PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
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DM Consunji bags P9-B infra projects

By Iris Gonzales (The Philippine Star) | Updated March 24, 2017 - 12:00am

MANILA, Philippines -  DM Consunji Inc. has bagged P9 billion worth of infrastructure projects comprising tollway, power and water from public and private proponents.

Jorge Consunji, president of DM Consunji, said the projects have provided the company a strong start for the year.

“We started the year strong with these newly-awarded contracts. Hopefully, this will be the start of the aggressive rollout of mega-infrastructure projects across the country. We really need the additional roads and facilities,” he said.

In January, the company won the contract for the P1.3 billion Bued Viaduct at Section 3B-3 and roadway construction of Section 3B-4 Bued to Rosario, La Union of the Tarlac–Pangasinan–La Union Expressway of Private Infra Development Corp.

It also secured a P7.2 billion contract for the Laguna portion of the Cavite-Laguna Expressway project from MPCALA Holdings Inc.

National Power Corp. likewise awarded three projects to DM Consunji. These are the remedial work of San Roque MPP Spillway Plunge Pool Area in Pangasinan; construction of Mansalay switching station and expansion of Bansud and San Jose substation projects in Oriental Mindoro, and the rehabilitation of the Calapan-Bansud 69KV transmission line project, also in Oriental Mindoro.

DM Consunji also won the bid to construct three projects for Maynilad Water Services. These include a pipe replacement project in Parañaque City, the construction of a 30ML Reservoir and Pump Station in Imus, Cavite and the Putatan 20MLD Reverse Osmosis facility in Muntinlupa City.
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Banks given one-month extension to comply with e-processing of checks

By Lawrence Agcaoili (The Philippine Star) | Updated March 20, 2017 - 12:00am


BSP Deputy Governor Nestor Espenilla Jr. issued Memorandum Order M – 2017-010 granting an additional 31 days for participant clearing banks of the Philippine Clearing House Corp. (PCHC) to be fully compliant with the Check Image Clearing System (CICS). File photo

MANILA, Philippines -  The Bangko Sentral ng Pilipinas (BSP) has given big and small banks a one-month reprieve to fully comply with the electronic processing of checks that kicked off last January.

BSP Deputy Governor Nestor Espenilla Jr. issued Memorandum Order M – 2017-010 granting an additional 31 days for participant clearing banks of the Philippine Clearing House Corp. (PCHC) to be fully compliant with the Check Image Clearing System (CICS).

Espenilla said the Monetary Board issued Resolution No. 417 granting an additional 31 days for PCHC clearing participant banks to fully comply with the CICS standard by April 21 this year.

Data obtained from the website of the PCHC showed 68 big and small banks are CICS compliant as of March 10. There are 613 universal and commercial, thrift as well as rural and cooperative banks operating in the country.
  
The PCHC implemented the clearing of checks via electronic presentment through its CICS last Jan. 20.

Under the CICS, only the digital images of checks and their electronic payment information would be transmitted to the paying bank, allowing a shorter turnaround time for funds to be credited to the depositors’ accounts.

Depositors who transact with CICS-compliant banks or branches may already withdraw on the next banking day against their validated check deposits.

Meanwhile, banks that are still on paper-based check processing would continue to render the service under existing timelines.

To achieve faster transition to the new process, the BSP has enjoined the remaining non-CICS-compliant banks to take necessary measures to meet the technical requirements of CICS.

The implementation of CICS forms part of the reforms espoused by the BSP to achieve a more efficient and safe payment system as this is critical to the promotion of the country’s financial stability.

The BSP earlier urged banks to remain prudent in implementing the new check clearing process, but at the same time not too rigid in accepting checks.

The central bank upholds consumer protection and promotes efficient payment system to maintain financial stability.

PCHC issued Memo Circular No. 3306 which states that checks that are folded or have staple holes should be accepted by banks as long as the image and the information on the check are still clearly visible upon unfolding or inspection.

Further, checks without the word “only” after the amount written on the check, with empty spaces not ruled out, or information not written in dark-colored ink should not be reasons for non-acceptance by banks.


No standard format on the date on the checks is required.
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ALI to raise P 7 B from 10-year bonds

By Iris Gonzales (The Philippine Star) | Updated March 13, 2017 - 12:00am


Ayala Land Inc. (ALI), the property and mall developer of the Ayala Group, is raising P7 billion through the issuance of 10-year fixed rate bonds, which is part of the company’s P50 billion debt program registered under the shelf registration facility of the Securities and Exchange Commission (SEC). File photo

MANILA, Philippines -  Ayala Land Inc. (ALI), the property and mall developer of the Ayala Group, is raising P7 billion through the issuance of 10-year fixed rate bonds, which is part of the company’s P50 billion debt program registered under the shelf registration facility of the Securities and Exchange Commission (SEC).

Proceeds of the transaction will be used to partially fund some of ALI’s projects including upcoming developments worth P49.9 billion, documents submitted to the SEC showed.

These include the development of Ayala’s Intercon property where the company is putting up retail, business process outsourcing offices, hotels and a transport hub. The capital expenditures for the Intercon development is P17.5 billion, according to documents filed with the SEC.

Other projects of ALI that may also use the proceeds from the bond offer include the Ayala Triangle Garden 2, with a capex of P8.6 billion and its Vertis Mall development in Quezon City with a capex of P3.5 billion.

“The completion of the company’s projects will be financed through the net proceeds of the offer and net cash flows from operations. Costs related to the projects, in general, include various construction-related materials and services. Construction materials are procured in bulk and are paid for by thecompany as delivered materials are billed by suppliers. Construction-related services are measured based on percentage of work completed and are billed to and paid by the company based on such progress billings. The net proceeds from the offer, which are expected to be fully utilized in 2017, will be disbursed accordingly,” ALI said.

ALI tapped China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. as joint lead underwriters for the P7-billion bond offer.

The company has allotted P87.6 billion for capital expenditure this year, an increase from the P85.4 billion disbursed in 2016.

Of the total amount, bulk or P40.7 billion will be used for residential projects, while ?11.8 billion will be for malls; ?10.6 billion for land acquisition, ?9.2 billion for offices, ?5.5 billion on estates, ?4.8 billion for hotels and resorts and ?4.9 billion for other costs.

Last year, ALI launched 43 new projects worth ?87.8 billion composed of 12 residential projects / office for sale, five shopping centers, four offices and six hotel and resorts.

Furthermore, the company also opened new shopping centers like Ayala Malls South Park, UP Town Center, Solenad and Ayala Malls Legazpi and addition of Tutuban Center, Manila.

These projects expanded the gross leasable area (GLA) of shopping centers to 1.62 million sqm as of end 2016 document showed.

The company also opened new offices such as Vertis North 1, Ayala Center Cebu, Bonifacio Stopover BGC, UP Technohub Building P, and UP Town Center BPO.


These projects, meanwhile, expanded the GLA of offices to 836,000 sqm.
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CA’s decision giving BGC to Taguig lacks basis –Makati exec

Published March 11, 2017 9:26am [ http://www.gmanetwork.com ]

A Makati City legal officer said that the decision of the Court of Appeals to award to Taguig City ownership rights over the disputed Bonifacio Global City lacks basis.

"The Court of Appeals did not rule that Taguig is the rightful owner of BGC. The dismissal of Makati's appeal was based on a technicality and did not overturn its earlier decision upholding Makati as the rightful owner of the disputed territory," Atty. Michael Arthur Camiña, Makati City's legal officer and spokesperson said in a statement last Friday.

In a 17-page resolution penned by Associate Justice Edwin Sorongon, the appellate court granted a motion from Taguig City that sought to dismiss Makati's appeal invoking its ownership over the disputed areas.

In July 2011, the Pasig Regional Trial Court had already ruled in favor of Taguig and awarded to the city all areas comprising the Enlisted Men's Barangays, or EMBOs, as well as the area referred to as Inner Fort in Fort Bonifacio.

Camiña, meanwhile, said that it is too early for Taguig to celebrate over the recent decision.

Taguig City Mayor Lani Cayetano in a statement released on Wednesday said that CA's decision is a "victory for Taguigeños."

Cayetano, however, extended her hand of friendship to Makati City and its residents.

"Taguig desires to work with its neighbors. We have common challenges with massive urbanization. People need our services in planning, infrastructure, health and education programs, as well as anti-crime and anti-drug campaigns. We can only solve these problems if we work together," Cayetano said.

Camiña also cited CA's ruling dated July 2013, in which it reinforced Makati's jurisdiction over BGC. It ordered Taguig to "immediately cease and desist from exercising jurisdiction within the disputed area and return the same to Makati."


"The last CA decision expressly granted Makati jurisdiction over BGC based on historical facts and evidence. To nullify that ruling based on mere technicality is robbing the Makati citizens of what is rightfully theirs," Camiña said. —Marlly Rome C. Bondoc/LBG, GMA News
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Court of Appeals: BGC belongs to Taguig

(philstar.com) | Updated March 9, 2017 - 9:37pm


The CA Special Former Sixth Division upheld Taguig’s rightful ownership of the hotly contested estate, Bonifacio Global City. BGC/Facebook

MANILA, Philippines – The Court of Appeals on Wednesday ruled that Taguig City is the rightful owner of Bonifacio Global City.

In a 17-page resolution penned by CA Associate Justice Edwin Sorongon, the CA Special Former Sixth Division upheld Taguig’s rightful ownership of BGC.

The CA  granted Taguig’s motion to dismiss filed last August 23, based on Makati City's violation of the forum shopping rule, or pursuing simultaneous remedies in different venues.

It took notice of the Supreme Court’s decision on June 15 that found Makati City guilty of “willful and deliberate forum shopping.”


"[It] cannot but draw the conclusion that Makati's simultaneous availment of the aforementioned reliefs is not a by-product of mere thoughtlessness or negligence but willful and deliberate act of forum shopping [which] has sowed conflicts between the courts,” the CA said.

The CA cited that Makati City has been twice found by the SC to have committed violations of the forum shopping rule on this specific dispute. However, it still ruled that the appellate court has to give effect to the "legal consequence of dismissal" of Makati's petition.

 The appellate court also dismissed Makati City’s petition on the earlier decision of the Pasig Regional Trial Court that originally ruled in favor of Taguig City.

The dispute on the ownership of BGC started in 1993 when Taguig filed a case against Makati before the Pasig Regional Trial Court contending "that the areas comprising the Enlisted Men's Barangays, or EMBOs, as well as the area referred to as Inner Fort in Fort Bonifacio, were within its territory and jurisdiction."

The RTC ruled in favor of Taguig in July 2011.



Makati subsequently filed a motion for reconsideration with the Pasig RTC and at the same time also filed a petition for annulment of judgment with the CA. However, the MR was eventually denied, which led to filing of an appeal with the CA , where its petition for annulment of judgment was already pending.

In a released statement on Thursday, Taguig City Mayor Lani Cayetano hailed the CA decision and considered it a victory for Taguigeños.

Despite the CA ruling, she extended friendship to Makati City.


"Taguig desires to work with its neighbors. We have common challenges with massive urbanization. People need our services in planning, infrastructure, health and education programs, as well as anti-crime and anti-drug campaigns. We can only solve these problems if we work together," Cayetano said. —Rosette Adel
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DMCI, MetroPac sign Calax contract

posted March 10, 2017 at 08:10 pm by  Darwin G. Amojelar [ manilastandard.net ]

A unit of Metro Pacific Tollways Corp. and DM Consunji Inc. on Friday signed a P7.2-billion contract to build the Laguna segment of the Cavite-Laguna Expressway (Calax) project.

“We plan to break ground next month, three months ahead of schedule. By the end of 2020, when we inaugurate the expressway, Calax will be the most modern expressway in the country with state-of-the-art operation and tolling systems and environment-friendly features,” Luigi Bautista, president and chief executive of the MPCALA Holdings, said.

He said the Public Works Department already delivered 16 percent of the entire right of way, enough to start the construction of Calax.



Cavite–Laguna Expressway (CALAX) (Photo from wikipedia.org)

Calax, one of the largest public-private partnership projects, involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex and South Luzon Expressway.

The P35.4-billion expressway will start from Cavitex in Kawit, Cavite and end at the SLEx-Mamplasan Interchange in Biñan, Laguna.

The project will have eight interchanges and one main toll barrier.

MPCALA also tapped Leighton Holdings of Australia to build the Cavite side of Calax.

Bautista said the company was in talks with several banks to finance the Calax.

“We are raising about P17 billion for the project,” he added.

When the project is completed, travel through the Calax will take only about 45 minutes from Kawit, Cavite to Biñan in Laguna.

Aside from Calax, the Metro Pacific group is constructing Segment 10 of NLEx Harbour Link, a 5.6-km elevated expressway costing P10.5 billion and running from Valenzuela City to C3 in Caloocan City. The project is  expected to be completed in the second half of 2017.

Metro Pacific Tollways Corp. earlier signed a joint venture agreement with the city of Cebu and the municipality of Cordova in April 2016 to build the P27.9-billion Cebu-Cordova Bridge project.


The 8.25-km bridge project, set to be completed by 2020, will connect Cebu City to Mactan Island via Cordova.
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SEC approves shelf offerings of Megaworld, STI

Posted on March 10, 2017 [ bworldonline.com ]

THE Securities and Exchange Commission (SEC) has approved the shelf offering of Megaworld Corp. and STI Education Services Group, Inc. in the bond market.



In its en banc meeting on Thursday, the corporate regulator approved the registration of the listed property developer of fixed-rate bonds and commercial papers cumulatively worth P30 billion for issuance in three years.

Megaworld will initially issue Series B bonds due 2024 amounting to P8 billion and P4 billion more, in case of oversubscription. Philippine Rating Services Corp. (PhilRatings) assigned its highest rating of “PRS Aaa” to the debt papers.

The company intends to launch the first tranche of the debt securities program within the month, Public Relations and Communications Head Harold C. Geronimo said in a mobile phone message.

Megaworld looks to net P11.88 billion from the maximum offer. It intends to disburse the proceeds within three years to bankroll four ongoing developments in the cities of Iloilo and Taguig: Iloilo Business Park, McKinley Hill, McKinley West and Uptown Bonifacio.

The company is known for developing townships with office buildings, commercial and retail spaces, residences and institutions. It also develops integrated tourism estates through subsidiary Global-Estate Resorts, Inc.

Megaworld is mainly expanding its portfolio of leasable properties to ensure a steady income stream. By 2020, the company expects to have grown its rental income to P20 billion with the completion of nearly 1 million square meters of new offices, lifestyle malls and commercial spaces across 22 townships.

Aside from the shelf registration of Megaworld, the corporate regulator allowed the subsidiary of listed STI Education Systems Holdings, Inc. to offer P5 billion worth of fixed-rate bonds within the next three years.

STI Education Services will initially issue Series 7Y bonds due 2024 and Series 10Y bonds due 2027 with a cumulative face value of P3 billion. PhilRatings has assigned a “PRS Aa” rating on the debt securities.

The company known as STI College earmarked the proceeds of the entire debt securities program for the expansion of its campuses and other general corporate purposes, according to the latest prospectus submitted to the SEC on March 3.

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CALAX groundbreaking expected in April

Posted on March 11, 2017 [ bworldonline.com ]

THE METRO Pacific group will break ground on the P35.43-billion Cavite-Laguna Expressway (CALAX) project next month after signing the construction contract on Friday with D.M. Consunji, Inc. (DMCI).

MPCALA Holdings, Inc., a unit of Metro Pacific Tollways Corp. (MPTC), the tollways arm of Metro Pacific Investments Corp. (MPIC), is set to start construction of the Laguna segment of the CALAX, one of the largest public-private partnership (PPP) projects, which it expects to finish by July 2020.

“We plan to break ground next month, three months ahead of schedule. By the end of 2020, when we inaugurate the expressway, CALAX will be the most modern expressway in the country,” Luigi L. Bautista, MPCALA President and CEO said on Friday.

MPCALA received the notice of award for the 35-year contract to build, operate, and maintain the planned expressway on June 8, 2015. Right of way issues for the project site have delayed the start of construction.

The CALAX project involves the construction of a 44.6-kilometer four-lane toll road between the Cavite Expressway in Kawit, Cavite and the South Luzon Expressway (SLEx)-Mamplasan Interchange in Biñan, Laguna. It will have eight interchanges and one main toll barrier and is expected to ease road congestion south of the capital.

“The actual construction (will involve) clearing works and preparatory works before April 4. So by the time we break ground, there will be equipment working on the ground,” Mr. Bautista told reporters on the sidelines of the construction contract signing on Friday, noting that so far, an initial seven kilometers of the project has cleared right-of-way hurdles, or approximately 16% of the total.

“It’s enough for DMCI to work on for maybe, six months,” the MPCALA chief added.

A project timeline released in December showed that construction starting at the Laguna segment is scheduled for the first quarter, with construction to start by the third quarter for the rest of the project sections. A project brief from the Department of Public Works and Highways said that detailed engineering design was prepared beginning July 2015, while right of way acquisition started in the same month.

During the signing ceremony, the timeline presented showed that construction of the Cavite section will start on July 2017 and its targeted to end by July 2020.

The contract with DMCI to build the 18-kilometer road amounts to P7.2 billion and MPIC is currently in talks with “several banks” to raise about P17 billion for the CALAX project.

The Metro Pacific group won the auction for the project after submitting a P62.72-billion bid -- P27.3-billion premium it offered to pay the government on top of the project’s P35.42-billion construction cost.


MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. -- Imee Charlee C. Delavin
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