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

Environment groups blast gov’t on mining ‘turnaround’

By: Melvin Gascon - Correspondent / @melvingasconINQ
/ 09:10 PM August 31, 2018
Environment groups on Friday blasted the plan of the Department of Environment and Natural Resources (DENR) to issue more mineral reservations in the country as a “reversal” of Duterte government’s supposed anti-mining policy.

In separate statements, the Center for Energy, Environment and Development and the Kalikasan People’s Network for the Environment scored the DENR for its failure to live up to its mandate of safeguarding country’s natural resources.

“If this (proposal) pushed through and gets affirmed by the President, this will then be a clear signal of the blatant reversal of anti-mining pronouncements of the President during his Presidential campaign and his past (State of the Nation Addresses),” said CEED Gerry Arances, executive director.

The DENR, in a news release on Thursday, announced it was set to declare more mineral reservation areas throughout the country “to help provide equitable access to mineral resources and generate additional nontax revenues for the government.”
The announcement came on the heels of the 2017 Commission on Audit report, which questioned the Mines and Geosciences Bureau’s failure to collect some P2.7 billion in royalties from existing mining operations.

The government’s economic managers also blamed the lackluster performance in the mining and quarrying industry for the “slow” growth of the economy, dropping to 6 percent in the second quarter.Lawyer Analiza Rebuelta Teh, DENR undersecretary for mining concerns, said the declaration of mineral reservations shall allow government to collect royalties—something it cannot do with the present mining operations.

But the DENR must approach its newest tack with caution, Arances said, as the government’s control and management of declared mineral reservations remain “plagued by various issues”.

“It has been clear in many studies that no amount of increase in share and royalties from mining can outweigh the devastating impacts to watersheds, forest cover, climate resiliency and many others,” he said.

For Kalikasan PNE, the planned expansion of mineral reservation areas is “unsurprising”, as the Duterte administration has been known for “successive reversals” amid the President’s “tough-talk” on mining policies.

Leon Dulce, Kalikasan national coordinator, cited the impending reversal of the closure and suspension orders for 24 of the 28 mines sanctioned by former Environment Sec. Regiina Paz Lopez, and the recent lifting the two-year mining exploration ban.

He dismissed the newest DENR move as one for fiscal equity, but a “clear attempt to further wholesale” mineralized lands in the country.

Opening up more lands to mineral reservations is part of the “more business as usual” scenario which the Duterte government is pursuing, he said.

“The fact that this peacocking to foreign mining investors when outstanding problems in environmental and social regulations remain unaddressed runs contrary to the promise of cracking down on destructive mines,” Dulce said.   /kga

Property firm gets P2-B loan from BDO

[ ]
ISOC Holdings, Inc. has secured a P2-billion loan facility from BDO Unibank, Inc., which will be used for its property unit’s mixed-use project in the Bay Area.

In a statement issued Thursday, BDO said it has signed a loan agreement with ISOC Land, Inc. on Aug. 28, opening the loan facility for the company’s development of the iLand Bay Plaza.

The 12-storey mixed used project located along Macapagal Boulevard in Pasay City will offer 23,541 square meters (sq.m.) of commercial office and retail space. The company is targeting business process outsourcing and knowledge process outsourcing firms to locate in the building, banking on the demand for office spaces in the Bay Area.

The company is designing iLand Bay Plaza to be a green office building, with an intelligent building management system and 24/7 back-up power supply, suited for the demands of outsourcing firms.

ISOC Land started construction on the P2-billion project last April, with completion targeted by February 2021.

The iLand Bay Plaza marks ISOC Holdings’ foray into the property sector. The company also holds interests in logistics through ORCA Cold Chian Solutions, power, and infrastructure.

ISOC Holdings is chaired by businessman Michael C. Cosiquien, who is one of the founders of listed construction conglomerate Megawide Construction Corp. Mr. Cosiquien left his post as Megawide’s chairman last December to focus on his family’s cold storage business. Mr. Cosiquien remains to be a director of Megawide.

The company’s infrastructure unit ISOC Infrastructures, Inc. last July submitted an unsolicited proposal to the Department of Information and Communications Technology to build 25,000 common cell towers for P100 billion in a span of seven years. ISOC Infrastructure pegged the initial investment at P20 billion in the first three years.

The infra unit appointed OCK Vietnam Pte. Ltd. as the technical tower for the project.

In December 2017, ISOC Holdings acquired a 175.4 million common shares in listed firm AG Finance, Inc. for P380 million. This gave the company a 67% stake in AG Finance.

ISOC Holdings has since changed AG Finance’s name to Ferronoux Holdings, Inc., as well as its primary purpose to that of a holding firm with a secondary purpose of mining and smelting operations. The company was reported to be used for a potential backdoor listing, in line with the company’s plan to diversify and expand the business.

AG Finance previously operated as a financing company which provides short-term, unsecured credit facilities to permanent rank and file employees of medium-sized companies. The company has stopped all lending activities after ISOC Holdings took over. — Arra B. Francia


DMCI Homes posts P23B reservation sales

by Daily Tribune Staff

DMCI Homes reported P23.01 billion in reservation sales in the first half of 2018, up 4 percent from P22.12 billion during the same period last year.

Its net income increased 41 percent from P1.759 billion in the 1st half of 2017 to P2.488 billion in 2018.

“Our pioneering resort-style developments have gained a strong following among buyers. There is healthy demand for our projects in Metro Manila and even in Davao and Baguio,” said DMCI Homes president Alfredo Austria.

Encouraged by its strong sales, DMCI Homes looks to replicate its success in other parts of the country. “We are also exploring new product formats as condo units continue to evolve as a versatile solution to urban living challenges,” Austria added.

The property developer sees reservation sales rising further in the second half of 2018 with the scheduled launch of mid-rise and high-rise developments in Parañaque, Manila, Pasay, Las Piñas, Davao and Quezon City.

OUTLIER: Ayala Land, Inc.

[ ]

FOREIGNERS loaded on Ayala Land, Inc. (ALI) stocks last week, making it the most actively traded stock in the local bourse during the period.

ALI had the highest value turnover last week, with P2.519 billion worth of 57.82 million shares exchanged hands on the trading floor from Aug. 20 to Aug. 24, data from the Philippine Stock Exchange showed.

Its shares closed at P43.9 apiece on Friday, down 0.9% from the previous day, but gained 3.29% on a week-on-week basis. For the year, ALI shares are down 3.52%.

“We can attribute this to foreigners going back to the local market. Foreigners are looking for highly liquid stocks, with high recurring income contribution, preferably in a growing industry, and with an adequate share price upside. All of these points to ALI,” said John Paolo D. Ayson, equity research analyst at RCBC Securities, Inc.

Stock market data showed net buying on ALI amounted to P693.34 million from Aug. 20 to Aug. 24, a reversal of the P23.51-million net selling a week before.

Mr. Ayson noted ALI as one of the most liquid stocks as well as having a high recurring income from its malls and office businesses, which is supported by the property sector’s “fast pace” at around 17%.

ALI’s latest earnings report showed attributable profit expanding by 34% to P7.97 billion in the second quarter from P5.95 billion in the same period last year. This brought its January-June attributable profit up 18% to P13.5 billion.

Jeng T. Calma, trader at A&A Securities, Inc. said that an immediate reason for capturing ALI stocks would be its cash dividend distribution on Sept. 6, with a dividend rate at 0.2%. She also said ALI’s stock price settled at a “buying opportunity” price last week, following a sharp dip from a high of P43.20 to a low of P40.35 from Aug. 9 to Aug. 14.

Inaabangan talaga ang malaking drop ng ALI sa price, kasi mabilis sya usually mag-rebound. (Buyers would usually lookout for a big dip in ALI’s stock price, as it usually rebounds immediately),” she said.

For this week, Ms. Calma expects ALI to stay at its P42 and P46 support and resistance levels, respectively. “This week is another cycle, after ALI reached a new high last week. Investors will lie low in the following days,” she said.

Mr. Ayson also sees ALI trading between the support and resistance levels of P42 and P46, respectively, this week. This could still go up by 18% to his target price of P51.00 in the next 12 months, he said.

Mr. Ayson’s earnings forecast for ALI was at 17% this year, with growth coming from across all its segments.

Under its 2020 Vision, ALI targets to grow 20% annually to hit a net income of P40 billion from its residential development and leasing segments. — C.V. Olano

Filinvest expanding residential, office projects in Mimosa

[ ]
Filinvest expanding residential, office projects in Mimosa
FILINVEST Land, Inc. is redeveloping the Mimosa+ Leisure City. — HTTP://MIMOSAPLUS.COM.PH/
By Arra B. Francia, Reporter

FILINVEST Land, Inc. (FLI) is expanding its residential and office projects in Pampanga with its redevelopment of the 201-hectare Mimosa+ Leisure City.

The Gotianun-led property developer started working on the Mimosa+ Leisure City back in 2016, after the Filinvest Group was awarded the 50-year lease for its redevelopment and operation management. Its master plan now includes an office campus called WorkPlus, a residential complex called LodgePlus, hotel developments, an entertainment strip, and casino.

FLI will be building six mid-rise office towers for the 3.6-hectare WorkPlus complex, which will cater to business process outsourcing (BPO) firms, information technology, and knowledge-based companies looking to locate in the area. The first building, with a gross leasable area (GLA) of 8,409.55 square meters (sq.m.), has already been completed and is fully leased out.

The next five towers are scheduled to be completed by 2021, which will bring the total GLA in the WorkPlus complex to 101,123.55 sq.m. The company noted that it may adjust the timetable in advance depending on market demand.

Each of the buildings in WorkPlus will have one floor dedicated for retail outlets, with podium parking located in buildings 4-6. Buildings 1 & 2 will have surface parking areas.

FLI will also be developing residential units in the 2.74-hectare LodgePlus to accommodate the employees of BPO firms in Mimosa+ Leisure City. Located 450 meters away from WorkPlus, LodgePlus targets to minimize employees’ time for transportation and promote a work life balance.

LodgePlus will offer a total of 438 residential units and 119 parking slots across three buildings, which are set to be completed from the third quarter of 2019 until the first quarter of 2020.

The residential project offers studio type units covering 32.11 sq.m., which comes with single beds, bed bunks, mattresses, cabinets, table with chairs, a kitchen sink and faucet. Each room can accommodate up to six people.

LodgePlus commands lease rates of P5,000 for each bed space, P30,000 for an entire unit, and P750,000 for an entire floor with 25 units.

Amenities include a clubhouse, gazebos, and seating areas. The buildings will also have two elevators each, round-the-clock security, and standby emergency power, among others. The entire residential complex will have 119 parking slots.

Meanwhile, FLI will also develop the Mimosa Entertainment Quarter, which will consist of a lifestyle mall and convention center set to be completed in the third quarter of 2020 and fourth quarter of 2023, respectively.

FLI’s master plan works around the 25-year-old golf course which covers more than half of the entire Mimosa+ Leisure City development. Officials noted that the golf course is the largest in the country in terms of number of players, attracting up to 600 golfers per day on peak season.

Camella to introduce ‘COHO’ brand for new condominium projects

[ ]

DAVAO CITY — Vista Land and Lifescapes, Inc.’s Camella brand will be introducing the CondoHomes (COHO) lifestyle concept in its three upcoming condominium projects and existing properties in Davao City.

The COHO lifestyle combines amenities such as coffee and bake shops, 24/7 convenience store, and other commercial shops within the condominium complex.

“The plan is every project there is the mall, grocery store All Day Supermarket, Bake My Day, and Coffee Project will be set up… That’s what sets us apart from other developers,” Rey C. Montoya, Mindanao operations head for Camella Condo Homes, told BusinessWorld in an interview.

Mr. Montoya said the first of these new developments would be the COHO Terraces project in Ma-a, scheduled for groundbreaking within the fourth quarter this year.

The COHO Terraces will sit on a 1.8-hectare area consisting of five buildings, each with 486 units.

Pre-selling for the project already started last year and “so far, it is very good,” he said.

Another project is the COHO Acropolis, to be built on a 1.6-hectare property in Lanang.

Mr. Montoya said the general plan is to use one hectare for the residential component, which would all be studio-type units, and 600 square meters for the shops.

Start of construction is targeted by the second quarter of 2019.

Plans for the third COHO project, to be located in the Buhangin area, will be finalized this month. 

For existing projects, Mr. Montoya said they will be opening a Coffee Project shop at the Camella Northpoint along J.P. Laurel Avenue and a mall at the subdivision in Mintal.

“When we speak of launching, what we just do is usually a sellers’ launch, but we will launch it in a big way hopefully this quarter along with the three projects,” he said.

In Cagayan de Oro City (CDO), a Coffee Project has recently been opened at the Loop Towers, a two building development with units in the first building set for turn-over by December.

“We launched the brand COHO last year because in the major cities Davao and CDO, there is a high demand for residential, especially… (from) the young professionals, but the problem is there is not much house and lot available, we see condominium as a future home-buying (segment),” Mr. Montoya said. — Maya M. Padillo

Federal Land to launch 5 projects in second half

[ bworldonline ]
Federal Land to launch 5 projects in second half
FEDERAL LAND, INC. launched the Florida Sun Estates-Orlando in General Trias, Cavite earlier this year.
THE property unit of GT Capital Holdings, Inc. will be launching five more residential projects in the second half of 2018, after posting lower reservation sales in the first half due to fewer units left in its inventory.

Federal Land, Inc. had targeted to unveil nine to 11 projects this year, three of which have already been launched from the January to June period. This includes the Florida Sun Estates-Orlando in General Trias, Cavite, Mimosa Tower of Peninsula Garden Midtown Homes in Paco, Manila, and Baler Tower of Palm Beach West in Metro Park, Bay Area.

The property developer then launched the first tower of Quantum Residences along Taft Avenue in Pasay City earlier this month.

“We have five more projects in the second half. There’s Grand Hyatt 2 because Grand Hyatt 1 was fully sold out, two or three towers in the Bay Area. Aside from Grand Hyatt, another tower in Bonifacio, and another tower in Taft,” GT Capital President Carmelo Maria Luza Bautista told reporters after a media and analysts’ briefing in Taguig City on Aug. 15.
Federal Land has already sold out the 239 units in the first tower of the Grand Hyatt Manila Residences in Bonifacio Global City (BGC) in Taguig. The company will also launch the second tower of the Quantum Residences in Pasay, which will cater to students of schools such as De La Salle University, St. Scholastica’s College, and Arellano University located within the area.

The launch of more projects will support the company’s growth this year. In a presentation, Mr. Bautista noted that Federal Land’s inventory slipped by 17% to 1,364 units in the first half, following delays in securing permits and licenses for new projects. Reservation sales accordingly fell by six percent to P6.4 billion.

Federal Land’s net income also dropped by 35% to P503.6 million in the first semester, versus the P777.8 billion it generated in the same period a year ago, as revenues stood flat at P5.3 billion.

The company currently holds a land bank of 82.70 hectares across the country, located across Metro Manila and provinces such as Iloilo, Laguna, and Cavite. Its residential units for sale range from 18 to 400 square meters (sq.m.), priced from P20 to P101 million.

Aside from residential projects, the company said it will also redesign the podium for The Big Apple Mall at Grand Central Park in BGC, to accommodate the business district’s high-density residential communities. The redesign will bring 20,000 sq.m. of additional gross floor area to the company.

Federal Land is one of the property companies of tycoon George S.K. Ty, with the other being Property Company of Friends, Inc. (Pro-friends), which caters to the low-cost property sector. Pro-friends has so far developed 2,886 housing units, with a land bank of more than 1,700 hectares mostly in Cavite.

The two firms delivered consolidated revenues of P9.7 billion in the first half of 2018, 8.9% higher year on year, while net income attributable to the parent went down by 24.5% to P1.1 billion. — Arra B. Francia

Groundbreaking for $3.7-billion Makati subway expected by end of 2018 — Binay

[ ]
THE Makati residential district is seen as the business district of makati is seen at the horizon. — BW FILE PHOTO
THE PROPOSED $3.7-billion subway in the country’s financial district may break ground by the end of 2018, the Makati City government said.

In a statement on Thursday, Makati City Mayor Abigail S. Binay said the Swiss challenge for the urban rail system proposed by a consortium led by IRC Properties, Inc. is set to end by Sept. 24.

The IRC-led consortium was granted original proponent status for the Makati Mass Transport System, an unsolicited public-private partnership proposal for a 10-kilometer dual-track subway system connecting the central business district to other parts of Makati.

IRC earlier said it is partnering with international firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd. for the Makati subway project. 

Under the Swiss challenge, the project of the original proponent is allowed to be contested by third party companies, which it then may match.

“This mass transport system is Makati’s most ambitious PPP project to date. It’s part of my vision to make Makati the country’s first digital city — a city that is future-proof, connected and innovative without losing its cultural heritage and identity,” Ms. Binay was quoted as saying.

Ms. Binay said the project will not require any cash out from the city government since Makati will only contribute the land it currently owns for the subway.

The subway is seen as a solution to easing the traffic in Makati’s central business district by linking key points in the area such as Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati and Ospital ng Makati, among others. — D.A.Valdez

FLI on track to complete 2nd office tower in Pampanga

[ ]
CLARK, PAMPANGA — Filinvest Land, Inc. (FLI) is set to finish its second office tower within the group’s 201-hectare tourism and leisure estate in Pampanga this year, as it seeks to cater to the business process outsourcing (BPO) firms flocking to the province.

The office tower called 2 Workplus offers a total gross leasable area (GLA) of 13,035.5 square meters (sq.m.) across five office floors, while there will be another floor dedicated to retail. The building also offers 171 parking slots for its employees.

2 Workplus is the second of six mid-rise buildings inside the estate’s office complex called Workplus. The first building was completed in 2017, and has a GLA of 8,409.55 sq.m. The building is now fully leased out to a combination of BPOs and Chinese gaming firms.

“The Chinese online gaming has been making a huge impact in the industry, especially in real estate. We have an office space in Pasay that they recently closed four buildings with… right now they’re really moving to Clark,” Filinvest Cyberzone Mimosa, Inc. Cesarine Janette B. Cordero said in a media briefing here on Thursday.

The company said one floor of 2 Workplus has already been taken up by flexible workspace operator Regus.

“That’s a strategy actually of Filinvest, that we partnered up with Regus because we wanted to tap in the international market here in Clark. All the BPO spaces are filled with American, Australian companies. Now Chinese and Koreans are also making an impact. We feel like it’s a good strategy that if you want to have a feel of Mimosa, then you can start with Regus,” Ms. Cordero explained.

FLI expects to add four more office towers to the estate until 2021.

The Workplus office complex is part of the Filinvest group’s Mimosa+ Leisure City in Clark Freeport Zone, Pampanga. The mixed-use development is being leased out to the group for a period of 50 years.

Aside from office spaces, Mimosa+ Leisure City will also house leisure components, including a golf course, Quest Hotel and Conference Center, a lifestyle mall, retail strip, and events grounds. The company will also develop residential properties to accommodate the employees working in the office spaces, as well as retirees.

FLI saw its net income attributable to the parent jump by eight percent to P1.21 billion in the second quarter of 2018, following revenues of P4.16 billion. This brought the company’s attributable profit for the first half to P2.6 billion, seven percent higher year-on-year as revenues also rose nine percent to P10.06 billion.

Shares in FLI went up by a centavo or 0.66% to close at P1.53 each at the stock exchange on Thursday. — Arra B. Francia

Prime Orion earnings almost triple in Q2

[ bworldonline ]
Overview of Laguna Technopark
Ayala-led Prime Orion Philippines, Inc. (POPI) almost tripled its attributable profit during the second quarter of 2018, lifted by its expansion into the industrial park and logistics businesses.

In a regulatory filing, the listed company reported a net income attributable to the parent of P47.7 million, 188% higher than the P16.5 million it posted in the same period a year ago. Revenues surged 547% to P745.8 million.

This pushed POPI’s attributable profit for the first half of the year to P55.4 million, more than double the P25.8 million it generated in the first six months of 2017. The company’s revenues also jumped 240% to P925 million.

“We are very happy with our first half result. With the recent acquisition of a majority stake in Laguna Technopark, Inc., we continue to evolve and transform POPI into a real estate logistics-focused business,” POPI President and Chief Executive Officer Maria Rowena Tomeldan said in a statement. — Arra B. Francia

Property firms developing ‘student-friendly’ condos

[ ]
Property firms developing ‘student-friendly’ condos

FEDERAL LAND, INC. is developing Quantum Residences along Taft Avenue in Manila. — WWW.FEDERAL-LAND.COM
MORE REAL estate companies are developing residential condominiums near educational institutions, as they see growing demand for quality housing for students.

DMCI Homes, Inc. will be launching a P2.8-billion condominium near the St. Scholastica’s College in Malate, Manila in the second half of this year.

May bago kaming format. Karamihan kasi ng ginagawa namin designed for the family, ngayon ito designed for students (We have a new format. Most of what we do are designed for the family, but now this is designed for students),” DMCI Homes Chairman Isidro A. Consunji said during an Aug. 13 briefing.

DMCI Homes President Alfredo R. Austria said the new project will be launched within two to three months.

Pag-IBIG housing loan releases jump 13% in first half of 2018

The amount disbursed in the first six months of the year is an unprecedented 13 percent or almost P4 billion more than the loans released during the same period in 2017.
(The Philippine Star) - August 22, 2018 - 12:00am 
MANILA, Philippines — Pag-IBIG Fund reported that it released over P32.7 billion worth of housing loans in the first half of this year, setting yet another record in the fund’s history.

The amount disbursed in the first six months of the year is an unprecedented 13 percent or almost P4 billion more than the loans released during the same period in 2017.

The number of financed homes also increased by 11 percent from 36,139 in the first half of 2017 to 40,094 in the first half of 2018. Out of all homes financed from January to June, 31.5 percent or 12,639 are socialized housing units with an aggregate value of P4.859 billion.
Housing and Urban Development Coordinating Council (HUDCC) chairperson Sec. Eduardo del Rosario said the Pag-IBIG Fund is exerting all efforts to support the call of President Duterte to help uplift the lives of Filipino families through the provision of decent, yet affordable housing, which also contributes greatly to the BALAI Filipino (Building Adequate, Livable, Affordable and Inclusive Filipino Communities) program of the government’s housing sector.

Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said the fund targets the takeout of 92,259 housing units for 2018, which is worth P71.5 billion.

“With the amount of home loans released in the first half of 2018, I can confidently say that we are on track to reach our P71.5 billion target by end of the year,” Moti said.

Moti said that if housing loan approvals were included, there would be an additional 15,000 housing units for a total of 107,259 homes and the aggregate value would reach P86.5 billion. Loan approvals refer to approved housing loan applications for which the proceeds have yet to be released pending the submission of post-approval requirements.

In 2017, Pag-IBIG Fund achieved its best year ever, recording its highest housing loan takeouts amounting to P65.1 billion, which enabled the fund to provide homes to 80,964 families.

SMDC prepares to build its first condominium project in Davao City

[ ]
DAVAO CITY — SM Development Corp. (SMDC), the real property arm of the Henry Sy group, has started preparations for the construction of its first condominium project in the city.

Clarinda Luna-Magtulis, SMDC vice-president for marketing, said they are planning to build a residential complex of about 3,700 units, designed similar to their other “communities that are self-contained.” The project will be located within the 10-hectare SM Lanang Premier development.

“People here know city living but without losing the touch of being more relaxed,” Ms. Magtulis told BusinessWorld in an interview after the launching of their showroom last week.
Based on SMDC’s experience from other residential projects, Ms. Magtulis said the developments are usually taken up in three years. “By that time, the units are turned over to their owners immediately,” she added.

Aside from the local market, SMDC is also banking on its clientele from its Metro Manila developments since “these people might be the first to buy in this project,” Ms. Magtulis said.

SMDC, which also has a horizontal project in Pampanga and a condominium project in Bulacan, is already planning to venture in other parts of the country, including Mindanao.
“We have definite plans for other areas, but we are just waiting for the right time,” said Ms. Magtulis.

She added the company will also gauge the Mindanao market based on the reception towards the Davao project, which would mainly target middle-income buyers who are either end-users or investment purchasers.

Ms. Magtulis said when the company was just starting 12 years ago, most of the buyers were end-users, but the ratio has now become 50:50 with those who purchase for an investment.

SMDC has so far built about 30 projects and sold about 85,000 units, of which 50,000 have been turned over to the buyers. — Carmelito Q. Francisco

Developers report mixed Q2 results

[ ]
Rockwell Land's The Proscenium in Makati
SEVERAL PROPERTY companies reported mixed performances in the second quarter of 2018, with Rockwell Land Corp. posting strong real estate sales, while others saw a drop in revenues.

In a regulatory filing, Rockwell said it generated P628 million in net income attributable to the parent during the April to June period, 21% higher than what it posted in the same period a year ago. This followed a 28% increase in revenues to P4.72 billion.

On a six-month basis, the Lopez-led property company grew its attributable profit by a fifth to P1.25 billion, on the back of a 19% rise in revenues to P8.05 billion from the P6.76 billion it recorded in the same period a year ago.

Rockwell attributed the higher earnings to the 18% increase in sale of condominium units due to the completion rate of its properties Edades Suites, Proscenium, and Vantage. The company said it also benefited from the expansion of the Power Plant Mall and RBC Sheridan, prompting an increase in lease income.

The listed Rockwell spent P6.4 billion in capital expenditures during the first semester of the year, almost half the P14-15 billion it allocated for 2018.

In a separate filing, Sta. Lucia Land, Inc. (SLI) registered a 12% decline in net income to P242 million in the second quarter of the year, as revenues likewise dropped three percent to P1.05 billion.

For the first six months of the year, SLI’s net income increased by six percent to P508 million, driven by a 13% climb in revenues to P2.03 billion.

SLI noted an 18% increase in real estate sales for the first half, which it attributed to extensive marketing schemes and more lots and units offered for the period. The company also developed and procured more land during the first semester, while also entering more joint ventures.

At the same time, SLI’s rental income went down by 10% after seeing a change of tenant mix for the period.

Meanwhile, luxury property developer Anchor Land Holdings, Inc. (ALHI) reported a 45% decrease in net income attributable to equity holders of the parent in the second quarter to P127.43 million, versus the P174.15 million it delivered in the same period a year ago.

Revenues for the April to June period reached P1.3 billion, flat from the P1.32 billion it generated in the second quarter of 2017.

This brought ALHI’s attributable profit for the first half of the year to P231.04 million, 26% lower than the P312.7 million it generated in the same period a year ago. The company’s revenues meanwhile went up by two percent to P2.54 billion.

The company said the decline was due to fewer units sold since most of its properties have already been sold out, including Monarch Parksuites, Oxford Parksuites, and Princeview Parksuites. ALHI is launching several projects in the following years to lift its earnings in the future.

On Monday, shares in Rockwell closed flat at P2 each, SLI shares gained one centavo or 0.88% to P1.15 apiece, while shares in ALHI rose 4.33% or 58 centavos to P13.96 each. — Arra B. Francia

Megaworld expands Iloilo condo project

[ ]

MEGAWORLD CORP. is expanding its residential offerings in Iloilo Business Park in Mandurriao, Iloilo, with the launch of another condominium tower.

In a statement issued over the weekend, the listed property developer said the South Wing of Saint Dominique will have 159 units. The North Wing currently has 152 units.

The South Wing will offer studio units spanning up to 35 square meters (sq.m.), one-bedroom with up to 50 sq.m., two-bedroom with up to 79 sq.m., and loft units with up to 38.5 sq.m.

“The interest in Iloilo Business Park has built up to a level that we have never expected. Since the launch of the two hotels, the Festive Walk Mall and Festive Walk Parade, more people want to live in the township,” Iloilo Business Park Vice President for Sales and Marketing Jennifer Palmares-Fong said in a statement.

Saint Dominique’s amenities include a swimming pool, kiddie pool, pool lounge, Jacuzzi, fitness center, event halls, game room, day care center, children’s playground, and indoor spa.

The company earlier said it targets to book P1.5 billion in sales from Saint Dominique. The condominium is expected to be completed by 2022.

With Saint Dominique’s South Wing, Iloilo Business Park now has 1,819 residential units, around 90% of which has already been taken up.

Megaworld first started selling residential projects in the Iloilo Business Park last 2013. The company said it will launch more residential units in Iloilo Business Park depending on demand.

“Our residential pipeline is always demand-driven. If there will be more people looking for residential properties in the township, then we will continue to offer more residential properties,” Ms. Palmares-Fong said.

Megaworld generated P4.1 billion in net income attributable to the parent in the second quarter of 2018, 14% higher year-on-year, as revenues likewise went up 11% to P13.7 billion.

This brought the company’s first half attributable profit to P7.25 billion, 13% higher from the same period a year ago. Revenues rose 10% to P26.8 billion.

Megaworld is the property unit of tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has interests in liquor, gaming, and quick serviced restaurants. — Arra B. Francia

real estate central philippines
Copyright ©2008-2019