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City of Dreams Manila

City of Dreams Manila expansion planned

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Leisure estate and gaming group Belle Corp. has submitted a proposal to the Melco group to expand the existing City of Dreams Manila (CoD Manila) integrated gaming resort using a one-hectare land adjacent to the property.

In a press chat after the company’s stockholders meeting on Monday, Belle president Manuel Gana said the 6.2-hectare CoD Manila, which has over 900 hotel rooms, would need to build more rooms and amenities as it was now running at close to full capacity at over 90 percent occupancy rate.

Based on Belle’s proposal, the additional one-hectare lot long-held by the group beside the CoD Manila site would be used mainly to create new non-gaming facilities. Aside from hotel rooms, Gana noted that the existing resort only had one ballroom and one swimming pool at present.

Asked on the prospective timing for CoD Manila’s expansion, Gana said: “The ball is in Melco’s court. They have a lot of things on their plate.”

Recently, Melco has been doing the groundwork in Japan, a territory where the mass market in gaming is seen to have the potential to eclipse Macau’s.

In case Melco declines to invest on CoD Manila expansion, Gana said Belle would be “free to do something else.” “We can build our own hotel and capitalize on City of Dreams clientele but we prefer Melco to get involved so it can be consolidated into City of Dreams,” he added.

Over the long term, Gana said Belle would consider other expansion opportunities. If the state-run Philippine Amusement & Gaming Corp. (Pagcor) were to privatize some of its operating assets, Gana said Belle would be interested. He noted that Pagcor’s casinos in places like Davao and Laoag were attractive.

Pagcor has also imposed a moratorium on the building of new casinos. But when the time comes for Pagcor to consider issuing new licenses, he said Belle would be interested to build on a second site.

Meanwhile, Belle still has 800 hectares of landbank in Southern Luzon, including the areas within Tagaytay Highlands, which would allow the company to develop new projects within the next five to 10 years.

In the first quarter, Belle reported that consolidated net profit grew by 10 percent year-on-year to P857 million on higher gaming and real estate revenues. Excluding one-off items, recurring net income for the quarter rose by 17 percent year-on-year to P888 million.

Through its 78.7-percent owned subsidiary, Premium Leisure Corporation (PLC), the company’s cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) from its share of gaming operations of CoD Manila increased by 8 percent to P474 million for the first quarter.

Belle also booked higher operating income from its real estate businesses of P571 million for the quarter, a 27-percent increase year-on-year mostly as landlord of CoDManila as well as the sale of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.

Source: http://business.inquirer.net/249736/city-dreams-manila-expansion-planned

Davao City

Davao City seen as next animation hub

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AN ANIMATION company is eyeing to make Davao City as the next animation hub in the country.

Information and Communications Technology Davao President for the Creative sector Ray Rubio said, during the sidelines of the Kapehan sa Dabaw on Monday, January 23, the prospect for the animation industry in the city is huge as there are many existing raw talents in the city.

Rubio, however, said these talents do not have the formal experience on the animation work pipeline. “When you say animation, it is often perceived as an individual work but the actual animation process is totally different.

It’s not a one-man show. It’s a team work,” Rubio said. Recognizing this problem in the animation industry and creative sector in the city, a forum on animation and game development will be conducted by their organization in partnership with Wacom, an animation company based in the Philippines, on Friday at the Ritz Hotel at Garden Oases. Rubio said a Manila-based animation company, who had already visited Davao City, talked to them and expressed interest in making Davao as the next animation hub in the country.

“I [told them that] we have a lot of raw talents (animators) here but there is less opportunity in terms of the skill and talent that they have,” Rubio shared. Wacom Marketing Representative for Davao and Mindanao Andrew Lim had also shared during the same press forum that there is an extreme demand for talents in the creative industry of design and animation and that the number of students enrolling for animation and design-related courses are increasing.

Wacom will also provide the gadgets and products needed for the forum, Lim said, adding the purpose of the event is to give an overview about the industry in the global and national scope. Rubio also said during the ambush interview that there are currently around a thousand animators in Davao but some of them are only working at their homes. A five-year animation organization in Davao called the Davao United Association of Animators and Designers which was founded by Rubio himself also holds around 3,000 members.

According to Rubio, a career in the animation industry is very promising since the compensation for this job is great since a high-level animator can earn up to 25 folds of the average salary of a regular employee in the city. Also for the entry level, an animator can earn around P2,500 to P3,500 salary for every 10 seconds of animation.

Those who wish to join the animation forum on Monday, January 30, may add Rubio on Facebook for inquiries. The registration fee for students only cost P100 and P250 for professionals. The fee will cover the morning and afternoon snacks and the lunch buffet. The event will start at 9 a.m. until 5 p.m. and around 100 seats are prepared for the participants.

Source: http://www.sunstar.com.ph/davao/business/2017/01/23/davao-city-seen-next-animation-hub-521680

Boracay Property Auction

QC Court Orders Suspension of Friday’s Boracay Property Auction

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THE COURT has stopped the auction of a beachfront property owned by a subsidiary of Boulevard Holdings, Inc.

Branch 95 of the Regional Trial Court (RTC) of Quezon City ordered on March 4 the suspension of the sale of a 1,477-square-meter Boracay property, owned by Friday’s Holdings, Inc., that was supposed to take place yesterday in deference to the outcome of a pending petition at the Supreme Court, the Panlilio-led holding firm said in a disclosure to the stock exchange.

Jose Marcel E. Panlilio, chairman, president and chief executive officer of Boulevard Holdings, said the auction of the parcel of land was supposed to “satisfy [the] personal debts” allegedly owned by Mila Yap-Sumndad, former owner of the property, to businessman Amable Aguiluz of AMA Colleges.

In coming out with the decision, Quezon City RTC Presiding Judge Edgardo B. Bellosillo noted that the property is still the subject of a pending case at the Makati RTC.

However, the implementation of the writ of execution issued by the said Makati court was suspended due to the Court of Appeals’ issuance of the injunctive order, which is now the subject of a pending petition at the Supreme Court.

“For this Court to allow the Sheriff’s sale to proceed as scheduled on March 7, 2016 would render moot and academic whatever the outcome of the pending petition at the Supreme Court,” Mr. Bellosillo said in the order.

Boulevard Holdings said it diverted P195 million in cash allocated for the development of Friday’s Puerto Galera to “rescue” Friday’s Boracay and pay for damages.

To recall, a group of armed civilians led by Datu Yap-Sumndad, a member of the family that previously owned part of the resort, took over the portion of the lot they claimed was theirs in February 2014.

Boulevard Holdings disclosed in December of the same year that a trial court in Aklan issued a writ of injunction against the resort’s former owners, allowing the listed resort developer to recover possession of the Boracay property.

Boulevard Holdings said it acquired the contested property after paying P40 million to Ms. Yap-Sumndad as part of a full court settlement in 2009.

Shares in the resort operator surged 7.84% to close at P0.055 each on Monday.

Source: http://www.bworldonline.com/content.php?section=Corporate&title=QC-court-orders-suspension-of-Friday%27s-Boracay-property-auction&id=124150

Real Estate in Davao City

Population Growth Seen to Sustain Boom in Real Estate in Davao City

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POPULATION GROWTH, including continued local migration to one of Mindanao’s economic and education hubs, is expected to keep Davao City’s real estate sector robust at least in the next three years. But with no public transportation options definitely planned, it could also mean the same traffic woes that plague the country’s other main urban areas. “The real estate industry in Davao City has boomed in the last six years. And the trend is still upwards,” said Lea C. Walker, a licensed broker who owns and manages Allea Real Estate based in the city. This city classified as highly urbanized has a population of 1,449,296, according to a 2010 census by the Philippine Statistics Authority which also noted an average growth rate of 2.36% from 2000.

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