Megaworld undaunted by Jusmag non-delivery

Failure by the Bases Conversion Development Authority (BCDA) to deliver the JUSMAG property on time has undaunted Megaworld Corp. on its timetable on converting the 34.5-hectare property into a mixed-use center.

A report of the Commission on Audit (COA) shows BCDA has been delayed in  evicting the informal settlers from the JUSMAG property that at the end of 2011, the BCDA failed to deliver the property to Megaworld.

As a result, the Andrew Tan company did not remit the P873.41 million due as of April 12, 2011. That amount represents the annual payment for the next 23 years of the minimum annual secured revenue share (MASRS).

BCDA president and chief executive officer Arnel Casanova said the agency has so far cleared the informal settlers since last year.

Casanova said BCDA has Megaworld’s payment last year. Megaworld is expected to pay again this month.
“Megaworld is on track with its development,” said Casanova, when asked how the delay to deliver the property affected the company’s timetable.

BCDA entered into a joint venture agreement with Megaworld effective April 13, 2010 for the privatization of JUSMAG, which makes up a portion of the Bonifacio South Properties located south of Bonifacio Global City .

The land is the sole contribution of the BCDA in the joint venture. Megaworld has committed to invest a minimum of P22 billion over a period of 20 years for developing the land into a residential and mixed-use property,

The COA report said Megaworld had stood firm that it was withholding the remittance of the MASRS for BCDA’s failure to clear the JUSMAG property of informal settlers.

The non-remittance of Megaworld’s payment has caused the understatement of the income of BCDA for 2011.

JUSMAG was privatized in 2009 – now McKinley West.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

source:  Malaya

Alliance Global unit sets P20B for project

GLOBAL-ESTATE Resorts, Inc., the tourism development arm of conglomerate Alliance Global Group, Inc., has earmarked P20 billion up to 2018 for Twin Lakes, dubbed as a vineyard resort community near Tagaytay City.

RELATED STORIES Developer swings to profit in Q3 after cutting costs

Describing the project as the company’s “flagship tourism estate,” Erwin Francisco F. Go, Global-Estate Resorts vice-president for Sales and Marketing, told reporters in a briefing at Genting Club, Resorts World Manila in Pasay City on Thursday last week: “We are infusing P20 billion for the next five years for the development of Twin Lakes.”

Twin Lakes is mixed-use project that will rise on a 1,149-hectare property 2,500 feet above sea level in Laurel, Batangas, overlooking Taal Lake, according to a statement last Thursday by Global-Estate’s marketing arm, Megaworld Global Estate, Inc.

“Demand in Tagaytay is very high. There are so many clients looking for a destination near Metro Manila, and Tagaytay offers that proposition.

Tagaytay has a cool climate, and people naturally tend to look for leisure or vacation properties there, so that’s what we’re capitalizing on,” Mr. Go told reporters.

Twin Lakes will have four residential villages (Domaine Le Jardin, Domaine Le Montagne, Domaine Le Soleil) totaling 76 hectares, two retail hubs (The Shopping Village and Lakeshore Town Center) covering 25.3 hectares, and two parks measuring 410.7 hectares.

Twin Lakes will also have a 177-hectare section, called The Vineyard, which will consist of a grape vineyard, a winery, hotel and resort, sports club and spa, town homes, and The Vineyard Residences, a 2.3-hectare condominium complex consisting of three mid-rise buildings: eight-storey, 81-unit Merlot; seven-storey, 70-unit Chardonnay; and five-storey, 59-unit Shiraz, the statement read.

“Managed by Emperador (Distillers, Inc., Alliance Global’s liquor unit), it (The Vineyard) will be earning because it will have winery and we will be selling wines,” said Harold C. Geronimo, strategic marketing & communications director at Megaworld Corp., sister firm of Global-Estate Resorts.

“Mr. (Andrew L.) Tan (Alliance Global chairman and chief executive officer) consulted several top Spanish wine makers and vineyard owners last year or two years ago, and a vineyard consultant already went to Tagaytay to check the area to see if it is conducive for growing grapes. The vision of Mr. Tan is to make the finest Filipino grape wines,” Mr. Geronimo added.
Structures at Twin Lakes will start operations in phases, Mr. Go said during the briefing.

“For the condominiums (The Vineyard Residences), we are targeting 2017, and for the subdivisions as well,” he said.

“For The Shopping Village and Lakeshore Town Center, we have already laid out the area. By the end of 2013, we will have the complete structure ready, and by 2014 the first (retail) locator will be ready.”

Global-Estate Resorts was incorporated in 1994 as Fil-Estate Land, Inc.

under Sobrepeña-led Fil-Estate Group of Companies. In 2010, it was acquired by Alliance Global for P5 billion.

- See more at: http://www.bworldonline.com/content.php?section=Corporate&title=Alliance-Global-unit-sets-P20B-for-project&id=68659#sthash.m9gdAhPy.dp

GLOBAL-ESTATE Resorts, Inc., the tourism development arm of conglomerate Alliance Global Group, Inc., has earmarked P20 billion up to 2018 for Twin Lakes, dubbed as a vineyard resort community near Tagaytay City.

Describing the project as the company’s “flagship tourism estate,” Erwin Francisco F. Go, Global-Estate Resorts vice-president for Sales and Marketing, told reporters in a briefing at Genting Club, Resorts World Manila in Pasay City on Thursday last week: “We are infusing P20 billion for the next five years for the development of Twin Lakes.”

Twin Lakes is mixed-use project that will rise on a 1,149-hectare property 2,500 feet above sea level in Laurel, Batangas, overlooking Taal Lake, according to a statement last Thursday by Global-Estate’s marketing arm, Megaworld Global Estate, Inc.

“Demand in Tagaytay is very high. There are so many clients looking for a destination near Metro Manila, and Tagaytay offers that proposition.

Tagaytay has a cool climate, and people naturally tend to look for leisure or vacation properties there, so that’s what we’re capitalizing on,” Mr. Go told reporters.

Twin Lakes will have four residential villages (Domaine Le Jardin, Domaine Le Montagne, Domaine Le Soleil) totaling 76 hectares, two retail hubs (The Shopping Village and Lakeshore Town Center) covering 25.3 hectares, and two parks measuring 410.7 hectares.

Twin Lakes will also have a 177-hectare section, called The Vineyard, which will consist of a grape vineyard, a winery, hotel and resort, sports club and spa, town homes, and The Vineyard Residences, a 2.3-hectare condominium complex consisting of three mid-rise buildings: eight-storey, 81-unit Merlot; seven-storey, 70-unit Chardonnay; and five-storey, 59-unit Shiraz, the statement read.

“Managed by Emperador (Distillers, Inc., Alliance Global’s liquor unit), it (The Vineyard) will be earning because it will have winery and we will be selling wines,” said Harold C. Geronimo, strategic marketing & communications director at Megaworld Corp., sister firm of Global-Estate Resorts.

“Mr. (Andrew L.) Tan (Alliance Global chairman and chief executive officer) consulted several top Spanish wine makers and vineyard owners last year or two years ago, and a vineyard consultant already went to Tagaytay to check the area to see if it is conducive for growing grapes. The vision of Mr. Tan is to make the finest Filipino grape wines,” Mr. Geronimo added.

Structures at Twin Lakes will start operations in phases, Mr. Go said during the briefing.

“For the condominiums (The Vineyard Residences), we are targeting 2017, and for the subdivisions as well,” he said.

“For The Shopping Village and Lakeshore Town Center, we have already laid out the area. By the end of 2013, we will have the complete structure ready, and by 2014 the first (retail) locator will be ready.”

Global-Estate Resorts was incorporated in 1994 as Fil-Estate Land, Inc. under Sobrepeña-led Fil-Estate Group of Companies. In 2010, it was acquired by Alliance Global for P5 billion.

For more details on DMCI Homes projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.ph.

source:  Businessworld

Megaworld doubles Mactan investments

Manila Standard Today - Condominium builder Megaworld Corp. said Wednesday it is doubling its investments in a 16-hectare township project in Mactan, Cebu to P20 billion to transform the property into a mixed-use development.

In the next seven years, we are investing P20 billion in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon a sports and leisure facility, Megaworld chairman and chief executive Andrew Tan said in a statement.

Tan issued the statement during the project's formal inauguration attended by President Benigno Aquino Ill.

Megaworld last year launched two residential condominiums, which have been sold out mostly to Japanese retirees. A new residential cluster is scheduled to be launched this year.

The property company also completed the construction of a five-story office building that will house two business process outsourcing companies, EnfraUSA and Results Manila.

We have fully leased out One World Center, so we will be starting the construction of our second BPO tower, Two World Center, this year. It will accommodate an additional 2,000 workers. We hope to have it ready by first quarter of next year as several big BPO companies are already lining up to lease, said Jericho Go, first vice president for business development and leasing group of Megaworld.

More office spaces over the next two to three years will be available for lease with the construction of two office towers that could accommodate around 13,000 BPO seats.

We see the Mactan Newtown as a major driver of growth for Lapu Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan said.

Megaworld currently has big projects in Metro Manila. These are Eastwood City in Libis, McKinley Hill in Fort Bonifacio, Newport City in Villamor Airbase, Cityplace in Chinatown, Forbes Towncenter also in Fort Bonifacio, and Manhattan City Garden in Cubao.

Megaworld earlier said it would spend P35 billion this year and launch 10 residential projects during the first half of the year.

Megaworld booked P63.5 billion in reservation sales last year, which was equivalent to 550,000 square meters of saleable area. The 2012 reservation sales figure was 71 percent higher compared to a year ago.

The real estate reservation sales came from the three brands, including Megaworld, Empire East Land and Suntrust. Each of the brands caters to specific markets ranging from the luxury to middle income to affordable segments.

For latest information on the Philippine Real Estate Industry and the Real Estate Service Act (RA9646), please visit www.ra9646.com.ph.   

Megaworld eyes P1.8-b revenue

Megaworld Corp., the property unit of business tycoon Andrew Tan, aims to generate P1.8 billion in revenues from the newly-launched residential tower within the central business district of Makati.

Megaworld head of sales and marketing for Makati Eugene Lozano said during the launching of Paseo Heights the project was 40 percent sold after a soft selling conducted late last year.

The 30-story Paseo Heights will have a total of 320 units consisting of studio and two-bedroom units.
A typical studio unit with sizes ranging from 30 to 35 square meters costs P3.3 million, while a two-bedroom unit with sizes ranging from 90 to 95 square meters costs up to P10 million.

For more details on Megaworld's Paseo Heights, you may contact Reby Ramirez: 0922.883.9308 / 0916.4044.555 / 0919699.3572 or reby_ramirez@yahoo.com.

For latest information on the Philippine Real Estate Industry and the Real Estate Service Act (RA9646), please visit www.ra9646.com.ph.   

Alliance Global profits up 41%

MALAYA - Alliance Global Group, Inc. (AGI), said profit last year reached P20.8 billion, 41 percent higher than the previous year’s P14.7 billion.

“This is the first time we have breached the P20B net profit level.  It only highlights the underlying strength of our various businesses,from consumer and property to BPO and Tourism,all growth drivers of the Philippine economy,” said Andrew Tan, AGI chirman.

Core net income acrruiing to AGI shareholders reached P13.6 billion, 60 percent higher than the previous year’s P8.5 billion.

AGI said the growth was led by its main subsidiaries Megaworld Corp. Emperador Distillers, Inc. and Travellers International Hotel Group, Inc. which collectively contributed 90 percent of the conglomerate’s net profit.

“Megaworld set another record profit in 2012 when its net profit attributable to shareholders reached P7.3 billion up 21 percent from the P6 billion registered in 2011.  Last year,Megaworld, together with its subsidiaries sold over P63 billion in reservation sales with over 12,000 residential units,” AGI said.  Megaworld posted rental income of P5 billion in 2012,a 31 percent increase from P3.8 billion in 2011.  

Megaworld earlier disclosed plans to double its rental income to P10 billion over the next 5 years.

“We are optimistic about the property sector, and we expect sustained growth momentum in our two main business segments, which are residential and BPO office developments,” said Tan.
Emperador, AGI’s liquor arm and its wholly-owned subsidiary, meanwhile posted a 117 percent growth in net income at P5 billion up from P2.3 billion in 2011.

“The growth came from increased sales of the world’s best-selling brandy,Emperador, which sold over 31 million cases last year mostly under the product,Emperador Light,” AGI said.

Travellers,operating under the brand of Resorts World Manila,is the first and largest integrated tourism development in the country.  The company enjoyed another record year with net profit reaching P6.73 billion up 39 percent from P4.84 billion in 2011.  Net profit attributable to AGI shareholders grew to P3.12 billion from P2.21 billion in 2011.

In the 2nd quarter of 2013, Travellers will commence development on the 3rd phase of Resorts World Manila, which comprises 2 new hotels, under the Sheraton and Hilton international brands as well as the expansion of the existing Maxims and Marriott Hotels.

For latest information on the Philippine Real Estate Industry and the Real Estate Service Act (RA9646), please visit www.ra9646.com.ph.   

Megaworld maintains triple-A issuer rating

INQUIRER - Local debt watcher Credit Rating and Investors Services Philippines Inc. (Crisp) on Friday reaffirmed its “AAA” issuer rating for property developer Megaworld Corp.

In a statement, Crisp said that its rating on the publicly listed firm reflected the company’s “sustained levels of strong business performance, dominance in high-growth segments of the real estate market and an effective land-banking strategy.”

“Crisp assigned a stable credit outlook for Megaworld’s issuer rating as [we] continue to believe that Megaworld’s continued strong business performance and a positive real estate industry outlook, particularly for the BPO market, will be sustained,” the debt watcher added.

In its most recent disclosure, Megaworld reported a 14.8-percent increase in core net income, boosted by its continued growth in real estate sales and robust office rental income. In the first half of 2012, Megaworld’s real estate sales and rental income grew 10 percent and 38.5 percent, respectively, compared to the same period in 2011. Real estate sales and rental income make up 75 percent of Megaworld’s total revenues.

A recent report by CB Richard Ellis Philippines had Megaworld topping the competitive real estate market with a 15.6-percent and 16.5-percent share, respectively, of the total residential condominium units and aggregate saleable area brought on line from 2000 to 2011.

Megaworld has developed 1.9 million square meters over the same period, the ratings firm said. This year, anticipated challenges from competitors would cause Megaworld’s market share to decline slightly, but was expected to remain on top in both categories, it added.

Crisp credited Megaworld’s effective land-banking strategy that gave it access to approximately 180 hectares of land in strategic locations in Metro Manila, allowing it “to meet the growing market demand and stiff competition for real estate buyers and office locators.”

Controlled by real estate and gaming tycoon Andrew Tan, the firm has earmarked P25 billion for capital spending this year.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

Megaworld, Filinvest post strong H1 profits

ABS-CBN - Property developers Megaworld Corp. and Filinvest Land Inc. reported strong profits in the first half of the year, on sustained residential real estate sales.

Tycoon Andrew Tan's Megaworld posted a core net income of P3.69 billion in the first six months of 2012 up 15% from P3.21 billion a year ago, on the back of strong residential real estate sales and BPO office rental portfolios.

Megaworld's consolidated revenues were up 12% to P15.43 billion. Rental income from its BPO office and retail developments jumped 39% to P2.26 billion.

Megaworld Senior Vice President Francis Canuto attributed the results to "the strength of the company’s business model."

Meanwhile, Filinvest Land's net income rose 19% to P1.525 billion in the first half, fueled by the real estate sales and rental income.

Real estate sales rose 28% increase P3.838 billion in the six months of the year, from P2.994 billion a year ago. Sales take-up in the first half hit P6.89 billion, 21% higher than the same period last year.

In the second quarter of 2012, Filinvest launched P4.5 billion worth of projects, including 2 in Havila, Rizal - Primrose Townhomes and The Enclave at Highlands Pointe, as well as additional phases in existing subdivisions and mid-rise buildings Capri Oasis and Sorrento Oasis in Pasig, and Sanremo Oasis in Cebu.

Rental income from Festival Supermall, PBCom Tower and Northgate Cyberzone in Filinvest Corporate City contributed P854 million to total revenues, 16% higher than a year ago.

Filinvest's total revenues went up 24% to P5.209 billion in the January to June period.

For more details on Megaworld projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.