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.

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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