of 156,000 square meters to 300,000 sqm over the next two to four years.

Lucas said 70 percent of the company’s total revenues currently come from residential projects while the remaining 30 percent is from its leasing business.

Lucas said the plan is to increase the contribution of leasing to 35 percent by yearend and 50 percent by 2020 through its five-year expansion binge.

He said Eton’s leasing revenues this year “would easily hit P1.1 billion or P1.2 billion,” up from last year’s P740 million.

“Our existing projects are mostly residential. Our BPOs are fully leased out. We could have started earlier but that did not happen because last year was consolidation, trying to prepare plans for the next five years,” Lucas said.

“We’re not being very aggressive in residential, we’re tempering it. We would like to build up more on our recurring income by capitalizing on the BPO market. We think that’s where significant growth is,” he added.

Last year, the company focused primarily on the delivery of its projects and the completion of existing developments which resulted in a 38-percent drop in gross revenues at P2.28 billion.

Real estate sales accounted for revenues of P1.54 billion, declining 52 percent from the previous year as a direct result of the temporary halt in sales activities.

Eton, however, still ended 2014 with a net income of P119.86 million, 14 percent higher than the previous year’s P105.07 million.

“We believe that the real estate market will remain strong in the segments where Eton operates, and that there is room for us to pursue its expansion plans beginning 2015,” Lucas said.

Property sector still booming as BPO firms fuel expansion

By Othel V. Campos | May. 27, 2015 at 10:50pm [ ]

More business process outsourcing companies have started introducing new services, driving the growth of the property sector higher in the first quarter of 2015, real estate consultancy firm CBRE Philippines Inc. said Wednesday.

“There is no let-up in the growth of the property sector. The supply and demand across the office, residential, retail and industrial markets remain positive, especially with the upcoming Asean integration,” CBRE Philippines founder and chief executive Rick Santos said in a briefing at the Shangri-La Hotel in Makati City.

BPO revenues in 2014 grew 18.7 percent from 2013, resulting in strong office take-up at the start of year 2015.

The consultancy firm expects domestic demand to increase further in 2015 after a 4.1-percent and 10.3-percent expansion in 2014 and 2013, respectively.

The office market is expected to maintain an upward movement with the projected introduction of about 780,000 square meters of office spaces in the next few quarters.

Lease rates in the central business district of Makati inched up 0.8 percent, while overall vacancy rating rating rose 4.73 percentage points to 5 percent.

The dearth in office supply within the CBD is seen to fuel rental rates in the coming quarters and vacancies are seen to contract with the completion of new office buildings by 2017.

Fort Bonifacio absorbed more office spaces in the first quarter, while demand for office space in Ortigas increased with the expansion of BPOs.

Vacancy rates dropped from 3.97 percent to 3.34 percent quarter-on-quarter.

CBRE Philippines noted that office space activities in other areas like Alabang, Eastwood City and the upcoming Bay City remained slow but steady.

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