Filinvest wins PEZA incentives for Clark locators

July 31, 2019 | 10:40 pm

 THOMSON REUTERS FOUNDATION/HANDOUT

THE developers of New Clark City signed an agreement with the Philippine Economic Zone Authority (PEZA) outlining the incentives available to locators.

In a statement, the joint venture of Filinvest Land, Inc. (FLI) and Bases Conversion Development Authority (BCDA) said it signed a registration agreement with PEZA that covering fiscal and non-fiscal incentives for locators in Filinvest at New Clark City.

Filinvest at New Clark City is the group’s township within the 288-hectare estate.

“We thank BCDA and PEZA for formalizing the Registration Agreement for New Clark City. This will greatly encourage businesses and investors to locate in Filinvest at New Clark City,” Filinvest BCDA Clark, Inc. Vice President Francis B. Ceballos said in a statement.

Filinvest at New Clark City will house a residential zone, commercial, mixed-use offices, institutional zone, and a 62-hectare Innovation and Logistic Park as part of the first phase. This industrial zone is set to serve as the economic base of the city, and is scheduled to be operational by the first quarter of 2020.

The company said the industrial zone will target businesses involved in light manufacturing, logistics, storage and warehousing, cold storage, and food processing.

“With the majority of the project’s area dedicated to the industrial zone, it is envisioned to support global businesses with superb accessibility via major infrastructures… It will be a fully integrated development bringing together top international locators and investors with sustainable business and industrial community,” Mr. Ceballos said.

FLI will develop another 60 hectares in the second phase of the development.

Filinvest at New Clark City is part of the 9,450-hectare New Clark City in Capas, Tarlac. It is next to the New Government Administrative Center, as well as the New Clark City Sports Complex.

The company signed an agreement to develop the property with BCDA in 2016 for 50 years.

FLI’s net profit attributable to the parent rose 24% to P1.79 billion in the first quarter, following a 17% surge in gross revenue to P6.83 billion.

Incorporated in 1989, FLI is the real estate arm of conglomerate Filinvest Development Corp., which also has investments in banking, power, sugar, and the hospitality sector.

FLI fell 2.56% or five centavos to close at P1.90 on Wednesday. — Arra B. Francia

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DAR targets land distribution by 2022

July 31, 2019 | 10:36 pm

PHILSTAR

THE Department of Agrarian Reform (DAR) said it is upgrading its processes in order to accelerate land distribution, and set a 2022 target for completing its land acquisition and distribution (LAD) program.

“Right now we are trying to initiate moves. We are innovating our system so that we will be able to comply with the President’s order of completing the land acquisition and distribution by 2022… We are going to approach it scientifically by using technology,” DAR Secretary John R. Castriciones told BusinessWorld by phone.

Specifically, he said DAR will seek to identify bottlenecks in processing land acquisition and use of special software to help survey and map land.

“That is one of the hurdles, the conduct of the survey, as we are talking about land located in rural areas,” he added, noting that quicker surveys will allow for faster transactions with the Department of Environment and Natural Resources (DENR) “because the survey plan must be approved by the DENR,” he said.

He said other technology will help determine what further aid Agrarian Reform Beneficiaries (ARBs) need after being granted the land.

“We will have a picture of the land where they are located… so that we will be able to immediately pinpoint what sort of help we can extend to them,” he said.

During a recent conference held in Clark, Mr. Castriciones told DAR offices to come up with a catch-up plan for the remaining months of 2019.

“This is particularly for those provinces, which have… a lot of lands to be covered under the CARP (Comprehensive Agrarian Reform Program), so I am directing them to submit an inventory and the clearing of the universal goal that we have so that we would be properly informed as to the extent of those which we need to cover,” he said.

In total, inventory of land covered under CARP exceeds 500,000 hectares for privately acquired land; about 187,000 hectares for government-owned land; and 1.4 million hectares of land with collective Certificates of Land Ownership Award (CCLOA), which require parcelization.

“What is doable right now is we are looking at around 600,000 plus hectares,” he added.

DAR has been working to acquire all government-owned land suitable for agricultural use but no longer used for this purpose as authorized by Executive Order 75. — Vincent Mariel P. Galang

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Megawide sees opportunities in mass housing sector

July 30, 2019 | 12:04 am

MEGAWIDE Construction Corp. is aiming to help ease the socialized housing backlog in the Philippines through its engineering solutions such as precast technology.

“These opportunities will drive the company’s geographic expansion outside Metro Manila, with Megawide’s advantage being its engineering solutions such as precast, which will be key in accelerating supply faster than the growth in demand,” Megawide Chairman Edgar B. Saavedra said in a statement.

Citing data from the Housing and Urban Development Coordinating Council (HUDCC), the company said that the country’s housing backlog may hit 12.5 million units by 2030 if the problem remains unaddressed.

“The potential of the Philippine real estate sector is sky high — there are opportunities for growth and development all around us,” Mr. Saavedra said.

Through the precast technology, Megawide is able to cater to multiple projects and locations, as well as give clients a more efficient and less costly option since it can be produced faster, and installed and transferred easily.

Developers using this technology for mass housing projects, include PHirst Park Homes Inc. for its Tanza, Cavite site with 2,800 units and its Lipa, Batangas site with 1,900 units.

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Cabanatuan-Sta. Rosa bypass road widening 1/3 done

July 30, 2019 | 8:31 pm [ bworldonline.com ]

DPWH

THE WIDENING of a third of the 12.35-kilometer (km) bypass road connecting Sta. Rosa town and Cabanatuan City in Nueva Ecija into six lanes will soon be completed, the Department of Public Works and Highways (DPWH) announced Tuesday. 

“We are close to completing the second phase covering a total of 2.02-km of the bypass road. This is in addition to the 2.14-km segment that was widened under Phase 1 in 2018,” District Engineer Ricardo M. Puno said in a DPWH-released statement. Mr. Puno said the expansion of the road, named Cesar Angeles–Emilio Vergara Bypass Road, is necessary in preparation for the Cabanatuan Interchange Exit of the Central Luzon Link Expressway (CLLEX). 

“The expansion… is among our priority projects in the province as it serves as an alternative road to Cabanatuan, eastern side of Nueva Ecija and Aurora Province. It has also opened a whole new area of residential and commercial development in the province,” he added. DPWH said it has already submitted the budget request for the widening of the remaining road sections. The first two phases had an allocation of P100 million. The entire project is planned for completion by 2021.

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Megaworld ramps up provincial mall expansion

July 31, 2019 | 12:08 am [ bworldonline.com ]

MEGAWORLD Corp.’s Festive Walk Mall is located in Iloilo City.

By Arra B. Francia, Senior Reporter

MEGAWORLD Corp. is spending P10 billion to develop eight new malls in the provinces until 2022, as it looks to hit one million square meters (sq.m.) in retail spaces by then.

The property company of tycoon Andrew L. Tan said Tuesday it will open over 200,000 sq.m. of new retail inventory in Cebu, Bacolod, Davao, Boracay, Cavite, and Pampanga.

“For the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as we continue to tap opportunities for our retail partners to further expand and grow their brands with us,” Megaworld Lifestyle Malls Head Graham Coates said in a speech during the unveiling of the mall division’s new logo in Taguig yesterday.

This includes Maple Grove Mall, located in General Trias, Cavite. The mall takes its design from greenhouses and will be surrounded with gardens and trees, reflecting the theme of the Maple Grove township.

It will also open Northill Town Center — a hacienda-style commercial center — in Northill Gateway in Bacolod City.

“We veer away from standardizing our malls. We study and curate them based on what its location is all about. We want each mall to have its own charm and identity — something that makes each one ‘endemic’ to the city where it is located,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said.

Mr. Tan said they will build two malls in Bacolod, one for each of their townships in the area. The company also has the option to build two malls in one township depending on its size.

The new malls in the pipeline will be added to Megaworld’s network of 17 lifestyle malls covering about 710,000 sq.m. in total retail space.

With this, Megaworld will end 2022 with 25 malls spanning about one million sq.m.

The company’s existing malls include Eastwood Mall in Quezon City, Uptown Mall, Venice Grand Canal, and Forbes Town in Taguig City, Newport Mall in Pasay City, and Lucky Chinatown in Binondo, Manila, Southwoods Mall in Biñan, Laguna, and Festive Walk Mall in Iloilo City.

Mr. Coates added that they are also expanding some of their existing malls in Metro Manila.

“Most of our existing malls have areas for expansion…we believe the template we have is doing very well, and we believe that it can be expanded,” Mr. Coates said.

Mr. Tan also noted that the goal is to build a mall in every township that they have. The company currently has 24 townships in the country, which is seen to reach 30 by 2020.

Megaworld booked a net income attributable to the parent of P3.8 billion in the first quarter of 2019, 16% higher year on year, following a 15% uptick in consolidated revenues to P14.9 billion.

Shares in Megaworld climbed 1.61% or 10 centavos to close at P6.30 each at the stock exchange on Tuesday.

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Property company to venture beyond Davao

July 30, 2019 | 12:07 am [ bworldonline.com ]

 In Davao City, Amalgated Properties and Management Corp. recently bought three floors of the Pryce Tower. -- LEAN S. DAVAL, JR.

DAVAO CITY — Homegrown Amalgated Properties and Management Corp. has partnered with Makati-based Pinnacle Real Estate Consulting Services, Inc. as it plans to expand its footprint to 100 buildings nationwide within the next eight years.

Manuel G. Uykimpang III, managing director of Amalgated Capital Inc., said they have been actively looking for opportunities to acquire portions or entire buildings not just in Davao but also in other parts of the country.

“The initial target for the plan to increase the number of our buildings to 100 was initially for 10 years, but at the rate that we are going, I believe we can achieve it in eight years at the maximum,” Mr. Uykimpang told BusinessWorld.

In Davao City, for example, the company recently bought three floors of the Pryce Tower and is currently in negotiations for additional units of the 15-floor building.

Amalgated Properties and Amalgated Capital are two of the five companies under the Amalgated Group, and the three others are: Amalgated Lending Inc. for financing; M. Conpinco Home Improvements for retail and distribution; and Amalgated World Import Corp. for its import-export business. The group is the largest Pryce LPG distributor in the southern Mindanao area.

In Kidapawan City, the capital of Cotabato province, the company has just completed the acquisition of a hotel with convention facilities.

Mr. Uykimpang said while most of their properties are currently within Mindanao, they aim to increase their “footprints in Luzon and other parts of the country.”

The partnership with Pinnacle Real Estate Consulting for Davao operations, he said, would be “symbiotic and cost-effective” as they expand.

“We can outsource the agent management on their part with their bag of clients. In terms of title transfer, property management, we have a complete utility and distribution network… This partnership would be cost-effective,” Mr. Uykimpang said.

Pinnacle Real Estate Consulting, which currently has offices in Makati, Quezon City, and Cebu, is opening one in the city by August.

Pinnacle President and Managing Director Michael R. Mabutol said Davao’s “buoyant economy” is characterized by growing demand in the real estate sector and supported by ongoing and planned public infrastructure.

Liz. L. Silvestre, Pinnacle consultant for hospitality and leisure, said during a press conference last July 25 that they are “very confident in entering the (Davao) market.”

“We want to serve the unexplored and untapped markets, especially in the agricultural real estate and the residential project marketing, the top developers nationwide are already present and actively investing here in Davao,” she said. — Carmelito Q. Francisco and Maya M. Padillo

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Professional Regulation Commission taps PayMaya for online payment portal

July 29, 2019 | 12:02 am

THE PROFESSIONAL Regulation Commission (PRC) has tapped PayMaya Philippines, Inc. to provide an online payment portal.

The mobile wallet arm of PLDT, Inc. said in a statement over the weekend it will begin offering its services to the professional regulator as an alternative payment option for digital transactions.

“PRC has tapped PayMaya to provide an online payment portal that is in line with the government’s thrust to simplify and make public services responsive to the needs of the Filipinos. Through PayMaya’s platform, Filipinos can now pay using their prepaid, credit, and debit cards as well as their mobile numbers linked to their PayMaya e-wallet account,” it said.

Through the partnership, PayMaya is allowing users of the PRC website to access an online checkout page to pay fees for examination, license registration, renewal of PRC cards and other certifications.

Payments may be received from debit, credit or prepaid cards or through a PayMaya e-wallet linked to a mobile number.

“This partnership with PayMaya attests to our commitment to make access to PRC services easier, more convenient, and faster for every professional,” PRC Chairman Teofilo S. Pilando Jr. was quoted as saying in the statement.

For his part, PayMaya Founder and Chief Executive Officer Orlando B. Vea said the partnership is a positive step towards helping the government digitalize operations.

“This is very timely as there is an increasing demand for digitalization in the public sector space as government agencies are now automating their processes. We’re proud to be the partner of (PRC) in enabling all kinds of digital payment acceptance that will bring ease to the Filipino people and will enhance operational efficiencies in the government,” he was quoted as saying.

PayMaya is managed by Voyager Innovations, Inc., the digital arm of PLDT backed by China’s Tencent Holdings Ltd.; US-based Kohlberg Kravis Roberts & Co. (KKR); International Finance Corp. (IFC) and IFC Emerging Asia Fund.

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

QC set to become the most connected city

July 23, 2019 | 12:09 am [ bworldonline.com ]

Construction of infrastructure projects such as the Metro Rail Transit Line 7 and North Avenue Grand Central Station are currently on-going in Quezon City. -- CATHY ROSE A. GARCIA

QUEZON CITY will soon become the “most connected city” in the country in the coming years, thanks to the major public infrastructure projects such as the Skyway Stage 3, Metro Manila Subway and Metro Rail Transit Line 7 (MRT-7).

Jettson P. Yu, founder and managing director of commercial real estate consultancy firm Prime Philippines, said these projects would boost Quezon City’s connectivity to other areas in Metro Manila.

“I think Quezon City in the next three to five years will be the most connected city in the Philippines,” he said during the Philippine Real Estate Investment Forum 2019 organized by Prime Philippines.

“Quezon City will also be the gateway of the north… The Skyway Stage 3 will also help connect Makati and Quezon City in just less than 15 minutes, so the way we see Quezon City, maybe in the next ten years or twenty years… it’s going to be a… highly connected city. Main railway stations will be completed in Quezon City, and not only that, it will be a place where people live, work, shop,” he explained.

The Skyway Stage 3 project is an 18.68-kilometer elevated toll road that will connect Gil Puyat (formerly Buendia) in Makati City to the North Luzon Expressway (NLEX) toll plaza in Balintawak, Quezon City. This is being constructed by Citra Central Expressway Corp. (CCEC), a unit of San Miguel Corp. (SMC).

The Metro Manila Subway project will have its first three station along Mindanao Avenue, Tandang Sora, and North Avenue in Quezon City. This project is funded by the Japan International Cooperation Agency (JICA).

Another major project is the 22-kilometer MRT-7 which will have 14 stations running from North Avenue in Quezon City to San Jose del Monte in Bulacan. This is also being developed by SMC.

These public infrastructure projects have prompted developers to launch new projects in Quezon City. Ayala Land, Inc. is continuing to develop its Vertis North development, near the North Avenue Grand Central Station that will host the MRT-3, MRT-7 and Light Rail Transit (LRT) Line 1.

DMCI Project Developers, Inc. earlier said it is spending around P7 billion on the construction of two more condominium projects in Quezon City this year, after seeing continued robust sales of existing condominiums in the area.

NEXT-GEN CITY

Meanwhile, Julius M. Guevara, vice-president for corporate planning at D.M. Wenceslao & Associates (DMWAI), said the company is positioning its flagship project Aseana City as the “next-generation city” of Metro Manila.

“Our tag line is Aseana City is the next generation city for Metro Manila… The city is not just about entertainment and casinos. It’s going to be a full-blown CBD [central business district] and sustainable and sufficient, and inclusive… and we are creating a very diverse CBD,” he during the same forum.

Aseana City is a mixed-use development in Parañaque City being developed by the DMWAI. Projects include Aseana One, Aseana Two, Aseana Three, and MidPark Towers. — Vincent Mariel P. Galang

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Property developer could be 1st to go public this year

July 26, 2019 | 12:31 am [ bworldonline.com ]

By Arra B. Francia

Senior Reporter

PROPERTY developer Kepwealth Property Philippines, Inc. (KPPI) could be the first company to go public this year, after it bagged final approval to raise up to P384.77 million at the stock exchange.

In a notice on its Web site on Thursday, the Philippine Stock Exchange, Inc. (PSE) said it has approved KPPI’s plan to issue up to 67.032 million common shares priced up to P5.74 each in its initial public offering (IPO).

“It may have taken some time before we had our first IPO but I am pleased that KPPI is embarking on its maiden share sale,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement. “I hope that this move will encourage other companies that pushed back their IPOs to revisit their plans and consider the stock market as an avenue for capital raising.”

The PSE’s approval comes after the Securities and Exchange Commission (SEC) en banc also cleared the company’s application during its meeting last Tuesday, July 23.

KPPI will set the final offer price on Aug. 1, with the offer period scheduled to run from Aug. 5 to 9. The shares will then be listed on Aug. 19 under the ticker “KPPI” on PSE’s small, medium and emerging board.

The company will have a public float of 33.34% upon listing and market capitalization of P1.154 billion.

KPPI expects P363 million in net proceeds from the offer which will be used for acquisition of about 3,500 square meters (sq.m.) of leasable office space. The company will have about 18,121 sq.m. of leasable space after the acquisition.

Office spaces to be acquired are located in Quezon City, Pasig City and Makati City worth P245 million from the first to second quarter of 2020. Office spaces in Davao worth P120 million will also be acquired in 2020’s second quarter. “The company believes these properties will reduce the concentration risk of its current operations in Cebu City and will create additional recurring revenue streams once these assets are leased out to tenants,” KPPI said.

KPPI tapped BDO Capital and Investment Corp. as the transaction’s sole issue manager, underwriter and sole bookrunner.

Incorporated in 2005, KPPI is involved in development and management of office, commercial, agricultural and residential properties, including hotels, inns, resorts and apartments.

The company currently owns 77 office condominiums with 98 leasable spaces in Kepwealth Center, a commercial building in Cebu Business Park, Cebu City.

It also manages commercial, office and residential units in several buildings in Metro Manila, including six units in Oxford Suites, 79 units in Medical Plaza Ortigas, and 91 units in Burgundy Corporate Center.

It also has 59 units in Burgundy West Bay Tower, 43 units in Atrium Mall, 98 units in Icon Macapagal, and 29 units in Vivaldi Residences-Cubao Commercial Space.

Sought for comment on the company’s prospects, Regina Capital Development Corp. President Marita A. Limlingan highlighted the location of most of its properties.

“Kepwealth Property is a player in the office industry in Metro Cebu — which, according to third party property consultants, is currently experiencing record surges in demand from the POGO and BPO industry,” Ms. Limlingan said in a text message, referring to Philippine offshore gaming operators and business process outsourcing.

“All developers based around that area, including Kepwealth, are expected to benefit from the strong performance of the sector overall.”

KPPI may be the first company to go public this year, amid a number of applications that are also lined up at the SEC. Other companies that have intend to conduct an IPO this year are coconut product manufacturer Axelum Resources Corp. (P7.7 billion) and Villar-led All Home Corp. (P20.7 billion).

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Megaworld eyes P2-B sales from new office tower

July 25, 2019 | 12:05 am [ bworldonline.com ]

A DIGITAL rendition of the planned International Corporate Plaza within the Iloilo Business Park. — COMPANY HANDOUT

ILOILO CITY — Megaworld Corp. expects to generate P2 billion in sales from its newly launched office tower in Iloilo Business Park (IBP).

“This is a very exciting project for Iloilo. This is where companies including entrepreneurs can own their office spaces and enjoy its generous facilities never been seen before in any office in the entire region of Western Visayas,” IBP Vice-President for Sales and Marketing Jennifer P. Fong said in a press conference on Wednesday.

The 19-storey International Corporate Plaza will have 301 office units. The target market includes start-up companies along with established enterprises that want to set up operations in Iloilo. The project is expected to be completed by 2024.

“We will also be catering to locals like professionals, law offices, design firms, accounting firms. We want also to give them a chance to invest in a prime location to have their business here in Iloilo. We are also very much open to government offices,” she said.

The starting selling price is P155,000 per square meter (sq.m) for the prime office spaces ranging from 26 sq.m. to 65 sq.m.

“There is a demand for this kind of development, that’s why we are offering this now,” Ms. Fong said, adding that 10 companies have already made reservations.

The office tower, to be located within the IBP’s nine-hectare Commercial and Boutique Hotel District, will also have retail spaces and an arcade area at the ground floor.

“The 6th level will house ‘managed facilities’ such as two boardrooms, three meeting rooms, co-working and breakout areas, an executive lounge, and a Skygarden,” said Harold C. Brian Geronimo, Megaworld senior vice-president and head of public relations and media affairs.

It will also have “sky gardens” at the 6th floor and the rooftop, and other sustainable building features such as LED lightings, use of dual flush-type water closets in common toilets, and a material recovery facility for proper waste segregation and recycling.

The new office tower will also be fiber optic-ready, and equipped with a seismic detection and monitoring system, building management system, 24-hour Security and Fire Command Center, fire security system, and a 100% backup power facility.

“It’s really part of Megaworld’s sustainability plan. We have a plan that we put in place not just for this building but for all our buildings that we are constructing. Even our malls have integrated seismic detection and monitoring systems,” Mr. Geronimo said. — Emme Rose S. Santiagudo

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Villar firm to unveil new AllBuilders store format

July 24, 2019 | 12:05 am [ bworldonline.com ]

ALL HOME CORP. is planning to open 19 new stores this year, including six under the AllBuilders format. — COMPANY HANDOUT

VILLAR-LED All Home Corp. plans to roll out a new store format catering to the construction and housing market this year, as well as an e-commerce platform in a bid to reach a wider customer base.

In a preliminary prospectus on its website, the home improvement supplies retailer said it will unveil six AllBuilders stores in the second half of 2019. This is part of the 19 new stores it scheduled to open for the period.

“The AllBuilders store format, with a focus on contractors and builders, offers a more extensive selection of hardware, tiles and sanitary wares, and construction materials,” the company said.

The company plans to build the AllBuilders stores in areas outside Mega Manila, with the first six to be located in Vibal Dasmariñas, Cavite; Gapan, Nueva Ecija; San Ildefonso, Bulacan; Koronadal and General Santos City in South Cotabato; and Tagum in Davao del Norte.

All the stores will cover 4,410 square meters (sq.m.) in net leasable space, except for the Cavite branch which will have 7,530 sq.m. The stores cost about P42-72 million each, excluding the initial inventory.

All Home expects the growth of construction activities in the region to boost the performance of this new format, banking on bulk orders and high transaction values of contractors and builders.

The company currently has three store formats, namely large mall-based, large free-standing, and small specialty store. It has 18 large mall-based stores, which accounted for 78.5% of revenues during the first quarter of 2019.

It operates three large free-standing stores, contributing 12.4% of revenues, and three specialty stores that generated 2.1% of revenues in the same period.

Aside from its brick and mortar stores, All Home is also looking to introduce an e-commerce platform where customers can view their product offerings.

“We believe that establishing our own online sales channel will offer greater convenience to our customers, allowing them to view and purchase products, which would, in turn, complement our physical store network where our customers can see and touch our products and interact with our onsite staff,” the company said.

All Home has recently filed an application with the Securities and Exchange Commission to raise P20.7 billion in an initial public offering. If approved, the company’s shares are set to be listed at the Philippine Stock Exchange on Oct. 1 under the ticker “HOME.”

The company plans to use proceeds of the share sale for its expansion, which includes the construction of 38 new stores by 2020. It currently has 25 stores with a net selling space of 196,327 sq.m. By the end of its expansion in 2020, it will have an additional 256,615 sq.m. in net selling space. — Arra B. Francia

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Ayala acquires property firm based in Pampanga for P2.4B

July 23, 2019 | 12:09 am [ bworldonline.com]

AYALALAND Logistics Holdings Corp. (ALLHC) continues its expansion with the acquisition of a real estate firm based in Pampanga for P2.39 billion.

In a disclosure to the stock exchange on Monday, the listed company said it has acquired 100% of shares in Unity Realty & Development Corp. (URDC) last Friday.

The transaction value, which was agreed upon by both parties, will be paid in three installments. URDC will then become a wholly owned subsidiary of the Ayala-led firm.

ALLHC said URDC owns a property in Mabalacat, Pampanga, which is a suitable location for a new industrial park.

“The transaction further strengthens the vision of ALLHC to be the leading real estate logistics and industrial estate developer in the Philippines,” the company said.

The Philippine Stock Exchange, Inc. imposed a one-hour trading halt on ALLHC’s shares on Monday morning to allow investors to digest the material information.

URDC’s 2018 audited financial statement shows that it has 612,445 shares worth P30.62 million. The company reported a net loss of P313,153 in the 2018, higher than its P12,500 loss in the year before. It had no revenues to be recognized in both reporting periods.

Parent Ayala Land, Inc. has mandated ALLHC to be its main vehicle in the development of industrial estates in the country. The company’s portfolio includes a majority stake in Laguna Technopark, Inc., which manages the 460-hectare Laguna Technopark in Sta. Rosa and the 135-hectare Cavite Technopark in the municipality of Naic.

It is currently developing a logistics and warehousing facility in Laguna Technopark that will offer a leasable area of more than 60,000 square meters (sq.m.). The property will be divided into 40 units with cuts of 1,200-1,500 sq.m.

ALLHC is also developing an industrial park in Cagayan de Oro near the Laguindingan airport, where it looks to offer 42 parcels of land with cuts of 7,000 sq.m. It has another industrial park in the pipeline located in Central Luzon.

Aside from its foray into industrial parks, the company continues to expand and rehabilitate Tutuban Center in Manila, which now has a gross leasable area of about 53,000 sq.m. and new retail and wholesale concepts.

Previously known as Prime Orion Philippines, Inc until its name change in February, ALLHC booked a net income attributable to the parent of P113.57 million in the first quarter of 2019, 1,366% higher year on year. Gross revenues also surged 454% to P985.4 million.

Shares in ALLHC jumped 3.49% or 14 centavos to close at P4.15 apiece at the stock exchange on Monday. — Arra B. Francia

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Alviera development gains pace with country club opening

July 16, 2019 | 12:08 am [ bworldonline.com ]

The Alviera Country Club’s amenities include swimming pools, spa, sports facilities, meeting rooms and ballrooms.

THE development of Alviera, Ayala Land Inc.’s (ALI) masterplanned estate in Porac, Pampanga, is picking up speed, with the opening of its country club.

The Alviera Country Club is envisioned to become the premier leisure hub with amenities such as swimming pools, a gym, multiple courts, a spa, game console rooms, karaoke room, and kid’s play area.

Designed by Leandro V. Locsin Partners, the club incorporates the concepts of urban living and nature.

“The whole country club sits on a 5.6-hectare property and this houses sports and various leisure amenities,” Melanie Eugenio, project development manager of Alviera, said in a recent media briefing.

Launched in 2014, Alviera is a 1,800-hectare masterplanned estate that features a mix of residential, leisure, industrial, commercial, and institutional facilities. It is being jointly developed by ALI and Leonio Land.

Compared to another ALI development Nuvali in Laguna, Ms. Eugenio said that the leisure component is what really sets Alviera apart.

“Leisure, we feel for Alviera, is a strong value proposition… We have dedicated corridors for leisure,” she said.

The Alviera Country Club also has three meeting rooms and board rooms, and two ballrooms which can accommodate between 500 to 600 guests.

It has three dining options, namely Manyaman Restaurant, which serves Western dishes and Kapampangan specialties; Sabyan Cafe which offers brewed beverages and pastries; and Galo Sports Bar.

Homeowners of Ayala Land Premier’s project in Alviera automatically become members of the country club, while locators in the Alviera Industrial Park are offered special membership packages. There are separate rates for individual and corporate memberships.

“The Alviera Country Club is actually just a kick-off for the leisure components of the estate and most of the leisure developments of Alviera will be concentrated on the West Side because this is the more mountainous portion of the property,” Ms. Eugenio said.

She noted the West Side of the property will soon have other facilities like hotel, spa, and more residential components.

Alviera is home to several projects of ALI residential brands Avida Land Corp., Alveo Land, and Ayala Land Premier. ALI noted that land values in the area have appreciated by 25% since the estate was launched in 2014.

Avida Settings Alviera and Alveo’s Montala Alviera are both 98% sold, while Ayala Land Premier’s Park Estates at Alviera, a 14-hectare exclusive community, is sold out.

House and lots at Avida Northdale Settings Alviera is now 70% sold, while lot-only offerings from Alveo Land’s The Greenways are 60% sold.

Ayala Land Premier is planning to launch a second residential project, while Avida Land and Alveo Land are also eyeing additional residential projects in the estate.

INDUSTRIAL PARK

The Alviera estate also hosts an industrial park accredited by the Philippine Economic Zone Authority (PEZA).

From an initial 32 hectares, the Alviera Industrial Park has now expanded to 64 hectares as it saw robust demand for industrial lots. Phase 1 is already fully occupied, with locators like Monde Nissin Corp. and Badan Building Material Corp. which will both begin operations this month. Heavy Duty Manufacturing Inc. will break ground on its facility within the year.

Construction on Phase 2 of the Alviera Industrial Park is set to be completed by the first quarter of 2020.

Additionally, there are already plans for a retail component which will be a regional mall similar to Trinoma Mall. This will be developed in the next ten years.

Educational institutions are also currently building their campuses within Alviera. Holy Angel University is targeting to open its campus by 2022, while Miriam College Alviera aims to open by 2023.

The La Salle Botanical Garden is also on track to open by 2022. A partnership between Alviera and De La Salle Philippines, the 23-hectare project will have 25 themed gardens, a full-scale lab, plant nursery, greenhouse and libraries.

Construction of the Alviera East Commercial Center is also ongoing and set to be completed next year.

“Over the next five years, we expect to build up another 300 hectares covering commercial lots and more residential projects from Avida Land, Alveo Land and Ayala Land Premier,” Ms. Eugenio said in a statement. — Vincent Mariel P. Galang

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Major real estate developers at SRP to get an audience with new Cebu City admin

July 15, 2019 | 8:30 pm [ bworldonline.com ]

THE NEW Cebu City administration under Mayor Edgardo C. Labella is planning to meet with all investors at the South Road Properties (SRP) to thresh out concerns, including issues over contracts and other legal matters.

SRP Manager Jose C. Daluz III said the local government does not want to block projects and other developments initiated by the previous administration, but to clarify issues. The planned P18-billion complex of Gokongwei-led Universal Hotels and Resorts, Inc. (UHRI), for example, will be discussed in terms of the revenue share of the city. “The mayor’s stand is just to increase the city’s share. We want an increased share of the city nga (that is) across the board,” Mr. Daluz said in mixed English and Visayan. The UHRI project is currently undergoing design revisions after the Office of the Building Official returned the building permit application to correct “deficiencies.”

LOT BUYERS

Meanwhile, Cebu City legal officer Rey M. Gealon has recommended the withdrawal of the civil case filed by the previous administration against the major real estate firms that acquired lots at the SRP. Mr. Gealon said the petition is “fatally defective” in relation to forum shopping. The recommendation was scheduled to be submitted to the city council Monday. Mr. Gealon said he cannot allow his office to be part of the case which is “dismissible on that elementary and rudimentary point of law; devoid of merit, frivolous and dubious; and highly suspect for its timing and intentions… 

Thus, recommending to the Sangguniang Panglungsod for the withdrawal of this ‘midnight case’ is apt and indispensable.” The case was filed against SM Primeholdings, Inc., Ayala Land, Inc., Cebu Holdings, Inc., Filinvest Land, Inc., Filinvest Alabang, Inc., Cyberzone Properties, Inc., Anesy Holdings Corporation, IGold Holdings Incorporation, and Betterfield Phils., Corp. over the 45.5-hectare lot sale in 2015. Lawyer Romulo Torres earlier questioned the validity of the sale but the transaction was sustained by the Court of Appeals. — The Freeman

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Gov’t pushes POGO hubs

July 12, 2019 | 8:08 pm [ bworldonline.com ]

THE GOVERNMENT is wielding another tool in its bid to better regulate Philippine offshore gaming operators (POGOs) — which are estimated to be costing the state some P22.5 billion annually in foregone revenues due to untaxed foreign workers — encouraging such establishments to locate in hubs, the industry’s regulator said on Friday.

“It’s easier for us to regulate when they are in hubs,” Andrea D. Domingo, chairman and chief executive officer of the Philippine Amusement and Gaming Corp., told reporters at the sidelines of the Phil-Asian Gaming Expo 2019 at the SMX Convention Center in Pasay City.

In order to entice POGOs to locate in such hubs, “there are some special privileges”, Ms. Domingo added.

PAGCOR’s Offshore Gaming Regulatory Manual, dated July 3 last year, said that offshore gaming licences of hub locators are valid for three years and renewable for seven years, compared to three years with a three-year extension for those operating outside such areas.

Ms. Domingo said PAGCOR has so far approved two such hubs: one in Clark Freeport and Special Economic Zone measuring about 10 hectares that is now operational and the other planned in Kawit, Cavite that will measure some 30 ha.

State agencies that have a role in POGO regulation will have offices in such hubs, which also have office and residential spaces; food establishments; groceries and convenience stores; service shops as well as health, wellness and entertainment facilities.

“We want the facilities to be world-class, and then of course — the dorms, they should be decent, the quarters fit for human residents. Kapag nasa hub na rin kasi ‘yung mga residences, pwede na rin kami mag-inspect ‘yung living conditions ng workers (If the residences are in the hubs, we can also inspect the living conditions of the workers).”

This push comes amid moves by the Finance department to account for foreign POGO workers. Among others, POGOs are now required to be registered with the Bureau of Internal Revenue as part of requirements for license renewal. This will enable the Bureau of Internal Revenue (BIR) to monitor remittance of taxes withheld on POGOs foreign workers.

The government has also been drawing up a database of POGOs’ foreign workers using information from the Department of Foreign Affairs, which issues visas; the Department of Justice which oversees the Bureau of Immigration that grants short-term special work permits to foreigners; the Department of Labor and Employment that issues alien employment permits; the Department of Trade and Industry that oversees special economic zones where a few POGOs operate; the Securities and Exchange Commission with which POGOs register and PAGCOR itself.

As of March, BIR had 54 POGO licensees on its list, of which 10 were locals and 44 were offshore operators. At that time, seven of the local operators and only eight of the offshore licensees had been registered with the tax bureau.

Immigration data as of the same month showed that less than 95,000 foreign nationals had various forms of temporary work permits as POGO employees.

Efforts to account for POGOs’ foreign workers have enabled the BIR to initially send out notices ordering these businesses to remit taxes due them as withholding agents, with estimated levies now totaling some P7.44 billion.

At the sidelines of the Phil-Asian Gaming Expo 2019 on Friday, Kevin Wong, general manager of PAGCOR-accredited online gaming operator Oriental Group, told reporters: “If you locate in a POGO hub, no one would say illegal ‘yan because all the government agencies are already there.”

“When all other people saying so and so about our industry, we want to remove that [image].” — RJNI

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