Real Estate and Housing Industry

[3cr]

Ayala Land pursues its vision of The New Makati
Business Mirror
http://www.businessmirror.com.ph/hom...the-new-makati

REAL-Estate giant Ayala Land Inc. (Ali) is taking concrete steps in making Makati the crown jewel of Metro Manila, as well as one of the most competitive cities in the region.

According to Ali president Antonio “Tony” T. Aquino, the company has earmarked P60 billion over the next five years for rebranding efforts and developments for Makati City. “We are riding on the renewed optimism and confidence brought by the Aquino administration. We think that the economic fundamentals are in place and this will allow us to compete regionally. We have the support of the LGU and Makati Commercial Estate Association (Macea) for this endeavor. We are developing six distinct and complementary districts to ensure that we stay relevant to a diverse market,” Aquino revealed during a roundtable discussion recently held at the InterContinental Manila

Preparing for contingencies such as disaster-proofing Makati is also part of Ali’s planning for economics and the environment. Macea has allocated a budget for flood-control studies (which will be done this year) and will be the basis of drainage upgrade plans for Makati Central Business District (MCBD). Together with other local government units, Ali is part of MMDA’s flood-control Bayanihan zone alliance (Makati Zone), which is responsible for flood control in Makati.

It will be recalled that last year Makati installed flood-monitoring devices in select areas of the city for emergency response, while the MMDA constructed a flood-diversion channel in Makati to accommodate floodwaters during heavy downpours. MMDA Chairman Francis Tolentino said this is just one way to mitigate the flooding in Makati and its adjacent localities. Ali will continuously clean the Maricaban creek where outflow of water from Makati passes before it flows to Manila Bay. Aside from the Marica*ban creek, Ali will also clean the tributary creeks in MCBD.

Ali wants to strengthen Makati’s status as the country’s unrivaled capital not just for business, but also for lifestyle, entertainment, culture and highlight Makati City’s equity as a complete city. One major move is the development project in Santa Ana, where Ali will spend P20 billion for its market, infrastructure, access, etc. At the same time, its size offers the benefits of a walkable, integrated experience, complete entertainment targeting families as opposed to the mass market and adult market for other hubs, as well as venues for performing arts, flagship retail entertainment concepts and an interactive river anchored by Alveo residential developments.

On the other hand, another P37 billion will be spent for Bonifacio Global City in the next five years. Ali sees minimal effect on the transfer of the Philippine Stock Exchange (PSE) to BGC. “If ever, only the stock brokers might want to move but most of the dealing transactions are now done online that a physical presence or office in the same PSE building is not necessary,” Aquino said. “Ali has not really lost market share to BGC. Office vacancy levels are at a very low 4 percent in Makati.”

In 2011 Ali reported its residential projects comprised about P24 billion or 60 percent of its total revenues. P4.4 billon or 18 percent of its revenues came from Makati residential projects such as the ALP (Park Terraces 1-3) with P2.3 billion; Alveo (Lerato) with P1.4 billion and Avida (San Lorenzo and Makati West) with P717 million.

Aside from malls, entertainment hubs and residential developments, Ali will also help upgrade the transport system with the Bus Rapid Transit linking MRT3, PNR Buendia Station and LRT1.

Ali plans to launch about the same number of projects this year but 29 percent higher in value and 20 percent more in terms of number of units. All indications show that Ali remains well positioned to pursue its growth projections and achieve the goals set under its 5-10-15 plan.

[Ady001]

How about that new QBD?

[the glimpser]

Ayala Land unveils P90B projects

MANILA, Philippines—Property giant Ayala Land Inc. (ALI) plans to roll out 67 new projects worth P90 billion this year as part of its “unprecedented” expansion to new locations and new market segments in the country.

ALI president Antonino Aquino said the P90 billion worth of projects to be launched this year would be supported by a P37-billion capital spending budget. He added that the property business continued to be robust, with the first three months of the year turning out as a “very good” quarter.

As part of its expansion plans, ALI will double its landbank over the medium term from 4,000 hectares at present. Aquino said the “Nuvali” eco-development in Sta. Rosa, Laguna, for instance should be replicated in areas like Cavite, Pampanga and Rizal.

Of the 67 projects to be launched this year, 50 will be in the residential segment spread out across the five brands and each of the brands will be a mix of both vertical and horizontal developments spread out all over the country, Aquino said. “It’s the best way to be able to diversify.”

About 26,000 residential units will be launched this year, higher than the 20,000 brought to the property market last year. “It will basically reflect the economic pyramid; in terms of number of units, the bulk will consist of Amaia and Bella Vita (the low-cost) brands but obviously, Avida, Alveo and ALP [Ayala Land Premier] will continue to ramp up,” ALI senior vice president Bobby Dy said.

Dy said ALI’s shopping mall group would also bring to the market 200,000 square meters of leasable area while 100,000 sqm of office space would be added to its portfolio this year.

On the shopping mall front, three new retail developments will open this year – the redevelopment of Glorietta 1, Centrio in Cagayan de Oro and Harbor Point in Subic, which all together will add a little over 140,000 sqm in leasable area.

For the hotel business, the 349-room Holiday Inn hotel will open in Glorietta Center this year while three boutique hotels under the brand “Kukun” will be completed in Bonifacio Global City, Cagayan de Oro and Davao.

On ALI’s tourism/resort portfolio, the Pangalucian Island in El Nido will start full operations by October this year.

http://business.inquirer.net/54257/a...-p90b-projects

[jpdm]

Originally Posted by the glimpser

Ayala Land unveils P90B projects



http://business.inquirer.net/54257/a...-p90b-projects

Laki pera nyan.

[jpdm]

Iglesia ni Kristo is becoming a big property owner in the US.

South Dakota ghost town now owned by Iglesia ni Cristo



By Rudy M. Viernes
FilAm Star
3:40 pm | Saturday, April 21st, 2012
share282209


The Iglesia ni Cristo church in the Philippines shelled out $700,000 to purchase an abandoned, tiny exclave in Scenic, South Dakota. For what? For possible expansion of its imposing edifices with trademark narrow-pointed spires which are landmarks in many towns and cities in the Philippines. But INC hasn’t divulged its plans for the property according to its offices in Daly City, California.

The town of Scenic, South Dakota — an unincorporated 12-acre (4.86 hectares) community in Pennington County, once a popular stop for people traveling to Rapid City from the Badlands — was bought by the INC including the surrounding acreage from owner and longtime resident and area rodeo legend Twila Merrill.

But its future is shrouded in new mystery. Wait for what the Iglesia ni Cristo in Manila, the new owner, will do with the property. And the few residents there, numbering nine in all, are excited about the possibilities the town pulsates with life again when the INC starts building its landmark super structures with spires pointing to the sky and its cavernous hall reverberating with shouts of worship.

http://globalnation.inquirer.net/?p=34205

[amigo32]

haha parang kulto, dyan nila gaganapin ang pagtitipon, last days nila sa mundo, rapture ng INC members

[mmugambi]

kipande.net is the ultimate platform to buy property. Kipande.net enables you to buy a share of otherwise unaffordable property.

Check this platform out!

[3cr]

Trouble on the 37th floor of Pacific Plaza
By Butch del Castillo / Columnist
Business Mirror
April 29, 2012
http://businessmirror.com.ph/home/to...the-37th-floor

The City Engineer’s Office of Makati only last week received a formal complaint over major construction works that have been going on for the past eight months on the 37th floor of the upscale 43-story Pacific Plaza Condominium on Ayala Avenue.

The questions the City Engineer’s Office must answer are these: Did it issue building permits to the management of Pacific Plaza Condominium (and/or the occupant-owner of Unit 37-D) for the demolition works and major repairs that have been going on since August last year?
If so, were the repairs or renovations done in 37-D within the scope of the permits he had issued?
Or were there no permits issued at all?

The complaint, dated April 25, 2012, was addressed to Makati City Engr. Nelson Morales by lawyer Mcneil M. Rante (of the Santiago, Arevalo, Asuncion, Dela Cruz & Associates) in behalf of Ambassador Antonio L. Cabangon Chua, owner and occupant of Unit 36-D.

Note that the complaining party occupies the unit directly below the unit where the demolition works and major repairs are taking place.

Cabangon Chua’s counsel also sent a “final demand letter” to the management of Pacific Plaza Condominium on the same day that he sent the ambassador’s complaint to Makati City Engr. Nelson Morales (through Engr. Rosemarie Yumul).

The final demand letter was addressed to V. Christine F. Lopez, president and chairman of Pacific Plaza, and Pilar de Borja (or whoever exercises ownership or possession of Unit 37-D). It was coursed through Jiezl Go, administrative manager.

Lawyer Rante’s letter said:

“Our client, Amb. Antonio L. Cabangon Chua, owner and occupant of unit 36-D, referred to us for appropriate action the persistent loud noises and vibrations coming from the continuous demolition and construction of unit 37-D.

“The demolition and construction…started sometime in August 2011 and since then has been generating loud, irritating noises disturbing the quiet atmosphere in our client’s abode. Our client has called your attention to this matter in his letters dated September 9, 2011, and November 8, 2011. But much to our client’s dismay and discomfort, construction in unit 37-D continued with only notice of tentative dates of completion to our client and promise of minimal noise. Contrary to your assurances of minimal noise, however, our client continues to suffer intolerable noises and vibrations up to this date.

“As a result, our 78-year-old client has been suffering intermittent severe headaches and migraine, especially in the mornings. The constant hammering and sanding on concrete and other solid structures have even brought on a condition called vertigo, no doubt caused by the din of demolition works in unit 37-D. In fact, our client went on a two-week cruise of major Asian capitals in China, Russia, Japan and South Korea—to momentarily avoid the hellish noise. But upon his return, the noises from the demolition and construction activities in unit 37-D became louder than ever. It has been eight months since this needless and intolerable aggravation in the life of our client started.

“Our client and the members of his household felt deeply vexed and disappointed that the Pacific Plaza Condominium management no longer maintains the standards of excellence that unit owners expect of it. Your office has effectively allowed piecemeal construction of units without a definite time of completion. This has delayed the completion of the construction to the damage of our client and other unit owners. In effect, we are all at the mercy of unit owners like the one that owns 37-D.

“My client went up to 37-D recently and saw to his dismay that all the walls and partitions of the unit had been demolished. We are very much alarmed by this because the entire building is quite of age and reconstruction could weaken its foundations and endanger the lives of the rest of the building residents…

“Setting aside the issue of Pacific Plaza’s mismanagement, our client at the very least, expected the condominium corporation to treat him and his family in accordance with the level and value of the property he purchased and the condominium dues he has been paying—nothing more and nothing less.

“In view of the foregoing, we are demanding that you immediately stop the demolition and construction activities in unit 37-D upon receipt of this notice. Otherwise, we will file the necessary criminal and civil cases against all of you.”

According to Rante, it was only yesterday when the management of Pacific Plaza took a close hard look at what’s taking so long for the construction in Pilar de Borja’s unit to be completed.

The mysterious owner of unit 37-D, who was identified only as Pilar de Borja, has turned out to be a very wealthy socialite from Pampanga. In a Google search, her name was cited among “a high-powered cast of over a dozen principal sponsors led by President Gloria Macapagal-Arroyo during the high-profile wedding of Emigdio ‘Dino’ Tanjuatco and ANC anchor Nancy Irlanda.”

The construction workers in unit 37-D have let on that the renovation was actually completed after only three months last year, but the owner had all the changes ripped off because she didn’t like the final result. The expenses entailed in redoing the unit for several times didn’t seem to matter to her.

Pacific Plaza owed much of its prestige as the address of the rich and powerful to the fabulous former First Lady Imelda Romualdez Marcos was used to live there for several years.

But now, like a former beauty queen who has turned 35, Pacific Plaza no longer turns heads as much as it used to during its prime. Its name has lost much of its old luster as a gaggle of new and swankier condominium buildings have risen to dominate the Metro Manila skyline.

Pacific Plaza should be over 25 years old, if I’m not mistaken. A building this old is bound to suffer a marked deterioration in its wirings and plumbing. That’s why a number of three-bedroom unfurnished units (with floor area of 285 square meters and two parking slots) are being offered for only P26 million each. I’ve been watching its Internet ads for the last few days and there who at least one unit that sold for P24 million.

At the height of its fame, a penthouse unit in Pacific Plaza Ayala‚—which is right across the Glorietta mall—was fetching as much as P42 million, and you had to stand in line then, so I was told.

But now, its snob appeal has been all but eclipsed by such temples of opulence as One Roxas Triangle, which is easily the most valuable piece of real-estate property in Metro Manila today. There are other “hyper-amenitized” condo buildings, such as Essensa and Fairways in Global City, or the one that is now pre-selling units, the Discovery Primea in Makati.

If you are already a resident of the 45-story One Roxas Triangle on Paseo de Roxas and Cruzadas Street, your address alone speaks volumes about your financial status. (A sexy broker described this condo building as “the most prime” among all Metro Manila condos).

To acquire a unit here, you should have at least P50 million to spare. This amount may be enough for an unfurnished three-bedroom unit with a floor area of 286-330 square meters—most likely at a lower floor, somewhere between the 7th and 12th.

The prevailing guideline in pricing condo units is simply this—the higher the floor, the more expensive the unit. This is why in a way, condo-living has become a mark of distinction, or a status symbol. The closer you are to the sky, the more important you are. Thus, a penthouse unit costs much more than any of the units in lower floors.

Over the past 25 years there has been a condominium boom. This development alone is reason enough for our legislators to revisit the national building code, the chief implementer of which is the city engineer or planner. There seems to be a need to tighten the screws on these officials who issue building permits and clearances under fraudulent and questionable circumstances.

Ambassador Cabangon Chua’s complaint against his inconsiderate neighbor should be resolved as quickly as possible by Makati’s city engineer. He is expected to do his duty under the law.

Which reminds us of Sen. Francis “Chiz” Escudero, chairman of the Senate Committee on Environment and Natural Resources, who is urging a thorough review and rewrite of the national building code.

In February this year, he filed Senate Bill 2843 seeking to strengthen the government’s existing structural policy.

He filed the bill following the 6.9-magnitude earthquake that killed 52 people in Negros Oriental. He said public and private structures that have risen over the past few years might not be able to stand the destructive impact of unforeseen weather disturbances.

Escudero said it was unfortunate that building permits have been indiscriminately issued, allowing faulty constructions that endanger the lives of the innocent.”

“These fraudulent issuances have allowed faulty building constructions to the detriment of its occupants and those beside and around it,” he added. It’s as if he was referring specifically to Pilar de Borja’s unit in the Pacific Plaza Ayala Condominium.

[Coniocondo]

^ Battle of the snobs Let their best gunmen take their fight for them na lang.

[Ady001]

Will you still be buying a Condo conio or a house

Why not a townhouse na lang in Taguig?

[elisonduncan]

Nowadays real estate and housing industry price and rant very increase as past data base. So it transaction as very increase. I have investments but also like to have property interests but the real estate possibilities closer to home looked over-valued.

[DMCI Homes Marketing]

Actually this is old news, but the VAT threshold for residential dwellings was increased from PhP2.5M to PhP3.199M as of January this year. Here’s the excerpt:

“Moreover, Sections 4.109.-1 (B)(1), (p)(4) of Revenue Regulations No. 16-2005, as amended by Revenue Regulations No. 16-2011 should properly be worded as follows:

(p) The following sales of real properties are exempt from VAT, namely:

(4) Sale of residential lot valued at One Million Nine Hundred Nineteen Thousand Five Hundred Pesos (P1,919,500.00) and below, or house & lot and other residential dwellings valued at Three Million One Hundred Ninety-Nine Thousand Two Hundred Pesos (P3,199,200.00) and below where the instrument of sale/transfer/disposition was executed and notarized on or after January 1, 2012;”

Realizing that this would be good for more homeseekers, DMCI Homes responded by offering 2-bedrooms below this new threshold:
http://business.inquirer.net/58137http://

Now, our questions are: 1. Why wasn't this new ruling publicized well? 2. How did the other developers respond to it?

[Will_in_Manila]

The housing bubble particularly at the Fort is so prevalent it will smack you right in the face.... Take a look at all those pretty condo towers at night with only a few apartments actually lit up. The number of speculative investors far outstrip genuine end users for the mere fact there's not enough people that earn enough to pay those inflated rental yields. (Yes that includes your expats from the BPOs - there's just not enough of them around)

Yet the developers keep building and raise their prices artificially (without using wages nor inflation as a basis)...

[Will_in_Manila]

Originally Posted by Officialdmcileasing

I never knew that Camella properties are like that.. Suprising! They have to at least choose contractors na hindi titipidin ang mga materyales!

Camella is rubbish... Checked at some house and lot of theirs quite recently, in Taguig.. a house RFO was so badly finished I literally walked out and cut my appointment short with the agent. Pencil marks all over the fixtures, uneven fixings, unstable staircases. Some window frames even already had rust!!! (this was a brand new place)

[Will_in_Manila]

Originally Posted by siopao.asado

thanks for the reply... i think that the condo act should be updated. condos during the time of marcos were not as high as most condos which are being contructed today thus a bigger set of columns are important for lower floors. this would really make the livable area a lot smaller than promised. lugi ung mga nsa lower floor kesa sa upper floors.

What a load of rubbish!! Beams are NOT part of a unit's SQM! It's liveable space, considering you don't own the land and sold a "unit" from the master deed with a price based on SQM.

The fencing analogy used is irrelevant to units... By your logic developers can make structural beams as big as they wish and sell you an unfavourable SQM quotation.

[the glimpser]

Philippines urged to implement REIT system

The Philippine property scene may experience the inflow of as much as $500 million in fresh foreign capital within one year if the real estate investment trust (REIT) system is implemented in the local financial market.

Simon Treacy, group CEO of property investment fund MGPA, said that based on his experience closely working in Malaysia—the latest nation to allow REITs in Asia—investments into the country could easily hit $2.5 billion in two years.

He stressed, however, that for the Philippines to benefit from these foreign investments, policymakers and the private sector would have to restart stalled talks on the local issuance of REITs, which have faltered due to the Department of Finance’s opposition to the tax-exempt status granted to it by law.

“The Philippines is now the most overlooked, undervalued real estate market in Asia,” Treacy said. “Both sides [of the debate] should come back to the table to talk about this.”

REITs are tradable securities whose underlying assets are property portfolios that earn from either real estate sales or rent.

They are issued by property developers and sold to investors whose funds are then reinvested into new property developments.

Treacy, whose MGPA fund is one of the largest investors in REITs in Singapore, Malaysia and Poland, said that the Philippines is now in a unique situation to draw in more foreign investments if this novel scheme is allowed.

He noted that—apart from the advanced Singaporean financial system—policymakers in Japan and Malaysia were in the past also hesitant to introduce REITs in their country because of the misconception that the government would forego valuable tax revenues with the entry of these tax-exempt securities.

He pointed out, however, that both Japan and Malaysia are now reaping the benefits of massive inflows of foreign capital into their real estate sectors, helping keep their property markets buoyant and helping create jobs for their citizens.

In particular, the group noted that Metro Manila is the world’s fifth-largest urban area and, as the country’s political and economic center, can be improved with a more sustainable approach to city development.

http://business.inquirer.net/60095/p...nt-reit-system

[jpdm]

Originally Posted by Will_in_Manila

The housing bubble particularly at the Fort is so prevalent it will smack you right in the face.... Take a look at all those pretty condo towers at night with only a few apartments actually lit up. The number of speculative investors far outstrip genuine end users for the mere fact there's not enough people that earn enough to pay those inflated rental yields. (Yes that includes your expats from the BPOs - there's just not enough of them around)

Yet the developers keep building and raise their prices artificially (without using wages nor inflation as a basis)...

Well said.

Eventually there will be a glut and condo prices will go down due to lack of buyers.

For me why spend my precious earnings and pay 2 million for a studio type unit? Whereas I can easily buy a modest townhouse unit in the suburb plus a brand new small car..

[todjikid]

the Fort is like a high end subdivision, nice place to live, but no real economic activity atleast when compared to Ortigas or Makati or even QC. When you go there, you go to high street, and that's it. you end up bored but still nice to go there from time to time. as i mentioned in other thread, a friend bought a unit at MPR and its has been several years and its still less than 40% occupancy. he would have wanted to have it rented but alas, renters are hard to come by. I think there has to be an economic activity and foot traffic to draw in high end renters. i think PAGCOR development in Pque, looks promising but of course the safe bets would still be Makati and Ortigas.

[Ady001]

Some realtors would say "high rental yield" but it's mostly good on paper. Getting income out of rental yields comes realistically if the rent is not only sought after but also priced realistically, which is not always the case. The tagline "as low as" is actually a slap to some and come on, who can afford a price for 20k-30k per month when you can rent as low as 3k.

[first knight]

Originally Posted by jpdm

Well said.

Eventually there will be a glut and condo prices will go down due to lack of buyers.

For me why spend my precious earnings and pay 2 million for a studio type unit? Whereas I can easily buy a modest townhouse unit in the suburb plus a brand new small car..

I concur.