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

Metro Pacific secures P24-billion loan for Cavite-Laguna expressway

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CAVITE-LAGUNA Expressway is targeted to open by July 2020.
A METRO PACIFIC group unit said it has completed the funding for the Cavite-Laguna Expressway (CALAX) project and is eyeing to start commercial operations of some segments in the Laguna section as early as July next year.
Metro Pacific Tollways Corp. (MPTC) Chief Financial Officer Christopher Daniel C. Lizo told reporters on Friday night the company had closed that day a P24.2-billion loan with six banks to finish the P35.43-billion CALAX project.
“(The funding is) for the whole Laguna and Cavite (segments). There are two tranches. One is for the construction and part of the concession. The second tranche is mostly for the concession… So (the funding) covers the project cost and the concession fees,” Mr. Lizo said.

He identified the six banks as BDO Unibank, Inc.; UnionBank of the Philippines, Inc.; Rizal Commercial Banking Corp. (RCBC); Bank of the Philippine Islands (BPI); Security Bank Corp., and Land Bank of the Philippines.

Mr. Lizo also said the first 10 kilometers of CALAX on the Laguna side is scheduled to open in July, a year earlier from schedule. He noted, however, the entrance from the Cavite side might see delays as it has not received substantial right of way from the Department of Public Works and Highways (DPWH) yet.

“Some sections ahead, some sections delayed. We’re opening Sections 6 to 8, which is from Mamplasan to Sta. Rosa, July. So that’s ahead of schedule… Cavite, admittedly delayed. Kulang pa ‘yung right of way [Right of way is still lacking],” he said when asked if the construction of CALAX is on schedule.

Based on the government’s concession agreement with MPTC unit MPCALA Holdings, Inc., the toll rate at CALAX will be P4.50 per kilometer, meaning the first three sections opening in July would have a toll fee of P45.

MPCALA Holdings President and General Manager Roberto V. Bontia said on Friday the Cavite side is targeted to start construction by first quarter next year.

“They will start hopefully first quarter of next year,” he said.

The entire 45.29-kilometer CALAX is targeted to open by July 2020. It will connect the Manila-Cavite Expressway (CAVITEx) to the South Luzon Expressway (SLEx) to reduce travel time from the two points to 45 minutes from one hour and 30 minutes.

MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC). 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. — Denise A. Valdez

Dusit-managed Beach Club opens in Davao

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THE Beach Club offers guests access to the exclusive Lubi Plantation Island. — COURTESY OF DUSIT INTERNATIONAL
DUSIT INTERNATIONAL on Wednesday said it has officially opened The Beach Club at Lubi Plantation Island, Davao Gulf.

“Ideal for day trips, special events, and memorable meetings, The Beach Club at Lubi Plantation Island offers a unique escape amidst nature, and we look forward to delighting visitors of all ages with our unique brand of Thai-inspired, gracious hospitality in this stunning island setting,” Lim Boon Kwee, chief operating officer of Dusit International, said in a statement.

Managed by Dusit International and owned by Torre Lorenzo Development Corp. (TLDC), The Beach Club is located within the former coconut plantation now being developed as a leisure township.

The Beach Club features a swimming pool, a children’s play area, an event hall, the Tarictic Grill & Snack Bar, and a 50-meter private beach. Guests can also do snorkeling and diving activities in the area.

“The opening of The Beach Club at Lubi Plantation Island signals an exciting time for Dusit in Davao, and we are delighted we can give visitors the opportunity to experience this beautiful sanctuary ahead of the opening of the two hotels — dusitD2 Davao and Dusit Thani Residence Davao,” he said.

Aside from The Beach Club, Dusit will also manage two hotels owned by TLDC — dusitD2 Davao and Dusit Thani Residences in Lanang, Davao City. It only takes 30 minutes by boat to go to Lanang from The Beach Club.

Scheduled to open in February 2019, the dusitD2 Davao will have 120 rooms with a “contemporary, vibrant style.” It will also have a lap pool, wading pool, children’s pool, international restaurants, a Namm spa, gym facility, four meeting rooms, and two ballrooms that can accommodate 1,000 guests.

Adjacent to the dusitD2 property, the 178-room Dusit Thani Residence Davao is scheduled to open in April 2019.

Last month, Dusit and TLDC signed a professional management agreement for Dusit International’s management of the first international hotel chain in Lipa City called Dusit Princess Lipa. It is set to open by 2021.

Dusit International is a Thai-hotel brand founded in 1948. Currently, it is operating under four brands namely Dusit Thani, dusitD2, Dusit Princess, and Dusit Devarana.

On the other hand, TLDC is the pioneer in the concept of Premium University Residences. Its properties are located in Sampaloc, Manila (Torre Central); Malate, Manila (3Torre Lorenzo); Las Piñas (Torre Sur); and Taft, Manila (2Torre Lorenzo). — Vincent Mariel P. Galang

AGI focuses on real estate expansion in 2019

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GLOBAL-ESTATE Resorts, Inc. (GERI), a subsidiary of property giant Megaworld Corp., has opened Savoy Hotel in Boracay Newcoast. GERI plans to open two more hotels in Boracay — Belmont Hotel Boracay and the Chancellor Hotel Boracay — in the next two years. — COURTESY OF MEGAWORLD CORP.
By Arra B. Francia, Reporter

ALLIANCE GLOBAL Group, Inc. (AGI) is pushing the expansion of its real estate business into the provinces, banking on the continued economic growth in the regions.

AGI Chief Executive Officer Kevin Andrew L. Tan said Megaworld Corp. will be relaunching new projects in Boracay following its reopening last October, while also unveiling new projects in Cebu, Davao, Pampanga, and Bacolod.

“We’re going to be more aggressive now in the provinces because we see a lot of growth in the provinces… it’s very encouraging that’s why we want to continue the momentum in those regions,” Mr. Tan told reporters on the sidelines of the company’s media event last Dec. 17.

Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld, is developing the 150-hectare township Boracay Newcoast which will include residential condominiums, hotels and a shophouse district.

Mr. Tan noted that Megaworld will also be launching more townships next year, in addition to the aggressive expansion of its office space leasing segment driven by the recovery of the business process outsourcing sector.

AGI will also restart the construction of its 31-hectare Westside City township in Entertainment City, Parañaque early next year, in time for a scheduled opening in 2021. AGI partnered with Malaysia’s Genting Group for the P121-billion project.

Mr. Tan said Westside City’s master plan was upgraded, given the competition of integrated resorts and casinos in the area.

“We’re going to be focusing quite a lot on entertainment because we discussed in the past we want to create this sort of ‘Broadway of Asia’ concept there. So we’re putting together theaters in one, because it’s growing and it’s fragmented all over so we’re looking at ways to integrate it into one development where we can put theaters and entertainment facilities,” Mr. Tan explained.

“I think in that respect, it becomes a little bit more different from what the others are offering, not just gaming.”

For the hotel segment, AGI will be launching two new hotels, namely Sheraton and Okura, within the Resorts World Manila complex in Pasay City. The company will unveil the Ritz Carlton in 2020.

The liquor business through Emperador, Inc. will introduce new products in 2019. The listed brandy firm launched The BaR Gin in the Philippines this year, while focusing on the expansion of its Emperador Brandy, Fundador Spanish Brandy de Jerez, and The Dalmore brands in the overseas markets.

Golden Arches Development Corp., the exclusive franchise holder of the McDonald’s brand in the Philippines, will also be opening 50 new stores next year.

For its infrastructure unit, Infracorp Development, Inc. looks to start construction of its two-kilometer monorail Skytrain by the fourth quarter of 2019.

The P3.5-billion project will link Metro Rail Transit Line 3’s Guadalupe Station to Megaworld’s Uptown Bonifacio township in Taguig City, cutting travel time to five minutes for up to 100,000 commuters per day.

AGI booked P12.06 billion in net income attributable to the parent in the first nine months of 2018, 18% higher year-on-year. This came on the back of an 11% uptick in gross revenues to P108 billion during the same period.

Shares in AGI fell 4.55% or 56 centavos to close at P11.74 each at the stock exchange on Wednesday.

Co-working spaces seen to grow by 10% — Colliers report

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MORE flexible working spaces are expected to open in the Philippines in the next three years. — COURTESY OF REGUS
FLEXIBLE WORKING spaces in the Philippines are seen to grow by 10% annually over the next three years, as micro, small, and medium enterprises (MSMEs), multinational companies, and outsourcing firms continue to expand, Colliers International said.

In a statement, Colliers International noted competition among flexible working spaces is expected to tighten in the next years.

“For the Philippine property market in 2019, flexibility will be the name of the game. The strong demand and evolving preference of tenants is giving rise to flexible workspaces,” the real estate consultancy firm said.

The continued public infrastructure push outside of Metro Manila will drive residential and office projects in these areas.

“Colliers sees infrastructure implementation dictating the strategies of developers in and outside Metro Manila. We see a more pronounced dispersal of office and residential developments outside of the country’s capital in 2019,” it noted.

Colliers is seeing aggressive land acquisition by property developers in Northern and Southern Luzon, particularly in Pampanga, Bulacan, Cavite, Laguna, and Batangas. The expansion of developers in these areas is driven by the rail, expressway, and toll road projects which will be completed between 2020 and 2022.

These include the MRT-LRT Common Station, Manila Bus Rapid Transit (BRT) 1, and Cavite-Laguna Expressway all ready by 2020, while Metro Rail Transit 7, Light Rail Transit 1 Extension, Clark Railway, and NLEX-SLEX Connector Road are targeted to be completed by 2021.

Specifically, Quezon City and North Luzon areas will strongly benefit from the completion of such railways.

“In 2019, Colliers recommends and expects more aggressive and strategic land banking by developers around the first three stations in Quezon City. This could even extend to key cities in Northern Luzon such as San Jose del Monte in Bulacan which is likely to benefit from the interconnection brought about by the MRT-7 due to be completed in 2021,” Colliers added.

For office space, Colliers said demand will be driven by the expansion of knowledge process outsourcing (KPO) companies, as well as Philippine offshore gaming operators (POGOs).

POGOs also are expected to continue expanding in Cebu, Laguna, and Clark, Pampanga due to high supply of office space and residential units in these areas, as well as proximity to airports.

By next year, Colliers said offshore gaming companies will have occupied 200,000 sq.m. to 300,000 sq.m. of office space.

In terms of residential condominiums, Manila Bay area is expected to see 6,000 new condominiums next year, while prices are seen to break the P300,000 per sq.m. mark as well.

Demand for luxury condominiums in Manila will remain strong, according to Colliers.

“This entices affluent locals and foreign investors to look for similar developments in Metro Manila. In fact, the pent-up demand encourages mid-income condominium developers to scale up and construct high-end projects in emerging business districts such as the Manila Bay Area,” Colliers added. — Vincent Mariel P. Galang

SM Prime upbeat on mall business

SM Prime Holdings, Inc. has 72 shopping malls in the country. — BW FILE PHOTO
By Arra B. Francia, Reporter

SM Prime Holdings, Inc. remains upbeat on its shopping mall business, noting that the country is not facing an oversupply of malls yet.

SM Supermalls Chief Operating Officer Steven Tan called the retail sector “very vibrant,” citing the shopping mall’s shift to being a more experiential place.


“It’s more exciting now more than ever. I was asked if there was a surplus already, but no we’re still enjoying. For example, SM North EDSA is 99% occupied. I don’t really see that as it poses a threat or a problem,” Mr. Tan said in an Dec. 7 interview on the sidelines of the opening of the North Towers, a new segment of the company’s SM North EDSA mall in Quezon City.

For instance, Mr. Tan said the company included an “experience zone” in the newly-opened North Towers to give shoppers a place to hang out.

“It’s not your usual mall where people go shopping, it’s really more like hanging out. There’s a lot of restaurants, we created an experience zone, lots of games,” Mr. Tan explained.

North Towers is an expansion of SM North EDSA, making it the country’s second largest mall next to SM Mall of Asia. It is one of the 72 SM malls in the Philippines, the latest of which is located in Eastern Visayas called SM Center Ormoc. The company also has seven malls in China.

The property unit of country’s richest man Henry Sy, Sr. plans to end the year with 9.6 million square meters of retail space across its local malls. By 2019, the company targets to have 10.5 million sq.m. of gross floor area in the country, further increasing it to 10.8 million sq.m. in 2020.

The listed firm’s expansion is now geared toward the provinces, as it seeks to take advantage of the economic growth opportunities in the regions.

“Our expansion program should allow us to sustain double-digit growth over the next three years. The growth will be driven by malls and residential operations complemented by our other businesses,” the company said in a presentation posted on its website.

SM Prime’s shopping mall unit contributed 58% of its revenues in the first nine months of 2018, following by the residential business at 34%.

The company booked a net income attributable to the parent of P23.44 billion in the first nine months of 2018, 17% higher than the P20.05 billion it made in the same period a year ago. Gross revenues meanwhile went up 15% to P74.56 billion during the nine-month period.

GSIS extends housing loan condonation program

By Chino S. Leyco

State-run Government Service Insurance System (GSIS) has extended its housing account condonation program for another year to give prospective applicants more time to pay off their housing accounts.
GSIS logo (Courtesy of
GSIS logo (Courtesy of

In a statement, Jesus Clint Aranas, GSIS president and general manager, said yesterday that the cutoff date for the ongoing housing account condonation program has been extended until December 31, 2019.

“We fully understand the predicament of our housing buyers and borrowers who are struggling to keep their homes, so we heeded their appeal. The program’s cutoff date was moved to December 2019 to help them finally own their house,” Aranas said.

The housing condonation program seeks to lighten the burden of prospective applicants in settling their housing account obligations, as it prevents penalty charges from accruing on their unpaid amortizations.

Active and former GSIS members, as well as non-members, with deeds of conditional sale or real estate loan accounts that are in arrears or in default may avail of the program.

Also qualified to apply for penalty condonation are buyers whose deeds of conditional sale have been cancelled but not yet uploaded as investment property, as well as real estate loan borrowers with foreclosed accounts but the titles of which have not yet been consolidated in the name of GSIS.

Buyers of rights and legal heirs of deceased buyers or borrowers may likewise apply.

Aranas also encouraged interested buyers or borrowers to apply for condonation as soon as possible to avoid incurring further penalties and surcharges of at least one percent per month.

“Seize this opportunity to protect your homes – your place of comfort, security, and privacy. We all need a place of our own where we come from every morning and return to every night,” he said.

Applicants who will settle their accounts in full should request an appointment and condonation statement of account from the nearest GSIS office.

Ayala Land unit to expand projects in North Luzon

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AMAIA Land Corp. is adding more units to its developments in North Luzon.
AMAIA LAND Corp. on Thursday said it will start construction of more than 100 units in its residential developments in North Luzon.

In a statement, the economic housing unit of Ayala Land, Inc. said it has completed more than 300 units in its Amaia Scapes projects in Bulacan, Pampanga, Capas, Urdaneta, San Fernando and Cabanatuan.

“This season of goodwill, we can’t think of a more rewarding way to give back to the community than the timely completion and delivery of superior-quality abodes to our future residents. This also reinforces our commitment to making quality home living more accessible to even more Filipinos,” the company said.

Last October, Amaia Land said it launched a 7.8-hectare expansion for Amaia Scapes Bulacan in Sta. Maria, Bulacan. The expansion includes 306 new units in the development in the said area.

This year also marked the completion of Amaia’s amenities in the North Luzon projects. The amenities include village pavilion, basketball court, children’s playground, and swimming pool.

Last month, the company also announced it is developing Amaia Steps Altaraza in San Jose Del Monte, Bulacan. This is the company’s first affordable mid-rise condominium located in the 55-hectare Altaraza Town Center, along Quirino Avenue corner Governor F. Halili Avenue in Brgy. Tungkong Mangga.

“As it enables Filipino families to own affordable yet quality homes, Amaia Land commits to building sustainable communities that support comfortable lives today and in many years to come. Amaia CARES for life, the living, and the spaces around it,” the company said. — Vincent Mariel P. Galang

DMCI Homes adds third tower to Prisma Residences in Pasig

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DMCI Homes is planning to add a third tower to Prisma Residences in Pasig City.
DMCI Homes continues to expand in Pasig City, with plans to add a third tower to its Prisma Residences project along Pasig Boulevard.

In a statement in Dec. 20, the property arm of DMCI Holdings, Inc. said it is building Kiran at Prisma Residences, following the strong sales at the first two towers, Astra and Celeste.

Prisma Residences sits on a two-hectare-property and offers resort-inspired facilities. Astra and Celeste towers have already been 98% sold out, generating total reservation sales of P8.699 billion as of Sept. 16.

Prisma Residences and Fairlane Residences, which is also located in the same area, were the top drivers of DMCI Homes’ sales during the first nine months of 2018.

Reservation sales of DMCI Homes reached P33.48 billion during the January to September period, on track to hit the company’s P40-billion sales target.

“If it’s any indication of the robust property market in the city, our Pasig projects have been consistent key contributors to the company’s growth through the years… Prisma Residences, for one, has always been a top-seller since the first tower was launched in 2017,” DMCI Homes Assistant Vice-President for Project Development Dennis Yap was quoted as saying.

DMCI Homes already has 11 residential condominium projects in Pasig, including Satori Residences, Brixton Place, Lumiere Residences, Sheridan Towers, and East Raya Gardens.

For the first nine months of 2018, DMCI Homes realized a P3.4-billion attributable profit, which is 29% higher than the same period a year ago due to one-time gain from the sale of its undeveloped lot in Quezon City. Revenues also rose to P14.7 billion, or by two percent, during the same period.

As of end-September, the company has spent P10.3 billion on capital expenditures, with 74% of which was allotted to development costs, while the remaining percentage went to land and asset acquisition. — Vincent Mariel P. Galang

SC buys lot in Fort Bonifacio

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The Supreme Court (SC) announced on Tuesday that it had bought a lot in Fort Bonifacio in Taguig City — priced at P1.04 billion — to house its new office complex.

According to the SC public information office, newly-installed Chief Justice Lucas Bersamin signed the Deed of Absolute Sale with the Bases Conversion Development Authority (BCDA) for the purchase of the 21,463 square meter property located at the former Philippine Army Security Escort Group Area.

Bersamin and BCDA President and Chief Executive Officer Vivencio Dizon also signed a memorandum of agreement with Public Works Secretary Mark Villar for the construction of the access road going to C5.

They also signed another agreement with Megaworld Senior Vice President Kevin Andrew Tan for the access road from the SC property to Campus Avenue in the McKinley Area.

CPG bullish on new BGC office building

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Asian Century Center
Asian Century Center has been pre-certified for LEED, a global green building and sustainability certification system by the United States Green Building Council. -- CENTURY PROPERTIES GROUP, INC.
By Arra B. Francia Reporter

CENTURY Properties Group, Inc. (CPG) has leased out about 75% of the P1.6-billion Asian Century Center (ACC) in Bonifacio Global City (BGC), with majority of the locators coming from the information technology and business process management (IT-BPM) sector.

The Antonio-led property developer on Tuesday formally opened ACC, a 21-storey office tower with a net leasable area of 29,628 square meters (sq.m.). The building was developed in partnership with Asian Carmakers Corp.

“We’re hopeful that by yearend we’ll be majority leased. The interest has been very good. All our tenants are full floor tenants so far, we’re quite hopeful that the trend will continue. 

That’s much more efficient for us from the point of revenues,” CPG Co-Chief Operating Officer Jose Marco R. Antonio told reporters on the sidelines of the opening ceremony for the building. ACC’s lease rates stand at about P1,200 to P1,400 per square meter (sq.m.), in addition to P190 per sq.m. in monthly dues. CPG tapped real estate consultancy services firm Leechiu Property Consultants as the exclusive leasing manager for the building.

Mr. Antonio noted the typical lease agreement covers five years, but some have already expressed interest in renewing it in the future. Some tenants are also planning to further expand their operations in the same building.

“It’s a good sign that the underlying businesses of these tenants are growing and that demand for their services is robust. It’s very encouraging not just for the building but for the industry as a whole,” he added.

ACC is accredited by the Philippine Economic Zone Authority (PEZA), which grants tax perks to locators. This indicates that the building has complied with PEZA’s requirements such as 100% power backup, provision for high-speed internet and infrastructure, and a building management system.

The building is the fifth by CPG to be registered under PEZA.

ACC is also pre-certified for LEED, a global green building and sustainability certification system by the United States Green Building Council. The company looks to secure the LEED Silver status for ACC.

CPG expects ACC to contribute P500 million in annual revenues to its leasing portfolio once fully leased out.

ACC forms part of CPG’s goal to have about 300,000 sq.m. of gross floor area under its leasing segment once all projects are completed in 2020. The company’s leasing portfolio is seen to generate P1.5 billion worth of revenues by then.

CPG’s net income attributable to the parent rose 13% to P608.56 million in the first nine months of 2018, following a 45% uptick in gross revenues to P7.5 billion during the same period.

DMCI to launch Atherton’s 3rd tower

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DMCI Homes The Atherton

THE property unit of DMCI Holdings, Inc. will launch on January the final tower for its The Atherton condominium in Parañaque City, following the strong take-up of units in the first two towers.

DMCI Project Developers, Inc., operating under the name DMCI Homes, said in a statement posted on the company’s website that it will develop a 14-storey tower called the Almond, putting up an initial 206 units for sale from its total offering of 318 units.

Units at the Almond range from one-bedroom to two-bedroom layouts with sizes between 29 square meters (sq.m.) to 61.50 sq.m. Prices start at P3.32 million. The company looks to attract both end-users and investors for the project.

Amenities in the development include a lap pool, leisure and kiddie pool, a play area, picnic area, activity lawn, basketball court, gazebo, jogging path, and roof garden.

The Almond will add to the combined inventory of 680 units from The Atherton’s first two towers called Oak and Helicia. The company said that Oak and Helicia have generated P2.2 billion in reservation sales as of Dec. 5, with 76% and 54% of the buildings’ units sold, respectively.

The entire project stands on a 1.7-hectare property along Dr. A. Santos Avenue, formerly Sucat Road in Parañaque.

“Southern Metro remains an attractive market as reflected by the robust sales of The Atherton. We don’t see the market slowing down especially with the emergence of new businesses in the ‘Bagong Nayong Pilipino-Entertainment City,’” DMCI Homes Senior Vice-President for Sales Florante C. Ofrecio said in a statement.

Mr. Ofrecio was referring to the Entertainment City, a strip of integrated resorts and casinos in Parañaque operated by the Philippine Amusement and Gaming Corp. The company expects the Entertainment City to further spur development in the south.

DMCI Homes booked reservation sales of P33.48 billion in the first nine months of 2018, seven percent higher than the same period a year ago. The company expects to hit its target of P40 billion in reservation sales for the entire year.

The company saw its attributable profit jump 29% to P34 billion in the January to September period, lifted primarily by a one-time gain from the sale of its undeveloped lot in Quezon City. Without this item, DMCI Homes’ attributable profit rose two percent to P2.7 billion. Meanwhile, revenues went up by two percent to P14.7 billion.

Aside from property development, DMCI Holdings also has core interests in general construction, coal and nickel mining, power generation, water concession, and manufacturing.

Shares in DMCI Holdings gained 0.67% or eight centavos to close at P12.08 each at the stock exchange on Tuesday. — Arra B. Francia

Twin Lakes Hotel opens its doors

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Twin Lakes Swimming Pool
Twin Lakes Hotel offers views of Taal Lake, as well as a vineyard.
TWIN LAKES Hotel finally opened its doors this month, offering guests stunning views of its own vineyard, as well as Taal Lake and volcano.

The 122-room hotel is located within Global-Estate Resorts, Inc.’s (GERI) 1,200-hectare integrated tourism estate Twin Lakes in Laurel, Batangas. It is managed by Megaworld Hotels, which has experience handling homegrown brands Richmonde, Belmont, and Savoy.

During the opening last Dec. 8, Twin Lakes Hotel General Manager Jun R. Jimenez said the hotel can take advantage of the strong demand for rooms in the Tagaytay area.

Mr. Jimenez noted Twin Lakes Hotel has the distinction of being the only hotel in the Philippines with an actual grape-growing vineyard in its backyard.

Inspired by old European architecture, the hotel also has bigger function rooms that are perfect for weddings, conventions and similar gatherings.

“The ballroom can accommodate 500 to 600… You see the concept why Megaworld came out with a big function room because they want to cater banquets, weddings, celebrations, conventions… we want to concentrate on both rooms and functions,” Mr. Jimenez said.

The hotel offers Superior rooms sized up to 34 square meters (sq.m.), Deluxe and Executive rooms (both up to 38 sq.m.), and two-bedroom Family Suites and Presidential Suites (both up to 86 sq.m.). The suites have their own living areas. Rates range from P7,000 to P20,000.

The hotel also has an all-day dining restaurant, Twin Lakes Cafe facing the vineyard and the Taal Lake, an in-house spa, heated infinity pool, and the grand ballroom.

Twin Lakes Hotel is within walking distance of the Twin Lakes Shopping Village, which boasts of having the “most beautiful Starbucks in the Philippines.”

Mr. Jimenez said the company sees the new hotel as an opportunity to attract potential buyers for the residential condominiums within Twin Lakes.

“People from the condo do not have anything to do with the hotel but they do have some privileges like discounts. I think the concept of Megaworld is this is a good eye-catcher to the prospective buyers of the condo because they are planning to put a lot of units here,” he explained.

GERI, a subsidiary Megaworld Corp., has launched several residential condominiums at Twin Lakes, namely The Vineyard Residences, Swiss chalet-inspired The Manor, and The Belvedere. It is also developing two residential villages, namely Domaine Le Jardin and Lucerne.

“I think it’s a community. What they want for the area is when they go to Twin Lakes, everything is here,” Mr. Jimenez said.

Other development by GERI are Boracay Newcoast in Malay, Aklan, Eastland Heights, Southwoods City in Laguna and Cavite, Alabang West in Las Piñas, and The Hamptons Caliraya in Lumban-Cavinti, Laguna. — Vincent Mariel P. Galang

8990 taps SM Hypermarket as anchor tenant for mall

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MASS HOUSING developer 8990 Holdings, Inc. has tapped SM Hypermarket as the supermarket operator for its first mall development in Tondo, Manila.

In a disclosure to the stock exchange on Monday, the listed firm said it has signed an agreement with SM Hypermarket to be the lead anchor tenant for Deca Mall, which is set to open in the second quarter of 2019.

SM Hypermarket will occupy 3,073 square meters (sq.m.), comprising about a sixth of Deca Mall’s 18,000 sq.m. worth of gross floor area.

“By bringing in SM Hypermarket as the anchor tenant of Deca Mall, Urban Deca Homes residents and those from the environs no longer have to travel far for their everyday shopping needs,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.

The P452-million Deca Mall will also house up to 450 small and medium enterprises in addition to a tiangge at the second floor.

The mall stands within 8990 Holdings’ 13-tower residential complex called Urban Deca Homes Manila. This is the company’s second largest project to-date, following a similar project in Ortigas Extension that will be launched in the first quarter of 2019.

Urban Deca Homes Manila covers a total area of 8.4 hectares, offering more than 13,000 residential units valued at about P20 billion. 8990 Holdings targeted residents of Tondo, the Port Area, Intramuros, Divisoria, and the Camanava (Caloocan-Malabon-Navotas-Valenzuela) area for the project, addressing the housing needs of those living in these densely populated areas.

The property developer has already sold out all units in the project, given the low amortization rates of P9,000 to P11,000 per month.

8990 Holdings booked a net income attributable to the parent of P3.41 billion in the first nine months of 2018, 38% higher than the same period a year ago as gross revenues also surged 41% to P8.63 billion.

The company expects 2018 to be another banner year, targeting P11.5 billion worth of revenues and about P4.49 billion in earnings by year-end.

Shares in 8990 Holdings went up by a centavo or 0.13% to close at P7.75 each at the stock exchange on Monday. — Arra B. Francia

ALI allots up to P10 billion for Seda Hotel expansion

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Ayala Land, Inc. is expanding its homegrown brand Seda Hotel in new locations. Courtesy of Ayala Land, Inc.
By Arra B. Francia, Reporter

AYALA LAND, Inc. (ALI) will be spending P8-10 billion until 2020 for the expansion of its homegrown hotel brand, as Seda Hotel enters new locations while expanding existing developments.

“The total investment is maybe around P8 to 10 billion for the future developments. This is the budget for today and the new properties (until 2020),” Seda Hotel Senior Group General Manager Andrea Mastellone said during a press briefing in Taguig City on Monday.

The listed property developer is set to launch in 2019 a second tower for Seda Bonifacio Global City (BGC) with 342 additional rooms, 214 rooms for Seda Cebu IT Park, and 293 rooms for Seda Residences Makati.

ALI decided to expand Seda BGC given the strong demand from the international corporate market in the area, noting that there are only a few players present in the city. Seda BGC is the company’s top performer in terms of revenues, with an average occupancy rate of 80% coupled with room rates of about P6,000 to P8,000 per day.

“The occupancy varies according to the areas, but the busiest is here in BGC. We’ve experienced fabulous occupancy since two months after opening, we were fully booked almost every day. We are still experiencing minimum 80%,” Mr. Mastellone said.

Across the group, Seda enjoys an average occupancy rate of about 80%.

All three hotels to be opened in 2019 will be the first in Seda’s portfolio to feature serviced residences, as the company looks to cater to guests who stay longer than two to three days.
In particular, all units at Seda Residences Makati and Seda Cebu IT Park will be serviced residences, while Seda BGC will have 48 serviced apartments.

“These guests are mostly business travelers on assignments for months and who would opt for temporary dwellings that are bigger than a hotel room, with basic home conveniences,” Seda Group Director of Sales and Marketing Melissa J. Carlos said during the press briefing.

Mr. Mastellone noted that the serviced residence concept will only be established in business districts, as there will not be much demand in the provinces.

The company will further unveil 350 rooms at Seda Manila Bay in Aseana City, Parañaque and 206 rooms at the second tower of Seda Nuvali.

The expansion forms part of the company’s plan to have 3,268 rooms across 11 locations by 2020. ALI currently has 1,863 room across nine locations, namely BGC, Cagayan de Oro, Davao City, Nuvali in Laguna, Iloilo, Quezon City, Bacolod, Cebu, and Palawan.

“With 1,863 rooms now in our portfolio and having achieved most of our annual targets, we are confident that our goal of building 1,405 more rooms in the next two years to hit our target of 3,268 rooms by 2020 is achievable and will be positively received by the market,” Ms. Carlos said.

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