The foreign business community is lobbying for the passage of HB 5288; SM Prime's profits surge to P12.6 billion, and more real estate stories
Be updated with the latest developments in the real estate industry. MyProperty.ph has selected five of this week’s top stories to keep you in the loop of the current changes in the property market.
This week SM Prime’s earnings surge to P12.6 billion due to a large one-time gain in the first quarter of 2015. Meanwhile its conglomerate, SM Investment Corporation has made it to Forbes’ Global 2000 list, along with major holdings companies, Ayala Corp., and JG Summit. Also, the country’s foreign business community is pushing for a legal framework that standardizes real estate valuation based on international practices.
SM Prime earnings skyrockets in Q1
SM Prime’s net income rose 176% year-on-year to P12.6 billion in the first three months of 2015, owing to a large gain of P7.4 billion from the sale of marketable securities. “2015 promises to be a strong year and the first quarter numbers seem to reflect that. There are a lot of reasons to be optimistic with consumer spending getting a boost from lower oil prices and improved consumer confidence,” SM Prime president Hans T. Sy said.
Philstar; May 5, 2015
Starwood Hotels expand to Metro Manila
International hotel and leisure company Starwood Hotels will be expanding in Metro Manila. The company will be developing a mixed-use property that is slated for opening in 2019. Partnering with Starwood Hotels is Robinsons Land Corp. The hospitality complex will have two components: The Westin Manila Sonata Place, and The Residences at The Westin Manila Sonata Place.
CP Executive; May 7, 2015
Foreign businessmen push for standardizing of Philippine real estate valuation
The country’s foreign business community is pushing for the passage of a House Bill that would standardize the country’s real estate valuation policies. House Bill 5288 or Real Property Valuation and Assessment and Reform Act seeks to establish a framework that will provide a legals basis for the valuation of real estate, and adjusting valuations over time.
Inquirer; May 5, 2015
Foreign banks in the Philippines means opportunities for growth
Pinnacle’s most recent Vista report tackles foreign banks in the Philippines and the changes they’ve brought about in the banking sector. According to Pinnacle, “the entry of these foreign “barbarians” should not be considered as a threat but an opportunity to expand growth in the Philippines and allow the Philippines to connect to cross border opportunities within ASEAN.”
MyProperty.ph; May 5, 2015
PH real estate firms among Forbes’ Global 2000 list
Three Philippine conglomerates with real estate subsidiaries are among Forbes’ list for the world’s biggest companies. Leading the Philippine firms is Henry Sy’s SMIC with a market value of $16.7 billion. This is followed by Ayala Corp., and JG Summit.
Rappler; May 7, 2015