Tag

manila Archives | Tan, Frankum & Associates

City of Dreams Manila expansion planned

City of Dreams Manila

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

Manila’s Bay Area dubbed hottest residential investment destination

Manila's Bay Area

Metro Manila’s Bay Area now records the city’s fastest average monthly take-up by local and foreign buyers in the past 12 months, according to real estate service provider, Santos Knight Frank.

Part of the large track of land reclaimed from Manila Bay, the Bay Area is the site of the Mall of Asia Complex, home of one of the world’s largest shopping malls; Aseana City, an office and IT-BPO hub and Entertainment City, which houses three of the four multi-billion-peso integrated resorts.

Companies such as Double Dragon, Ayala Land, SM, Federal Land and Robinsons Land are carrying out more projects within and along the district’s fringes.

The Bay Area has seen a sharp increase in residential project launches over the last five years as more occupiers have arrived and gaming and tourism facilities have opened.

After registering an average monthly sale of 51 units in October last year, take-up in the Bay Area increased to 70 units during the second quarter of 2017 and outperformed central business districts such as Makati (16 units per month), Bonifacio Global City (14 units), Ortigas (13 units) and Alabang (10 units).

The Bay Area is dominated by middle and high-end projects that range from P117,000 to P175,000 per square meter, with about 91% of the current stock already absorbed.

“Aside from local and overseas Filipino worker (OFW) investors, buyers from China, Southeast Asia and the Middle East are driving residential sales in the Bay Area,” says Jan Custodio, Senior Director of Research and Consultancy

Also, “Residential investors see strong demand coming in from office occupiers, tourists and the gaming market.”

“As Manila’s fastest growing district, the Bay Area contains the right ingredients to accommodate the city’s continued expansion,” added Rick Santos, Chairman and CEO

The Bay Area’s closeness to the airport and new infrastructure makes it an ideal emerging hub for the entertainment, office, retail and residential market sectors, he concluded.

 

Source: https://business.mb.com.ph/2017/10/14/manilas-bay-area-dubbed-hottest-residential-investment-destination/

PH’s first Westin-branded mixed-use project takes shape

The Westin Manila Sonata Place

Anticipation for the first Westin-branded residential and mixed-use development in Southeast Asia builds up following the initial concrete pouring for Robinsons Luxuria’s The Residences at The Westin Manila Sonata Place and The Westin Manila Sonata Place in Ortigas Center, Mandaluyong City.

This development has an enviable spot in the premier lifestyle hub of Ortigas Center.

Its location allows access to all the key points in the area such as commercial shopping centers (Robinsons Galleria, Shangri-La Mall, and SM Megamall), educational institutions (The Lourdes School of Mandaluyong, University of Asia & the Pacific, and Saint Pedro Poveda College), medical facilities (Medical Plaza and Medical City Hospital), places of worships (St. Francis of Assisi Church and EDSA Shrine), and major corporate headquarters (San Miguel Corp., HP Philippines, ADB, and Robinsons Land Corp.).

Leading the first concrete pouring ceremony are executives from Robinsons Land Corp. along with project partners and consultants, from left: Engr. Roel Bolanos, managing partner of Andres Balanak Bolanos & Associates; Engr. Levy Espiritu, president of Datem Inc., Arch. Gary Coscolluela, managing partner of W.V. Coscolluela & Associates, Engr. Emmanuel G. Arce, VP for Project Management of Robinsons Land, Elizabeth Gregorio, GM of Robinsons Hotels & Resorts, May Lopez, VP for Sales and Marketing of Robinsons Luxuria and Residences and Engr. Edwin Bolanos, managing partner of Andres Balanak Bolanos & Associates.

Leading the first concrete pouring ceremony are executives from Robinsons Land Corp. along with project partners and consultants, from left: Engr. Roel Bolanos, managing partner of Andres Balanak Bolanos & Associates; Engr. Levy Espiritu, president of Datem Inc., Arch. Gary Coscolluela, managing partner of W.V. Coscolluela & Associates, Engr. Emmanuel G. Arce, VP for Project Management of Robinsons Land, Elizabeth Gregorio, GM of Robinsons Hotels & Resorts, May Lopez, VP for Sales and Marketing of Robinsons Luxuria and Residences and Engr. Edwin Bolanos, managing partner of Andres Balanak Bolanos & Associates.

The Residences at the Westin Manila Sonata Place and The Westin Manila Sonata Place were designed to guarantee pampered living experience with its top-notch luxurious facilities and amenities combined with world-class hotel services.

The Westin signature design and ideals are incorporated in all aspects of the development guided by the brand’s pillars of well-being. Robinsons Luxuria aims to provide more than just a living space, but a sanctuary that revitalizes and enriches.

The Residences at The Westin Manila Sonata Place is a 50-storey building that offers 344 private abodes combined with the five-star caliber service of The Westin Manila Sonata Place.

It offers generous living spaces with its one- to three-bedroom and penthouse units, as well as an array of amenities suited to enhance one’s well-being.

The counterpart hotel has an impressive 30-floor and 303 guestrooms, all elegantly equipped to meet every guest’s impeccable standards.

The Westin Manila Sonata Place is scheduled to commence hotel operations by 2019 and The Residences at the Westin Manila Sonata Place’s turnover is scheduled in 2021.

 

Source: http://newsbits.mb.com.ph/2017/01/18/phs-first-westin-branded-mixed-use-project-takes-shape/

Metro Manila Attracts More Developers Than Singapore, Hong Kong And Shanghai

Makati City

When it comes to feasible urban hubs, a new study reveals that Metro Manila is a more attractive area for various developers and real estate investors looking for significant yields in 2017.

“(The country) continues to appeal to foreign investors with good growth in just about every sector, especially the office-oriented business process outsourcing (BPO) market,” Urban Land Institute’s (ULI) recent report titled “Emerging Trends in Real Estate” for Asia Pacific 2017 said.

Metro Manila named among top four 2017 prospects

Manila ranks third among the 22 city investment prospects of 2017, only being outranked by Bangalore and Mumbai. On the other hand, Manila currently ranks fourth in the city development prospects of 2017, having been outranked by Bangalore, Ho Chi Minh City and Mumbai. It must be noted that for both prospects list, Manila has managed to beat out the likes of Shenzhen, Shanghai, Jakarta, Bangkok, Sydney and Tokyo.

At the same time, the report also said that 2017 marks a clear shift from core markets like Japan and Australia to “emerging-market” destinations like the Philippines, India and Vietnam when it comes to investment prospects. It is also clear that Singapore, a previous investor favorite, is no longer a favored investment destination due to falling demand, over capacity and its residential sector slump.

The Philippines still has some investment issues to work on

Nonetheless, being high on the prospects list does not mean that the Philippines is not without some issues.

“The real problem in the Philippines for international funds, however, is that the market has always been hard to access because it does not have much need for what foreign capital has to offer,” the ULI report said.

Furthermore, one foreign fund manager had remarked that market-wise, they like the country. However, they chose to stay away because they haven’t found the right confluence of pricing and partner opportunity over the last five years.

What do you think about Metro Manila becoming a top developer prospect for 2017? What are your thoughts on Manila attracting more developers than Singapore, Hong Kong and Shanghai? Let us know in the comments section below.

http://www.ibtimes.ph/metro-manila-attracts-developers-singapore-hong-kong-shanghai-5794

‘Metro Manila properties’ value rising at 7% yearly’

Metro Manila

DUBAI: Properties in Metro Manila have been increasing in value for the past five eyars at an annual rate of seven percent, according to Ortigas Co. a pioneer in the Philippines’ real estate industry.

“Although the appreciation of the properties is still dependent on the country’s economic movement, based on the historical data, the properties in Metro Manila for the past five years have been appreciating at a rate of 7 percent per annum,” Trina Chan, Ortigas and Co. vice president for sales told The Filipino Times in an email interview from Manila She added that an annual growth rate of five percent is expected for properties located in key business districts.

Citing data from Colliers International, a global real property think tank, Chan said the value of properties in Makati CBD, Ortigas Center and Fort Bonifacio increased by an average of some 5.20 percent in the second quarter of the year compared to the same period last year.

According to Colliers, three bedroom Makati CBD properties had a starting price of $2,215 in the second quarter of 2015; for the same period International, a global real property think tank, Chan said the value of properties in Makati CBD, Ortigas Center and Fort Bonifacio increased by an average of some 5.20 percent in the second quarter of the year compared to the same period last year.

According to Colliers, three bedroom Makati CBD properties had a starting price of $2,215 in the second quarter of 2015; for the same period

this year, the amount has increased by 5.77 percent to $2,342. Three bedroom units in Ortigas Center had a starting price of $2,534 in the second quarter of 2015; for the same period this year, the price has increased 5.32 percent to $2,683; while those in Fort Bonifacio increased to $2,555 or by 5.09 percent over last year’s $2,427, also according to Colliers International.

Source: http://filipinotimes.ae/news/2016/07/06/metro-manila-properties-value-rising-at-7-yearly/

Lower costs lure BPOs outside Metro

BPO IT Sector

Lower land development cost and less competition for the talent pool are the driving factors behind the march of business process outsourcing (BPO) companies outside of Metro Manila.

“There’s a push to expand the BPO presence to other areas primarily because of labor. They just want to be closer to where labor is and also because of cost,” Colliers International Philippines director for research and advisory Julius Guevara said in a phone interview.

“It’s much cheaper to build outside of an established area,” he emphasized.

Developers prefer the first-mover advantage to capture the top talents in the labor pool of specific places.

“They’re looking for greenfield areas where the labor is still plentiful,” Guevara said.
Locating BPO operations in the Metro Manila is slowly becoming less of an advantage for companies due to rising salaries and rental rates.

“The whole BPO phenomenon is based on our front advantage over some other countries, but since salaries are increasing, rental rates are now increasing, which is slowly eroding the advantage in the area, so they’re all looking for other areas wherein those advantages are present,” Guevara said

From a BPO company’s perspective, locating operations outside of Metro Manila offers scalability with more land that can be developed in the future.

Vikram Singh, country manager of Tata Consultancy Services Inc. (TCS), told The Manila Times one of the factors is really scalability.

TCS is a global IT services and business solutions firms based in India. The firm recently expanded its Pampanga operations and took a lease on 8,486 square meters of office space in the Entec 2 building by local developer Juan D. Nepomuceno Sons Inc. TCS initially occupied 800 sqm in Entec 1 building in 2013.

“We started with 300 people in Entec 1. We had Entec 2, which we knew was coming up in the next two to three years. And that was in line with our scalability and sizable operation in one location. We have a further opportunity to expand there,” Singh noted.

“We started with 100 people [in Pampanga]. So, already we have grown. But our capacity in Pampanga will be around 1,700 seats,” he said.

Locating in Pampanga was also in line with TCS’s Business Continuity and Disaster Recovery (BCDR) plan.

“So part of our dual strategy is we look for a couple of locations within the Philippines and finally we came up with Pampanga for a number of reasons . . . Number one is its proximity to Manila. It is not so far, we can travel in 2 to 3 hours. At the same time it gives us a desired BCPDR,” Singh said.

Singh described the “talent pool, quality infrastructure, and better infrastructuring with respect to the connectivity that promote customer level perspective,” as the top factors in looking for a location.

“It is at the heart of the commercial business district of Angeles City and there’s a 24/7 availability of transportation, “ Singh noted.

In a separate interview, Arni Valdez, president of Juan D. Nepomuceno Sons Inc., affirmed the growing demand for office space outside of Metro Manila, specifically in Angeles City, Pampanga.

The company currently has two developed BPO buildings in its 11-hectare Nepo Center complex in Angeles City.

Valdez said Angeles is attractive to BPO companies due to its talent pool, as the city is home to a number of schools and universities.

The firm decided to build office developments in the city in order to create more jobs that would cater to the growing talent pool in the area.

“If we started to do it here, we might be able to get some people who are working in Metro Manila. And a lot of people worked in Manila,” Valdez said.

Despite the growing interest for BPO buildings outside of Metro Manila, the country’s capital is still be the top preference of BPO companies because of the conveniences urban cities offer such as hotels and malls, Guevara emphasized.

“If you would take a look at the demand, the typical BPO locator would still prefer urbanized areas. If you compare the take up in terms of square meters, more than 80 percent will still be located in Metro Manila,” Guevara said.

Source: http://www.manilatimes.net/lower-costs-lure-bpos-outside-metro/267096/

Affordable energy crucial to reach 7% PH GDP growth – NEDA chief

Affordable Energy

MANILA, Philippines — If the Philippine government does not hasten the implementation of policies that will solve the problem of costly, low quality power supply, the country might not realize an inclusive, job-producing 7% economic growth in the next 5 years. This was the statement of National Economic and Development Authority (NEDA) Director-General Arsenio M. Balisacan at the Energy Policy and Development Program (EPDP) 2016 conference last week.

Continue Reading