Publicly-listed real estate developer Megaworld Corp
. announced that its core net income for the first half of 2012 hit P3.69 billion, a 15-percent improvement from the P3.21 billion the company earned last year.
In a disclosure to Philippine Stock Exchange, Megaworld said that its growth was from the back of the continued strength of its residential real estate sales and business process outsourcing (BPO) office rental portfolios.
Megaworld’s consolidated revenues amounted to P15.43 billion, up 12 percent from P13.81 billion the year before.
Rental income from Megaworld’s BPO office and retail developments grew to P2.26 billion, up 39 percent from P1.63 billion the year before.
“Megaworld remains in a strong net cash position, with cash and cash equivalents totaling P29.1 billion,” said the disclosure.
Megaworld has increased its investment for its 15-hectare integrated township development called Uptown Bonifacio
from P45 billion to P65 billion, because of strong outlook and demand in Bonifacio Global City.
Megaworld currently has 10 ongoing mega-projects within Metro Manila, Iloilo and Cebu, as well as several residential developments within the Makati City central business district and San Juan City.
By the end of 2012, Megaworld expects to have around 500,000 square meters of office space in its portfolio. With total assets of over P136 billion, the company is in a strong position to pursue its goals as it continues to enhance its operating efficiency and profitability. http://www.manilatimes.net/index.php/business/top-business-news/28947-megaworld-earns-p3-69-billion-in-2h
THE BASES Conversion and Development Authority (BCDA) is set to receive a grant from the Japanese government to conduct a pre-feasibility study for a monorail linking the Metro Rail Transit line 3 (MRT-3) with Ninoy Aquino International Airport terminal 3 (NAIA 3), the agency said in a statement yesterday.
The study will determine the cost of the proposed project, which involves building a 12.56-kilometer monorail that will run from MRT 3’s Guadalupe station to NAIA 3 via Bonifacio Global City
, the statement said.
The purpose is to determine "if it would be worthwhile to proceed with a full-blown feasibility study," it added.
While the press release did not disclose the amount of the grant, BCDA President Arnel Paciano D. Casanova said via text that "it can be about $500,000."
The grant was made possible through Japan’s Ministry of Economy, Transportation and Industry, BCDA said in its statement.
SUNDAY, 29 JULY 2012 20:45 MAX V. DE LEON / REPORTER
. has launched one of its most expensive addresses in the Bonifacio Global City
(BGC) to date named the Uptown Ritz, which is expected to rake in P4.5 billion in revenues for the listed property developer.
Maricor M. Manlangit, Megaworld first vice president for strategic planning, said construction of the 45-story condominium is expected to begin before the end of the year, while
completion is targeted in June 2017.
The Uptown Ritz, Manlangit said, is the second project that Megaworld has launched in its 15-hectare Uptown Bonifacio integrated development.
Mactan Newton, Megaworld Corp
.’s 16-hectare township development in Lapu-Lapu City, Cebu, has been declared a special economic zone.
Proclamation No. 407, signed recently by President Aquino, put the enclave under the Philippine Economic Zone Authority (PEZA).
Republic Act 7916, also known as the “Special Economic Zone Act of 1995,” grants owners of and locators in ecozones certain privileges, including tax incentives.
Foreign investors meeting the required amount of investments in the ecozones are granted permanent resident status, including their spouses and dependents, or children under 21 years old.
The PEZA is also authorized to issue working visas renewable every two years to foreign executives and other aliens working or doing business inside the zones.
Mactan Newtown is expected to be home of some of the top business process outsourcing (BPO) companies in the country.
MANILA, Philippines - Can a developer with an enviable track record over the past two decades weave its creative wand to craft a modern 15-hectare township on the north side of Bonifacio Global City
By all indications, with the astonishing aesthetics of One Uptown Residence
, the first residential high-rise on offer at Uptown Bonifacio, the answer of premier developer Megaworld Corporation
to the challenge is a resounding yes.
The 45-story tower boasts of a façade clad in glass and aluminum. Think of an iPad or MacBook Air. These works of art show you how beautiful aluminum can be, if crafted perfectly. Everyone – friends, relatives and motorists – will surely gaze in wonder at your residence. Cascading waterfalls on the ground level facing the corner of 36th street corner will also keep your luck flowing.
“When you go downtown in New York, it will eventually lead you to the riches of Wall Street. But when you’re here at Bonifacio Global City, Uptown will be the new place to be in the next few years. It’s where you’ll experience our proven Live-Work-Play-Learn mantra,” noted Megaworld SVP for marketing and project head Noli Hernandez.
MONDAY, 16 JULY 2012 22:01 MIGUEL R. CAMUS / REPORTER
Empire East Land Holdings Inc., the listed middle-income residential builder of taipan Andrew Tan, is diversifying into upscale developments after being tapped by Japanese billionaire Kazuo Okada to build luxury condominiums in a $2-billion casino development in the Entertainment City complex in Manila Bay.
Empire East, a subsidiary of Megaworld Corp., said in a regulatory filing that it had signed a joint-venture agreement with Okada’s Tiger Resort and Leisure Entertainment Inc. and Eagle 1 Landholdings Inc. to take a majority stake in the partnership.
Empire East President Charlemagne Yu said in a text message that the total development cost is estimated at P45 billion, of which an initial P10 billion has been committed.
The builder’s shares jumped 11.25 percent to P0.89 each on Monday’s close, after gaining as much as 12.5 percent earlier in the session, on heavy trading volume.
By Mary Ann LL. Reyes, The Philippine Star
Posted at 07/15/2012 9:52 AM | Updated as of 07/16/2012 7:34 AM
MANILA, Philippines - Tycoons John Gokongwei and Andrew Tan
have forged an agreement with Japanese billionaire Kazuo Okada for a $2-billion project that will integrate gaming, commercial and residential operations at the Pagcor Entertainment City along Roxas Blvd.
Philippine Amusement and Gaming Corp. (Pagcor) chairman and CEO Cristino Naguiat Jr. told The STAR that Tan’s group will handle the land development aspect of Okada’s Tiger Resorts project, one of four groups granted a license by Pagcor to operate a casino in the Entertainment City.
Okada’s project is worth $2 billion, and Gokongwei and Tan’s entry will translate to the two local groups owning 60 percent of the venture, and Okada, 40 percent. The project will have a casino as well as a residential and retail component.
Naguiat said the Tiger Resorts project, covering 40 hectares of the 100-hectare Entertainment City, will start operations at the end of 2014.
by Jojo Malig, ABS-CBNnews.com
Posted at 07/07/2012 2:19 AM | Updated as of 07/09/2012 11:02 AM
MANILA, Philippines (2nd UPDATE) - Boracay has been named as this year's world's best island getaway by an international travel magazine.
Discovery Shores in Boracay
was also named best hotel spa in Asia by "Travel + Leisure
" magazine's 2012 World's Best Awards.
The magazine's editor, Nilou Motamed, made the announcement Friday on the "Today"
daily American morning television show that airs on NBC.
Boracay, which placed 4th in the same awards last year, garnered 93.10 points to take the top spot this year.
MANILA, Philippines - The Philippines is one of the top 10 improvers in the 2012 Global Real Estate Transparency Index, a biennial worldwide survey conducted by Jones Lang LaSalle (JLL) .
The Philippines ranked 35th among 97 real estate markets in the world in the survey. However, it ranked 7th in a list of markets that have made significant improvements between 2010 to 2012.
The list of top 10 improvers included Turkey, Brazil and Mexico. The Philippines tied with Indonesia, but bested Vietnam, South Korea and Thailand in the category.
By AL ARABIYA
Developers in the Philippines are cashing in as much as a third of remittances sent home by their compatriots living in the Arabian Gulf, a newspaper reported on Monday.
The properties ─ which are marketed to Filipino expats living in Dubai, Doha and Riyadh ─ are named after the world’s most desirable addresses, according to The National.
Advertisements in Filipino newspapers of “Forbes Town Center
,” “Manhattan Garden City” and “Milano Residences,” resemble the flashy developments during Dubai’s boom years.
The sizable number of Filipino expats living in the Gulf countries has pushed some developers to hire freelance sales agents to market the luxurious real estate
An estimated 280,000 to 450,000 Filipinos live in the UAE, while in Qatar the figure hovers between 150,000 and 200,000. Saudi Arabia had 300,000 job orders for Filipinos in 2008.