Real estate services firm Jones Lang Lasalle maintains that there is no property bubble in PH market, BSP to release property price index at the end of Q2, and more real estate news
Be informed on the latest news on the country’s real estate industry. We have hand-picked five stories of the week to help you stay updated with the property market’s current events.
This week property experts JLL assert that the Philippines’ real estate industry remains rosy, with rumors of a potential bubble looming in the capital still unfounded. Meanwhile, the BSP has announced that their real estate price index will be released at the end of the 2nd quarter. On product expansions, property company 8990 recently announced that they will be launching nine projects within the year.
Property analysts maintain their positive outlook on PH’s real estate
Despite rumors of a real estate bubble, real estate services frim Jones Lang LaSalle (JLL) maintains that the property sector is still on the rise. The firm believes that the rumors on a real estate bubble remain unfounded as the Philippines real estate industry continues to grow. During the Asia Real Estate Summit, Board of Real Estate Service Chariman Eduardo Ong said “There is no truth to the rumor that there is going to be a real estate bubble.”
CNN Philippines; May 22, 2015
BSP to launch real estate price index soon
Soon, the Philippine central bank will be unveiling its property price index to the public. The Residential Real Estate Price Index was created to help track property prices and properly assess the risks that could stem from the country’s currently booming real estate market. The property index is part of a series of measures to help prevent any real estate bubble from forming in the country’s market. In an email, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said that, "The series should be available to the public before the end of the second quarter," Tetangco said. It will be the first index tracking property prices in the country.
ABS-CBN; May 22, 2015
8990 to launch 9 projects in 2015
Residential property developer 8990 Holdings Inc. announced that it is eyeing to launch a total of nine projects this year on top of its ongoing 10 projects. Most of the projects will be built in Visayas and Mindanao. The projects would have a total value of P10 billion. The nine projects will be situated in Muntinlupa, Cavite, Cebu, Iloilo, and Davao.
Philstar; May 22, 2015
Court halts BCDA from taking over John Hay
Recently, the Court of Appeals (CA) issued a temporary restraining order (TRO) which halts the Bases Conversion and Development Authority from taking over the development of Camp John Hay in Baguio City. The issued TRO is against the eviction of Camp John Hay Development Corporation (CJHDevCo) from the converted US base in Baguio City.
Rappler; May 21, 2015
AGI reaches P32 billion for Q1 2015
Alliance Global Group, Inc. (AGI) recently announced a Php 5.6 billion net income for the first quarter of 2015, reaching almost the same number as in the same period in 2014. Consolidated revenues were posted at Php32.3 billion, a year-on-year increase of about 5%, while net income attributable to the company displayed a 4% increase to Php 3.5 billion.
MyProperty; May 20, 2015