philippine real estate news

Century Properties reports higher 10-month net income

2012-01-30T12:54:00.001-08:00

Posted on January 30, 2012 10:18:24 PM [ Businessworld Online ]

NEWLY-LISTED real estate developer Century Properties Group, Inc. hiked its net income by nearly four times for the 10-month period last year versus year-ago levels due to a surge in total company revenues, a filing with the Philippine Stock Exchange (PSE) showed yesterday.

The company, which was listed on the local bourse in the fourth quarter last year, increased its net income -- attributable to the company’s equity holders -- to P779.65 million in the January to October period last year, 399% higher than the P156.66 million booked by the end of October 2010.

The surge was fueled by significant growth in real estate sales, which rose by 86.13% to P3.22 billion, as well as in interest and other income, which increased more than six times to P637 million, Century Properties’ latest financial statement showed.

The company’s total revenues nearly doubled to P4.02 billion from P2.09 billion year-on-year, while costs and expenses grew by 59.67% to P2.89 billion from P1.81 billion two years ago.

Century Properties is a high-rise developer with more than 40 projects in its total portfolio as of last year, having already completed a total of over 22 buildings and 720 homes.

At present, Century Properties is developing four projects: Century City in Makati City, Azure Urban Resort Residences in Parañaque City, Acqua Private Residences in Mandaluyong City, and Canyon Ranch in Cavite.

The company was listed on the PSE by way of backdoor listing -- also known as a “reverse merger” -- via dormant energy firm East Asia Power Resources Corp. last November. Its equity framework was later restructured to reflect its new business.

Last year, Century Properties was deemed the country’s fastest-growing developer, with high-profile celebrity endorsements contributing to the company’s market share growth, according to a study by property consultancy Colliers International.

The company is one of 41 publicly-listed firms who failed to meet the PSE’s minimum public float requirement of 10% on Nov. 30 last year.

Century Properties currently has a public float of 6.4%, PSE data showed.

Earlier, the board of directors of Century Properties approved the creation of a cash dividend policy amounting approximately to 10% of the company’s consolidated net income from the previous fiscal year, subject to pertinent regulations. -- FJGDLF

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Court extends TRO for John Hay developer

2012-01-30T12:53:00.001-08:00

01/31/2012 [ tribune.net.ph ]

A Baguio City regional trial court has ruled to extend a temporary restraining order it earlier issued to 17 days stopping the government from taking over the establishments and facilities of the developer of Camp John Hay.

In a two-page order dated January 27, Presiding Judge Mona Lisa Tiongson-Tabora of Baguio City RTC, Branch 7, granted the appeal of Camp John Hay Development Corporation (CJHDevCo) through lawyer Gilbert Raymund Reyes for the extension of the 72-hour TRO issued by Executive Judge Iluminada Cabato on Jan. 24, 2012 for 17 days starting on Jan. 28 against the Bases Conversion and Development Authority (BCDA).

“The Court finds that great and possibly irreparable injury might be suffered by the petitioner if the 72-hour TRO, which expires on Friday, is not extended. Wherefore, as prayed for by the petitioner, the 72-hour TRO issued by Executive Judge Iluminada Cabato on Jan. 24, 2012 is hereby extended for seventeen (17) days starting . . . Jan. 28, 2012,” the judge ordered.

The regional trial court restrained the BCDA from forcible occupation or ejectment of CJHDevCo from itsmanagement of Camp John Hay Golf Club, the Manor Hotel, the Camp John Hay Suites Hotel, its administrative offices, as well as key utilities and facilities, including its water source.

It also enjoined the government agency from taking over the leased property or award of rights in the leased property to a new entity or developer.

“The respondent Bases Conversion Development Authority, its subsidiaries, officials, employees, agents or any other person/entity acting for or in its behalf, are hereby ordered to restrain or desist from committing any act tending to wrest control and/or possession of the property subject of this case or any part thereof including all improvements found therein, from petitioner Camp John Hay Development Corporation and/or persons claiming rights to the leased property or portions thereof from said petitioner, including any act of forcible entry or forceful occupation and/or ejectment of said petitioner or its authorized representatives and/or any award of rights in the subject property to a new entity,” Tabora said.

The lower court has set the CJHDevCo case for hearing on the application for a preliminary injunction on Feb. 6, 2012 at 9:30 a.m.

BCDA did not sent its lawyer to appear before the Court’s summary hearing of the case on Friday despite due notice.

Earlier, CJHDevCo filed a complaint for mandamus seeking to compel the BCDA to comply with its contractual obligations as stipulated under the 2008 “Restructuring Memorandum of Agreement (RMOA), particularly the setting up of the so-called “One-Stop Action Center,” an effective mechanism that would facilitate development of the John Hay Special Economic Zone (JHSEZ).

Last Jan. 11, the CJHDevCo also formally sought for arbitration against BCDA seeking to confirm the validity of its decision to rescind on Jan. 9, 2012 its 2008 “Restructuring Memorandum of Agreement (RMOA) due to BCDA’s alleged “failures and breaches,” including the agency’s non-compliance of its obligation to immediately set up theso-called “One-Stop Action Center.”

In a 42-page complaint filed with the Philippine Dispute Resolution Center, Inc., CJHDevCo also asked the Arbitral Tribunal that in the event that amendment of the RMOA is no longer possible, it should order the original lease agreement between CJHDevCo and BCDA as “deemed rescinded,” and directed the agency to pay the John Hay developer actual damages amounting to P14.44 billion and the cost of the suit in the amount of P15 million.

The complaint for arbitration case was filed after CJHDevCo rescinded the RMOA due to BCDA’s continued failure to fulfil its contract.

RMOA refers to the compromise settlement entered into by the BCDA and CJH DevCo on July 1, 2008, where the latter agreed to several substantial concessions, including the assumption of “prior rental obligations” amounting to more than P2.69 billion and current rental of P150 million. In consideration thereof, the BCDA has been mandated to establish an effective mechanism that would facilitate CJH DevCo’s development of the John Hay Special Economic Zone (JHSEZ), particularly the setting up of the OSAC, and enable it to meet these massive financial obligations.

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Vista Land readies P32-B housing plans

2012-01-29T12:54:00.001-08:00

Posted on January 29, 2012 10:23:36 PM [ Businessworld Online ]

PROPERTY DEVELOPER Vista Land & Lifescapes, Inc. plans to launch 32 residential subdivision developments worth P32 billion this year in a bid to serve robust demand from overseas Filipino workers (OFWs).

“OFWs continue to be Vista Land’s strongest market and we intend to further cement our reputation as the runaway leader in this segment,” said Manuel Paolo A. Villar, Vista Land president and chief executive officer, in a statement released over the weekend.

This year, Vista Land will be opening subdivisions in 12 new areas nationwide.

OFWs from Europe, Middle East, and Asia account for more than half of the firm’s reservation sales, while 5-10% is taken up by Filipinos based in the United States, Mr. Villar noted.

Further, the firm will also expand 20 existing developments in light of the brisk sales of earlier-launched house and lot packages.

“Demand for our house and lot packages is very strong since studies have shown the Vista Land brands remain the most preferred by home buyers. Thus, we are strengthening our presence in existing areas while expanding our reach further by entering new markets,” Mr. Villar said.

Vista Land was able to meet its sales target for new and expansion areas last year, according to Ricardo B. Tan, Jr., Vista Land chief financial officer in the same press statement.

Vista Land had earlier aimed to hit P24 billion in full-year sales for 2011, earlier reports showed.

The company currently operates five property brands: Brittany that sells house-and-lot units for as much as P9 million each, Crown Asia for units worth P3.5 million to P9 million, Camella Homes for units P3.5 million and below, Communities Philippines that sells Camella Homes projects in the provinces, and condominium arm Vista Residences.

Last year, the firm launched 23 projects valued at P21 billion, eight of which were new locations.

Vista Land, owned by the family of Senator Manuel B. Villar, Jr., has so far delivered about 200,000 units to buyers since 1977, according to the company’s Web site.

The property developer hiked its nine-month net income last year by 20% to P2.16 billion from P2.06 billion in 2010 on the back of record sales and completion rates from its affordable housing segment Camella Homes.

Real estate revenues jumped 21% to P9.90 billion, while total cost and expenses for the January to September period last year grew by 22.20% to P7.840 billion.

Vista Land shares closed unchanged on Friday at P3.04 each. -- Franz Jonathan G. de la Fuente

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Belle pledges 2014 turnover for ‘green’ Tagaytay housing

2012-01-29T12:53:00.001-08:00

Posted on January 29, 2012 10:05:30 PM [ Businessworld Online ]

LUXURY PROPERTY developer Belle Corp. is alloting P1 billion for a leisure and residential project in Tagaytay that will be marketed as a “green” community, an official said last week.

Sycamore Heights, an upscale development that promises to offer high-end living and environmental benefits, will feature units claimed to have energy saving features and lower carbon emissions.

Construction may begin in the second quarter with units likely to be turned over to buyers by the second half of 2014, Michelle T. Hernandez, Belle vice-president for marketing said in an e-mail to BusinessWorld.

A single lot in Sycamore Heights comes with a reservation price starting at P12,000 per square meter excluding taxes, Ms. Hernandez added.

“Each model unit was designed with energy efficiency and indoor thermal comfort in mind. These are achieved through our integration of passive cooling and heating principles in the houses,” said Orlando M. Mateo, partner-in-charge for Leandro V. Locsin Partners, the architectural firm that designed Sycamore Heights.

The resulting reduced energy consumption and home maintenance costs, coupled with a low carbon emissions and a pollution-free environment, are claimed to make Sycamore Heights a good investment for all buyers, the company said.

Moving forward, Belle expects to duplicate these designs and technologies in building other projects, Ms. Hernandez said.

Belle, first incorporated in 1973 as Belle Resources, entered the property sector with the development of golf course Tagaytay Highlands International Golf Club, Inc. in 1989. It changed its name to its present designation in 1994.

At present, the company is currently devoting “significant resources” for the completion of the $750-million Belle Grande Manila Bay, the company’s integrated resort and gaming complex slated for opening next year, Belle’s latest financial statement said.

The development will rise on a 6.2-hectare site within the planned Bagong Nayong Pilipino Entertainment City. State-run Philippine Gaming and Amusement Corp. has issued Belle Grande one of the four integrated casino permits for the project.

The company had raised around P4 billion via a stock rights issue in September last year to shoulder 13.9% of Belle Grande’s construction costs.

Belle’s nine-month net income last year plunged by 77.47% to P75.26 million -- already more than 80% lower than the company’s full-year profit of P465.5 million in 2010 -- due to lower operating revenues and decreased real estate sales. -- Franz Jonathan G. de la Fuente

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Court to take up QC land dispute

2012-01-29T12:52:00.001-08:00

by Rey E. Requejo [ manilastandardtoday.com ]

The Court of Appeals has decided to take due course on the petition filed by more than 100 homeowners and several business establishments seeking to annul the order of the Regional Trial Court of Quezon City awarding 24 hectares of land along Visayas Avenue to a lone claimant.

In its resolution, the CAs First Division through Associate Justice Franchito Diamante ruled that the petition is “sufficient in form and substance” because it was filed in accordance with the provisions of the Revised Rules of Court.

The petitioners have named Wilfredo Torres as respondent.

Last year, Quezon City RTC Branch 224 Presiding Judge Tita Marilyn Payoyo-Villordon upheld the ownership of Torres over the subject property covered by seven transfer of certificates of title

The seven titles cover Sanville 1, 2, 3 and 4 subdivisions; K-Square and Metro Heights subdivisions, Arfel Homes, Sadel Court; wedding venue Fernwood Gardens, including the St. Francis Chapel and a portion of Claret Seminary, all in Barangay Culiat; and the Maria Montessori School of Quezon City and Wilcon Builders.

The CA cited prima facie evidence to allow the admittance of the petition for annulment of judgment filed by the petitioners assailing the orders of Judge Villordon issued on November 16, 2010 and May 23, 2011 and the writ of possession she subsequently issued.

But the CA deferred taking action on the motion filed by the homeowners seeking the issuance of a temporary restraining order and/or a writ of preliminary injunction against the implementation of the said orders pending Torres’ reply on the petition.

CA Presiding Justice Andres Reyes Jr., and Mariflor Punzalan-Castillo concurred with the ruling.

Records showed that the trial court had consistently ruled in favor of Torres over his bid to reclaim the property.

In 1997, then Judge Emilio Leachon of RTC Branch 224 allowed the reconveyance of the property to Torres as well as the reconstitution of the TCTs allegedly burned in a huge fire that destroyed records at the Quezon City Hall in 1988.

Villordon, who succeeded Leachon, ordered the issuance of new TCTs in Torres name in 2006 and directed the city assessor’s office to transfer tax declarations covered by the new TCTs in Torres name.

Torres claimed that he inherited the property from his mother, Dominga Roxas Sumulong-Torres.

(Published in the Manila Standard Today newspaper on Monday, January 30, 2012.)

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Sarangani shows way for housing partnership

2012-01-27T12:48:00.001-08:00

by Beverly C. Paoyon

[ manilastandardtoday.com ] January 27, 2012

ALABEL—The first public-private partnership for housing in Sarangani turned over on Tuesday the first batch of units to 11 beneficiaries.

Governor Miguel Dominguez hailed “The Capitol Residences”, as a model settlement made possible by a joint venture of the provincial government, Home Development Mutual Fund and Sarangani Land and Development Corp.

“This is the first time that the local government unit engages the first private-public partnership project especially in housing in the whole of Mindanao,” he said, noting the need of local government and national government employees for a decent roof above their head.

Lawyer Darlene Marie Berberabe, HDMF chief executive, cited a lot of negotiations nationwide for the PPP housing but commended Sarangani for being the forefront.

“This is the first turnover I have attended with built-up houses on developed land and a take-out for 11 units,” she said.

Berberabe said looking into the priorities of localities was the first mandate of Vice President Jejomar Binay to HDMF, being the chairman of Pag-IBIG housing program.

Dominguez said The Capitol Residences could be a “template where other local government units or agencies of the government can follow as a progressive, innovative way of developing.”

He said the location was conducive for building a community and nurture one’s family “where you can experience fresh air, see Mt. Matutum and catch the breeze coming from Sarangani Bay.”

Lawyer Wendel Avisado, secretary general of Housing and Development of the Office of the Vice President, lauded the Sarangani model as an effective way to motivate employees to be more productive civil servants.

“Having a fixed abode is important to every family,” he said, adding that shelter on one’s own property is a basic responsibility.

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Megaworld to invest P45b in Fort

2012-01-26T11:50:00.000-08:00

[ manilastandardtoday.com ] January 26, 2012

Megaworld Corp. is investing P45 billion into a 15-hectare integrated township district in Fort Bonifacio over the next 20 years.

The company said in a disclosure to the stock exchange the construction of the 45-story One Uptown Residence, the community’s first residential offering, was valued at P7.5 billion.

Uptown Bonifacio will feature up to 18 towers, offering a total potential development of 500,000 square meters of residential space, 400,000 square meters of office space and 90,000 square meters of retail space.

The mixed-use Uptown Bonifacio project is located in the northern district of Fort Bonifacio, extending all the way to Kalayaan Avenue, and near the British, Japanese and American international schools.

“Uptown Bonifacio, designed to be the country’s newest business district, will take Megaworld’s live-work-play lifestyle to new heights,” said Noli Hernandez, company senior vice president for marketing.

“We’re not just selling an ordinary condominium unit to our buyers. We’re giving them the opportunity to own a lifestyle that is both luxurious and convenient,” he said.

Residents also enjoy instant access to a luxury malling experience through One Uptown Residence’s basement retail strip, which serves as a connecting walkway to the three-level 33,000 square meters Uptown Place next door.

Uptown Bonifacio also hosts a four-tower 140,000 square meter, P12-billion corporate block along Megaworld Avenue, its main avenue.

Megaworld’s upcoming commercial business district development in Taguig will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system. The office buildings will showcase cutting-edge architecture, double-glaze glass walls, sky gardens and a lagoon. Elaine Ramos Alanguilan

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RLC plans 4 budget hotels in H1

2012-01-26T11:48:00.001-08:00

By Zinnia dela Peña (The Philippine Star) Updated January 27, 2012 12:00 AM

MANILA, Philippines - Robinsons Land Corp. (RLC) is accelerating the construction of budget hotels with plans to open four in the first half this year in order to take advantage of rising foreign visitor arrivals and domestic tourists travelling across the archipelago.

In a statement, RLC said the new hotels, under the Go Hotel brand, will rise in Puerto Princesa, Palawan; Dumaguete, Tacloban and Bacolod.

The first Go Hotel located at the Robinsons Pioneer Cybergate complex in Mandaluyong City, opened in 2010, housing 223 rooms.

By end-June, RLC will have five Go Hotels with a total of 639 rooms.

Go Hotel is the fifth hotel property of RLC next to the 285-room Crowne Plaza Galleria Manila, 263-room Holiday Inn Galleria Manila, 210-room Cebu Midtown Hotel and the 108-room Summit Ridge Hotel Tagaytay.

RLC is opening its Go Hotel in Puerto Princesa next month, carrying over the same pricing concept.

“Travelers will be rewarded with low rates just by booking significantly early at the hotel’s website, www.gohotels.ph, “ RLC said.

Go Hotel general manager Elizabeth Gregorio said they’re very much excited about the Palawan branch, most especially because Puerto Princesa is one of the most popular tourist destinations in the country.

Puerto Princesa, known for its beautiful beaches and friendly locals, has recently had its very own Underground River included in the new seven wonders of the world and is also known for being the cleanest and greenest city in the Philippines.

Gregorio said RLC is also set to open its mall in Palawan by summertime.

Although it has trailed behind many of its neighbors in terms of tourist arrivals, the country is hoping to regain its place as one of the top five destinations within Asia. The tourism department has raised its foreign tourism arrival target for 2012 to 4.1 million from 3.7 million.

Major developers have been stepping up their presence nationwide by establishing new residential, office, retail and hotel projects. This trend is seen to continue this year with new developments seen in key locations such as Davao, Cagayan de Oro, Boracay, Palawan, Clark and Subic.

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Baguio court: No takeover of Camp John Hay complex

2012-01-26T11:47:00.001-08:00

[ manilastandardtoday.com ] January 26,2012

A regional trial court in Baguio City has stopped state-run Bases Conversion and Development Authority from taking over the facilities in the disputed Camp John Hay complex.

In her one page order, Executive Judge Iluminada Cabato of RTC Branch 59 said the court found sufficient evidence that Camp John Hay Development Corp. would suffer grave and irreparable injury if BCDA wrested control of the former US military rest and recreation center.

“The Court hereby orders the defendants Bases Conversion Development Authority to cease and desist, for a period of seventy two (72) hours only from date hereof, from committing any act tending to wrest control and/or possession of the leased property or any portions thereof, including improvements thereon, from Camp John Hay Development (Corporation), “ the order stated.

The directive was issued after CJHDevCo filed a complaint for mandamus compel BCDA’s compliance with its contractual obligations under the 2008 Restructuring Memorandum of Agreement, particularly the setting up of the so-called One-Stop Action Center at the John Hay Special Economic Zone.

The case will be raffled off on Jan. 27.

Alfredo Yñiguez III, CJHDevCo chief operating, said they have received reports that the BCDA and its affiliate John Hay Management Corp. were planning a physical takeover of camp facilities.

The alleged move is deemed an offshoot of the consortium’s refusal to settle its P581.5 million debt representing its arrears in lease rentals and interests.

CJHDevCo entered into a lease agreement with BCDA on Oct. 1996 to develop the 246-hectare John Hay Special Economic Zone into a tourism complex.

Yniguez said he has asked Baguio City Mayor Mauricio Domogan for help to avert the possibility of violent confrontation between the two parties.

CJHDevCo has filed a complaint for arbitration against the BCDA following its decision to rescind its 2008 Restructuring Memorandum of Agreement with the government body.

The consortium agreed to several concessions, including the assumption of prior rental obligations amounting to more than P2.69 billion and current rental of P150 million.

Camp John Hay, formerly called John Hay Air Station, is a former United States Air Force communications facility for the US military and their dependents. Dexter A. See and Ferdinand Fabella

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Budget hotel to open in Palawan

2012-01-25T08:32:00.000-08:00

Posted on January 25, 2012 10:57:50 PM [ BusinessWorld Online ]

ROBINSONS LAND Corp. is expanding its budget hotel operations to the provinces by opening a GoHotels.ph branch in Puerto Princesa City next month, the developer said in a statement yestserday.

The 108-room GoHotels.ph Puerto Princesa will be Robinsons Land’s first GoHotels.ph branch outside Metro Manila following the 223-room GoHotels.ph Cybergate Plaza in Mandaluyong City.

The firm will bank on the popularity of Puerto Princesa City as an attractive tourist destination both for local and foreign visitors.

“We are very excited with our newest venture, most specially that Puerto Princesa is one of the most popular tourist destinations in the Philippines,” said Elizabeth D. Gregorio, GoHotels.ph general manager, in the statement.

Puerto Princesa City, the capital of Palawan province, is home to the Puerto Princesa Underground River, which was recently listed in the “New Seven Wonders of Nature” by the international New7Wonders Web site.

The city was also previously declared the country’s cleanest and greenest component city, Puerto Princesa’s Web site declared.

“We are expecting both local and foreign tourists to avail of our facilities, which has made GoHotels.ph a much and sought-after hotel accommodation in its category,” Ms. Gregorio added.

Meanwhile, Robinsons Land will also be opening a Robinsons Palawan shopping mall by the end of the first semester to serve the dining, shopping, and entertainment needs of hotel guests,

For the remainder of the year, more GoHotels.ph branches are expected to open in Dumaguete, Tacloban, and Bacolod cities, bringing Robinsons Land’s GoHotels.ph portfolio to five hotels and 639 rooms, the statement read.

Robinsons Land is the property arm of listed conglomerate JG Summit Holdings, Inc.

It has built 29 malls, 33 residential projects, eight office buildings, and five hotels as of end-September last year.

The Gokongwei-led firm hiked its net profits by 10% to P3.97 billion in the fiscal year ending September last year versus P3.60 billion for 2010, buoyed mainly by robust revenues from the company’s residential and commercial developments.

Total gross revenues for the period rose by 18% to P13.34 billion, while total costs and expenses grew by 21% to P8.49 billion.

Shares of Robinsons Land fell by 0.89% to P13.36 apiece yesterday. -- Franz Jonathan G. de la Fuente

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Megaworld pledges P45B for Bonifacio development

2012-01-25T08:31:00.000-08:00

Posted on January 25, 2012 10:43:01 PM [ BusinessWorld Online ]

LISTED DEVELOPER Megaworld Corp. is investing P45 billion in the next 20 years to develop a mixed-use complex on a 15-hectare lot in Bonifacio Global City, Taguig City.

In a statement, Megaworld yesterday said it will develop integrated township district called Uptown Bonifacio.

Megaworld will erect up to 18 towers there, offering a total potential development of 500,000 square meters (sq. m.) of residential space, 400,000 sq. m. of office space and 90,000 sq. m. of retail space.

The developer said it will also construct a 45-storey One Uptown Residence valued at P7.5 billion.

Megaworld added that it would also build a One Uptown Residence basement retail strip, which will serve as a connecting walkway to the three-level 33,000-sq.-m. development called Uptown Place.

“Aside from retail attractions, Uptown Bonifacio will also host a four-tower 140,000-sq.-m., P12-billion corporate block along Megaworld Ave.,” the company said.

The planned township will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system developed by local accreditors.

The company is also the developer behind Eastwood City, Forbes Town Center, McKinley Hill, Newport City, Manhattan Garden City, Cityplace, and McKinley West.

Megaworld already has developments in Bonifacio Global City. Last year it won the auction to develop an 8.38-hectare site there dubbed North Bonifacio.

It committed to invest up to P20 billion in the military-owned lot to turn the site into a mixed-use property.

In the meantime, the company said its 2011 third-quarter net income went down by 19% to P1.539 billion from P1.903 billion in year-ago levels as real estate sales remained flat at P4.550 billion from P4.554 billion last year.

Third-quarter total revenues, meanwhile, were up by 11.45% to P7.208 billion versus P6.647 billion last year.

Total expenses in the July-to-September period, however, rose by nearly a quarter to P5.668 billion versus P4.563 billion on the back of higher operating costs.

Megaworld shares slid by 6.35% to P1.77 apiece when the stock market closed yesterday. -- Cliff Harvey C. Venzon

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Court stops BCDA from taking over John Hay

2012-01-25T08:30:00.000-08:00

By Edu Punay (The Philippine Star) Updated January 26, 2012 12:00 AM

MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) has been prevented from taking over establishments, facilities and administrative offices of Camp John Hay Development Corp. (CJHDevCo), developer of Camp John Hay Special Economic Zone in Baguio City.

Baguio City regional trial court executive Judge Iluminada Cabato issued on Jan. 24 an order preventing the takeover.

In the one-page order, BCDA was directed “to cease and desist, for a period of 72 hours … from committing any act tending to wrest control and/or possession of the leased property or any portions thereof, including improvements thereon, from Camp John Hay Development (Corp.).”

The RTC held that the complainant “would suffer grave and irreparable injury” if the BCDA is not enjoined from taking over CJHDevCo’s establishments, particularly the management of Camp John Hay Golf Club, the Manor Hotel, the Camp John Hay Suites Hotel, its administrative offices, as well as key utilities and facilities, including its water source.

The RTC likewise enjoined the BCDA and other persons claiming rights to the leased property, “including forceful occupation or ejectment from the leased premises and/or the award of the rights in the leased property to a new entity.”

CJHDevCo earlier filed a complaint for mandamus seeking to compel the BCDA to comply with its contractual obligations as stipulated under the 2008 “restructuring memorandum of agreement (RMOA), particularly the setting up of the so-called “One-Stop Action Center,” an effective mechanism that would facilitate development of the John Hay Special Economic Zone (JHSEZ).

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QC housing for the poor on track

2012-01-25T08:29:00.000-08:00

by Rio N. Araja

[ manilastandardtoday.com ] January 25, 2012

QUEZON City Administrator Victor Endriga on Tuesday said the city was on track to build more homes for the poor using proceeds from a tax on idle lands and from the city government’s socialized housing tax.

Both taxes will help fund anti-poverty measures, particularly the shelter program of Mayor Herbert Bautista, Endriga said.

He said the city should have started collecting the tax on idle lands in 1994, just like in any other cities in Metro Manila, such as Pasig and Marikina.

Quezon City should have generated more funds to put up more homes for the informal settlers, he noted.

He said the idle land tax is not a new tax. The revenue measure, which was passed 16 years ago, imposes a three-percent rate on the assessed value of all properties located along existing national roads and one percent on all idle lands in other areas, which shall be in addition to the basic real property tax.

The city government was able to generate at least P75,959,144.76 from the idle land tax and P1,549,052.61 from socialized housing tax in 2011, he said.

Idle lands are properties comprising over 1,000 square meters in area with one-half of which remaining unutilized or unimproved by the owner, he said.

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DOF reiterates need to move New Bilibid Prisons

2012-01-24T11:53:00.001-08:00

Published : Tuesday, January 24, 2012 00:00 [ manilatimes.net ]

Written by : Katrina Mennen A. Valdez

The Department of Finance (DOF) has reiterated the need to relocate the New Bilibid Prisons (NBP) in Muntinlupa to the outskirts of Luzon in order to attract investors for the planned privatization of the penitentiary.

John Philip Sevilla, DOF undersecretary told reporters that while the government is not barred by any legal impediment to sell the 447-hectare Bilibid property, it cannot attract investors pending the transfer of the NBP.

“The Bilibid property in Muntinlupa . . . at some point, it’s going to be sold. We already have the legal basis to sell,” Sevilla said, who heads the DOF’s privatization unit.

“Actually, the decision to sell it was made years ago. But [selling the property] is not that easy just like a snap of your fingers,” he added.

He said that while there are no more legal encumbrances on the property, and that the price has not been an issue, the presence of the jail prevents the government to dispose the Bilibid property.

“There’s no problem on the price [of the property]. There are no legal impediments. But you have the jail there. It has to be moved,” Sevilla said.

Last year, the government announced its plans to transfer the NBP from Muntinlupa to another location in any of the provinces in Luzon under the public private partnership (PPP) project.

The New Bilibid Prisons is being managed by the Bureau of Corrections, which is under the regulatory and supervisory powers of the Department of Justice.

He added that besides the Muntinlupa property, there are various real properties of the Armed Forces of the Philippines can be the subject of privatization efforts of the government.

“Definitely there would be AFP properties that would either be leased out or sold. Which ones, we still don’t know but they have hundreds of hectares of property all over the country,” Sevilla said.

“Camp Aguinaldo [in Cubao, Quezon City] is always speculated to be privatized but there are other choices like the Villamor [air base in Pasay City] and other areas,” Sevilla said.

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VP Binay, ‘Bistek’ lead launching of QC’s socialized housing project

2012-01-24T11:52:00.001-08:00

By Arlie O. Calalo

01/25/2012 [ tribune.net.ph ]

Vice President Jejomar “Jojo” Binay and key Quezon City officials led by Mayor Herbert “Bistek” Bautista and Vice Mayor Joy Belmonte yesterday launched the city’s socialized housing project for the informal settlers in Barangay Kaligayahan.

Being the chairman of the Housing and Urban Development Coordinating Council (HUDCC), Binay was the guest speaker during the simple ceremonies which paved the way for one of the the local government’s pro-poor housing programs called Bistekville II that is located in Sitio Looban, Selecta Compound.

Bistekville II is one of Bautista’s dream housing projects aimed at addressing the problem on blighted areas in the city to make it more competitive in tourism and infrastructure development.

The secretary to the mayor, Tadeo Palma, said Phinma which is the private partner company of the city government in building the Bistekville II, is set to construct more than 800 housing units in the Arce property in the same village.

“Mayor Bautista indeed wants to fast track the development of his socialized housing projects that will provide decent resettlement areas for the city’s underprivileged residents,” Palma said.

The QC socialized housing project is a public-private partnership (PPP) which President Aquino is pushing in line with his Matuwid na Daan advocacy.

Another socialized housing project of the QC government is the Bistekville I in Barangay Payatas. This is a housing project in PPP with Habitat for Humanity which is building 400 housing units of the city’s informal settlers, according to the mayor.

“The problem of poverty and informal settlements in QC is huge. But, we can help make this challenge manageable through the pathways of collaboration and partnership,” the mayor said.

In another development, Bautista lauded the decision of the Office of the Ombudsman dismissing the P106.2 million plunder and graft charges filed against him almost two years ago.

Emerging from the launching of the housing project, Bautista told members of the Quezon City Press Club that the case filed before the 2010 local elections by one Nicanor Royo Salamea Jr. of Payatas was just a demolition job against him by a political opponent who wanted to ruin his good reputation as a mayoralty candidate.

He said the junking of the anti-graft case against him and his former administrative officer Ligaya Montallana arising from alleged questionable food purchases for QC Drug Treatment and Rehabilitation Center, also known as the Tahanan, and for other public service projects in 2009 has finally cleared his name and reputation which he built up for many years both in showbiz and politics.

In the resolution of graft investigation and prosecution officer Lolita Simeon Micu-Bravo, it was pointed out that the case against Bautista had no probable cause, saying that the food purchases were all made in accordance with the law.

Micu-Bravo said that under the circumstance, no party, including the QC government, was prejudiced and no party was given unwarranted benefit, advantage or preference. There was likewise no bad faith or inexcusable negligence on the part of the respondents, she said.

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Mayors ordered to solve squatting problem

2012-01-24T11:51:00.000-08:00

by Rio N. Araja

[ manilastandardtoday.com ] January 24, 2012

THE Department of the Interior and Local Government has ordered mayors nationwide to solve squatting in their areas.

Secretary Jesse Robredo told city and municipal mayors to create committee to go after squatting syndicates and professional squatters.

“The government is very serious in addressing the problem, and it needs the active participation of local government units through the creation of their local committees on anti-syndicate squatting and professional squatters,” he said.

He added even the Autonomous Region in Muslim Mindanao is not spared from his order.

He said the proliferation of professional squatters and squatting syndicates has been rampant not only in the urban areas but in the rural areas as well.

Such committees must serve as the operating arm of the National Drive Against Professional Squatters and Squatting Syndicates, he noted.

He said local governments under Republic Act 7279, otherwise known as the Urban Development and Housing Act, are mandated to adopt measures to effectively curtail the nefarious and illegal activities of professional squatters and squatting syndicates.

He also directed all DILG regional directors to submit quarterly reports regarding the identified professional squatters and squatting syndicates, demolition and eviction activities covered by the LCASSPS within their regional assignments.

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Binay says agencies still chasing housing scam case

2012-01-23T13:10:00.001-08:00

[ manilastandardtoday.com ] January 23, 2012

VICE President Jejomar C. Binay said the Home Development Mutual Fund or Pag-IBIG and the National Bureau of Investigation will continue to assist double sale victims of the Xevera Project in Mabalacat as well as victims of other projects involving Globe Asiatique and Delfin Lee.

This, despite the fact that Pasig Regional Trial Court Judge Rolando Mislang already issued a “preliminary injunction” on the ground of prejudicial question preventing the Department of Justice from filing the Information against Lee in court for syndicated estafa.

The NBI and Pag-IBIG have so far assisted 28 individual complainants by helping them file the appropriate criminal complaints before the DoJ against Lee and his cohorts at GA.

Binay said Pag-IBIG had already filed an omnibus motion in the Pasig court to intervene in the case, inhibit Mislang and assail the preliminary injunction.

The motion said the Pasig court does not have jurisdiction to hear the case pursuant to the Rules of Court, and Mislang was biased in favor of Lee.

“The motion was submitted for resolution on November 9 last year. However, up to this date Judge Mislang has not yet resolved the motion,” Binay said.

“This prompted Pag-IBIG to file an urgent motion to resolve the pending issues, but to no avail. In addition to the legal moves in RTC Pasig, Pag-Ibig also filed an Administrative Complaint against Judge Mislang before the Supreme Court for rendering the unlawful and unjust order,” he added.

For its part, the DoJ assailed the orders of Mislang before the Court of Appeals by way of the Special Civil Action of Certiorari under Rule 65 of the Rules of Court.

The DoJ petition is still pending before the appellate court.

Last year, Pag-IBIG filed a case against Lee for using a “modified ponzi” scheme that defrauded the government of about P6.65 billion. GA allegedly used fictitious buyers to get loans from Pag-IBIG for its Xevera housing project in Pampanga.

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Hotel undertakes renovation

2012-01-23T13:09:00.001-08:00

Posted on January 23, 2012 11:23:06 PM [ BusinessWorld Online ]

ROBINSONS LAND Corp. is investing some P6 million to renovate a hotel in Quezon City in a bid to court more business clients, an official said late last week.

The refurbishment to Crowne Plaza Manila Galleria hotel will cover an events space and should be completed by the end of March, marking the facility’s first make-over since it opened its doors in 2005.

“Crowne Plaza has undertaken a refurbishment of its grand ballroom involving the total replacement of its wall and floor coverings. We have allotted P6.6 million for this,” Ricardo A. Gutierrez, Crowne Plaza Manila Galleria and Holiday Inn Manila Galleria owners representative, told BusinessWorld in a telephone interview.

“This was suggested to us by our clients. Even if our facilities are still very much usable, [the refurbishment] will give our hotel a fresher look,” said Mr. Gutierrez.

This will also boost the hotel’s occupancy rate to 80% from 72% reported last year and improve its convention business by a fifth, Mr. Gutierrez said.

Last year, Robinsons Land’s hotels division also completed a P19-million rebranding of the 285-room Holiday Inn Manila Galleria near Crowne Plaza.

This was reportedly in line with a global effort by the hotel’s parent, the multinational InterContinental Hotels Group.

The work involved adding new room amenities and revamping guest services, Mr. Gutierrez said.

Robinsons Land also recently renovated the 210 guest rooms and banquet facilities of Summit Circle Cebu, formerly known as Cebu Midtown Hotel, also in order to corner the region’s growing MICE (meetings, incentives, conventions, and exhibitions) market, said Roseann C. Villegas, Robinsons Land corporate public relations manager, in a separate telephone interview last week.

These renovations come on top of a robust outlook for Robinsons Land’s hotels division amid new launches.

“[Our] tourism outlook in the Philippines, especially in Metro Manila, seems optimistic with several hotels opening in the Makati [City], Ortigas [Center] and Fort Bonifacio central business district,” the company’s 2011 annual report stated.

In addition to Crown Plaza, Holiday Inn, and Summit Circle Cebu, Robinsons Land also operates the 223-room budget Go Hotel in Mandaluyong City and 108-room Summit Ridge Hotel in Tagaytay City.

Robinsons Land is the property arm of listed conglomerate JG Summit Holdings, Inc. It has built 29 malls, 33 residential projects, eight office buildings, and five hotels as of end-September 2011. -- Franz Jonathan G. de la Fuente

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SM group may reconsider REIT bid

2012-01-23T13:08:00.001-08:00

Published : Tuesday, January 24, 2012 00:00 [ manilatimes.net ]

Written by : Krista Angela M. Montealegre Reporter

The SM group may revisit its plan to issue a real estate investment trust (REIT) following the move of the Philippine Stock Exchange (PSE) to revive talks with the government on easing its provisions on taxation and the minimum public float requirement.

“We are open to reconsider the REIT. It’s good for our capital market both from viewpoint of local and foreign investors,” Jose Sio, SM Investments Corp. chief finance officer, said in a text message.

SM Prime Holdings Inc., the country’s biggest mall developer, had planned to raise $500-million from the offering, but it became the first casualty of the stringent rules that the Aquino administration had imposed to limit revenue lesions caused by laws that grant generous tax perks.

Robinsons Land Corp. had shelved its $300-million REIT plan, while Ayala Land Inc. had said it remained committed to pursue a REIT offering but the contentious issues should be addressed first.

Hans Sicat, PSE president and chief executive said that the bourse is moving to restart talks with the Department of Finance (DOF) and the Bureau on Internal Revenue (BIR) to “minimize” the current levels of the minimum public float and relax taxation rules.

“At the end of the day, there’s a huge market out there, not just a new asset class, but clearly a lot of capital is to flow into the country if we get it right. The analysis is that the structure we have put it, in terms of implementing rules, we have a structure that is not market friendly,” Sicat said.

Under the amended implementing rules of the REIT, the SEC requires issuers to offer at least 40 percent of their outstanding capital stock at the initial year. Most developers were amenable to this, but refused to give up control following the requirement to sell down 67 percent within three years from listing.

Under the revenue regulation endorsed by the –IR to the DOF, REITs would have to distribute at least 90 percent of their earnings to shareholders before they can enjoy tax incentives. The regulation also imposes value-added tax on a REIT’s gross sales from the disposal of real property or receipts from the rental of the same.

Sicat added that amending the REIT Law may be an “option” amid earlier statements of the BIR that revisions to the law can only happen if it is amended.

“That’s also a tough way to do it. Again, you could’ve handled it more easily with the IRR. It’s a unique situation here in the Philippines where we deal with things using a law and the law has been passed and it’s fairly straightforward,” he said.

The REIT Act lapsed into law in December 2009 but its implementation has been put on hold as fiscal authorities and corporate regulators took long in agreeing to the minimum public ownership of REITs and rules on tax incentives.

The DOF estimates foregone revenues of at least P10 billion in the first year of implementing the law.

REITs are companies that own and operate income-generating real estate assets, which include offices, apartment buildings, hotels, warehouses, shopping centers and highways.

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