http://manilastandardtoday.com/2014/01/27/filinvest-set-to-start-philcomcen-project/By Jenniffer B. Austria | Jan. 27, 2014 at 12:01am
Property developer Filinvest Land Inc. said it plans to demolish the former Philcomcen building in Ortigas within the year and build a new high-rise building on the site.
Filinvest Land recently acquired the property from state-run Government Service Insurance System for P771.5 million.
Filinvest Land president Josephine Gotianun-Yap said the company would put up a high-rise building that would have office, commercial, hotel and residential components.
“That property has a very strategic location. So significantly, there will be quite a bit of office space but it will also have some residential or hotel component. We are still finalizing the plans,” Yap said.
Yap said the huge demand for office space from business process outsourcing companies had prompted the company to design the tower for office locators.
“There are also a lot of local companies now looking for offices. The BPO market is very strong,” she said.
Filinvest is set to start demolishing the condemned building in the 2,500-square-meter lot within the year.
The Philcomcen building, which used to house several government agencies such as the Transportation Department, Presidential Commission on Good Government and several radio stations, had been condemned for many years now.
State-owned pension fund GSIS early this month sold Philcomcen building, with a book value of just P234 million, to Filinvest Land after the developer offered P771.5 million for the property.
GSIS also sold other properties, including Cul Transit in Quezon City, with a book value of only P50 million, to Global 360 Development Corp., which submitted a winning bid of P78 million for the 2,076-square-meter property.
http://manilastandardtoday.com/2014/02/06/legal-flaws-hound-mactan-airport-mandarin-teardown/The iconic structure of Mandarin Oriental Manila in Makati will be torn down, with a new Mandarin Hotel rising somewhere in Fort Bonifacio. A source said a new building, called Two Roxas Triangle, will rise in the former place of Mandarin Hotel.
The source said employees of the Makati hotel were told about the plan by management in a letter and were assured of their individual retirement packages to be given within the year. The management did not give a specific month for the effectivity of the retirement.
Charisse Chuidian, the long-time director of communications of Mandarin Oriental, dismissed the report when this writer sought her comments. “A rumor we’ve heard, too,” texted Charisse, who is currently in Taipei, presumably to celebrate the Chinese New Year.
The late national artist Leandro Locsin designed the Mandarin Oriental Manila, whose facade never fails to attract tourists and commuters.
The new building that will take the place of Mandarin, meanwhile, will complete the planned two-tower complex of One Roxas Triangle. Roxas Land Corp. owns One Roxas Triangle, which it developed with Ayala Land Inc., Hongkong Land Inc. and Bank of the Philippine Islands. At 571.85 feet, it is currently the 8th tallest complete building in Makati City and the 15th tallest in the Philippines. E-mail: [email protected]; [email protected]
Read moreDespite the impact of one of the greatest typhoons in history, the Philippine economy continues to grow, and its property market continues to rise - though at a slower pace than before.
In Makati central business district the average price of a luxury 3-bedroom condominium rose 13.4% during the year to Q1 2014, to PHP136,533 (US$ 3,043) per square metre (sq. m.) (8.98% inflation-adjusted). The price rise of 1.2% during the latest quarter (Q1 2014) was the lowest since Q2 2012, according to Colliers International.
In Bonifacio Global City the average price for a 3-bedroom condominium increased by 9.5% to PHP 133,175 (US$ 2,968) per sq. m. (5.3% inflation-adjusted), or a 1.1% q-o-q growth.
In Rockwell Center, the increase was 9.4% to PHP 140,178 (US$ 3,124) per sq.m. (5.1% inflation-adjusted), or a q-o-q increase of 1.0%.
Most banks, BDO, Metro, Security from the Philippines along with HSBC and China Bank have loans departments. I believe all lend to foreigners for appropriate condo developments. Developers themselves also provide in-house financing.About Bank or Home Loan for residential.
Do anyone know which bank or financial company able to provide housing loan to foreigner while purchasing a condo in Makati area? With a loan tenure of 10 years? Currently staying overseas.