philippine real estate news

HGC loans help build 25,000 new homes

2012-02-02T12:47:00.001-08:00

(The Philippine Star) Updated February 03, 2012 12:00 AM

MANILA, Philippines - Under the guidance and leadership of Vice President and Housing and Urban Development Coordinating Council (HUDCC) chairman Jejomar C. Binay, the Home Guaranty Corp. (HGC) approved P37.40 billion retail guaranty lines from January to December 2011. The funders include commercial banks, thrift banks, rural banks, building and loan associations, insurance companies and housing developers.

According to HGC president, Manuel R. Sanchez, actual housing loans that were released by funders and guaranteed by HGC for 2011 amount to P37.89 billion, covering 25,006 housing loan accounts. Seventy-two percent of these accounts are socialized and low-cost housing packages. Medium-cost and high-end housing packages comprise the remaining 28 percent.

HGC has two major guaranty programs, the retail and developmental guaranty. The retail guaranty covers the credit risk of individual housing loan borrowers, while the developmental guaranty covers the credit risk of loans for construction of housing projects.

Since 2000, with the enactment of its new charter, HGC has guaranteed P257.25 billion worth of private investment in housing – translating to 547,400 housing units. This is in partnership with 103 real estate developers and 124 banks and financial institutions.

HGC aims to increase its housing unit target to 38,800 for 2012 through the launching of new guaranty products including: direct guaranty on individual housing loans, guaranty on microfinance housing loans, guaranty for employees’ housing and guaranty for support facilities for housing.

Also upon instructions of VP Jejomar C. Binay, HGC is adopting a stricter monitoring of the guaranties it approves, to make sure that guaranteed private investments for housing are converted to actual housing units, especially for the poor and marginalized sectors of society.

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Aussie fund acquires 5% of Vista Land

2012-02-02T12:46:00.001-08:00

[ manilastandardtoday.com ] February 2, 2012

An Australian investment fund manager has acquired minority interest in Vista Land & Lifescapes Inc., a company owned by the family of Senator Manuel Villar.

Vista Land said in a filing with the Philippine Stock Exchange that it had been informed that Platinum Investment Ltd. had obtained a 5.02-percent beneficial ownership in the company after accumulating 468.48 million shares as of Jan. 20.

Data showed that Platinum Investments had been buying Vista Land shares from Jan. 10 to 20 through the stock market at an average price of between P2.94 and P3.09 per share.

Vista Land said Platinum Investment bought into Vista Land in line with its business as a company engaged in investment management.

Vista Land last month said it would launch 32 subdivision projects worth P32 billion this year in a bid to cement its position as the country’s leading house and lot developer.

The property company in 2011 launched 23 projects worth P21 billion, including 16 horizontal structures.

Vista Land president and chief executive Manuel Paolo Villar said demand for the company’s house and lot packages was strong, especially for the Camella brand.

Vista Land plans to open 20 expansion projects this year and 12 new ones to keep up with strong demand. Jenniffer B. Austria

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SMDC eyes P5-B sales from condo

2012-02-01T10:52:00.000-08:00

Posted on February 01, 2012 10:30:03 PM [ BusinessWorld Online ]

SY-LED developer SM Development Corp. expects to net around P5 billion in sales from Green Residences, its newly launched condominium project in Manila, a company official said yesterday.

“We are looking at an estimated P5 billion sales target for Green Residences, which will have around 3,000 units. We have begun pre-selling late last year and so far, we are very satisfied with the sales take-up,” Jose T. Gabionza, SM Development vice-president for business and development and corporate information officer, told BusinessWorld in a telephone interview yesterday.

Green Residences is expected to be completed by the first half of 2016, Mr. Gabionza said.

The 50-storey Green Residences on Taft. Ave. is seen to cater to students from the nearby schools such as De La Salle University, College of St. Benilde, and St. Scholastica’s College, given the condominium’s proximity to the Vito Cruz and Quirino Ave. Light Rail Transit (LRT) 1 stations, a disclosure to the local bourse stated yesterday.

For Green Residences, SM Development will be offering around 15 to 35 square-meter (sq. m.) studio units and one-bedrooms worth P1.5 million to P3.5 million apiece, while planned amenities include a library with Wi-Fi hotpots, a gym, a game room, function rooms, and a swimming pool.

Further, a convenience store will occupy the building’s ground floor along with other shops and restaurants to serve the needs of residents.

Including Green Residences, SM Development currently has 15 residential projects under its Residences brand and two projects under the M Place brand.

SM Development shares were traded unchanged at P7.02 apiece yesterday. -- F. J. G. de la Fuente

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New BPO building to rise in Cebu

2012-02-01T10:51:00.000-08:00

Posted on February 01, 2012 10:17:23 PM [ BusinessWorld Online ]

CEBU CITY -- Asian i-Office Properties, Inc. yesterday broke ground on eBloc Tower 3, its third business process outsourcing (BPO) building at the Cebu IT Park.

This, as three technology-based companies started fitting out their offices at the newly completed eBloc Tower 2.

The third eBloc Tower, located near the second tower, is a 12-storey building with seven levels allocated for office spaces. Its construction boosts the cyberpark’s and Cebu’s capacity to host BPOs. Cebu has retained its rank as the Tholons’ ninth top BPO destination in the world.

Antonino T. Aquino, president of Asian i-Office’s parent firm Ayala Land, Inc., said the Ayala Group will continue to focus on enhancing its master-planned developments in Cebu City even as it looks for opportunities to undertake similar projects in other major cities in the Visayas and throughout the country.

The group is developing master-planned communities in Bacolod and Iloilo cities. Both have a cyberpark component.

“We’re looking at other cities as well, but we’d like to focus first on Cebu and the bigger cities,” Mr. Aquino said.

Meanwhile, Cebu Property Ventures and Development Corp. President Francis O. Monera said they finalized lease contracts with three companies that will set up office at eBloc Tower 2.

“They are starting to fit out [sic] already. They should be able to move in within the first half of this year,” Mr. Monera said.

One of the locators, NEC Telecom Software, will relocate to the eBloc Tower 2 around April this year. NEC Telecom currently occupies 3,000 square meters at the eOffice, a temporary one-storey structure within the Cebu IT Park.

Mr. Monera declined to identify the two other locators, but one has operations at the Cebu Business Park and in uptown Cebu City while the other is expanding its facility at the Cebu IT Park.

eBloc Tower 1, also within Cebu IT Park, has been fully leased. -- Marites S. Villamor

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Pag-IBIG sets condonation

2012-02-01T10:49:00.001-08:00

BY IRMA ISIP [ Malaya.com.ph ] February 2, 2012

THE Home Development Mutual (Pag-IBIG) Fund is poised to condone penalties on overdue loans but says it will earn in an ongoing condonation of penalties on membership as well as on housing loan defaults.

Darlene Marie Berberabe, chief executive officer of the Pag-IBIG Fund, said in an interview this is the first condonation program initiated on its own by the Fund. This has allowed it to carefully plan out the targets as a result of the waived penalties.

Berberabe said the condonation on membership would affect 1.5 million employers and would register an additional 5 million members.

Berberabe said while Pag-IBIG would waive P1.8 billion in penalties, it would generate P3 billion as a result of the new registrations.

"We estimate to collect P1.2 billion in principal and condone P1.8 billion in penalties," she said.

Berberabe said past condonation programs were mandated by law so they were not properly planned.

The application for condonation will last six months or from January to June this year

The condonation disqualifies employers who collected Pag-IBIG contributions from their employees but did not remit the contributions.

Berberabe said the program would allow employers unaware that Pag-IBIG membership is mandatory to register themselves as well as their employees.

Berberabe said the second condonation covers housing loans on properties not yet foreclosed but where members have defaulted on their payment.

The program would enable the members to restructure their loan and give them up to five years of payment.

Disqualified are those who have been previously disqualified or defaulted and availed of condonation but defaulted again.

Berberabe said blacklisted members can be removed from the list as long as they can present valid justification.

Berberabe said there are around 120,000 delinquent accounts, with a combined book value of P46 billion.

For employers, there are around 250,000 delinquent accounts.

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Global-Estate Resorts swings to profit on improved sales

2012-01-31T12:51:00.000-08:00

Posted on January 31, 2012 09:06:00 PM [ BusinessWorld Online ]

LEISURE DEVELOPMENT firm Global-Estate Resorts, Inc. (GERI) swung to profit for the fiscal year ending September 2011 versus year-ago levels due to lower operating costs and higher total revenues for the period, a filing with the Philippine Stock Exchange yesterday showed.

Global-Estate Resorts booked a profit of P19.2 million for 2011, turning around a net loss of P153.3 million notched in 2010.

Consolidated total revenues -- comprised of real estate sales, rental income, service income, and other income -- rose by 12% to P867.50 million from P776.26 million, year-on-year.

A bulk of the company’s revenues were derived from realized gross profit on prior years’ real estate sales, which surged by nearly nine times to P38.99 million last year from only P3.95 million two years ago, the disclosure read.

Global-Estate Resorts’ registered sales came from condominium units in Quezon City; residential lots in Lipa, Batangas; San Pablo, Laguna; Naga City; Iloilo City, and commercial lots in Carmona, Cavite.

Performance was also lifted by income realized from the assignment of development rights, which totaled P153.867 million.

Total expenses, meanwhile, shrank by 16% to P802.54 million in 2011 from P957.06 million in 2010, mainly due to a decline in finance costs and operating expenses, even as real estate costs grew by 10.08% to P142.74 million versus P129.29 million the year before.

“The Group’s stable financial position has improved further with the Php5.0 billion subscription by Alliance Global Group, Inc.,” the report stated further.

“Cash and cash equivalents increased by 2,078% to Php1.78 billion as a result of the subscription received...” it stated.

Back in December 2010, the resort developer had signed a subscription agreement with Alliance Global, paving the way for the investor to subscribe to 5 billion common shares at a subscription price of P1 per share or a total of P5 billion.

This was approved by the Securities and Exchange Commission two weeks ago.

GERI, formerly Fil-Estate Land, Inc. was incorporated in 1994 to consolidate the real estate interests of the Fil-Estate Group of Companies.

Its subsidiaries include Megaworld Global-Estate, Inc. and Fiel Estate Realty Corp., among others.

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Tan-led property firm posts profit of P19.4M

2012-01-31T12:49:00.001-08:00

Published : Wednesday, February 01, 2012 00:00 [ manilatimes.net ]

Written by : KRISTA ANGELA M. MONTEALEGRE

GLOBAL-ESTATE Resorts Inc. (GERI) swung to profitability in its fiscal year 2011 on higher revenues and lower financing costs.

In a regulatory filing, the tourism vehicle of Andrew Tan-led Alliance Global Group Inc. (AGI) said that it posted a consolidated net income of P19.4 million in its fiscal year ending September last year, a turnaround from the previous year’s net loss of P153.3 million.

The company’s consolidated total revenues increased by 12 percent to P867.5 million from P776.3 million. Real estate sales from residential subdivision lots and condominium units amounted to P326.0 million, down 15 percent from P381.8 million. GERI recognized an income of P153.87 million from the assignment of development rights following agreements with related parties. Realized gross profit on prior year’s real estate sales surged 888 percent to P38.99 million.

Cost and expenses decreased by 16 percent from P957.1 million in 2010 to P802.5 million, mainly because of lower finance cost and operating expenses. In January 2011, AGI completed the acquisition of almost 60 percent interest in GERI, formerly Fil-Estate Land, Inc. The property company used the P5 billion in proceeds to wipe out its debt, whose interest expense became a major drag to the firm’s earnings in the past.

GERI, which has more than 1,000 hectares of properties located in key tourist spots outside Metro Manila, is developing the P15-billion Boracay Newcoast and the P5-billion Twin Lakes near Tagaytay. The firm is set to roll out this year another tourism estate project located on a 200-hectare property in Nasugbu, Batangas.

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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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