The real estate sector will be a economic driver due to cheap oil prices, property developers are interested in BCDA's Clark Green City project, and more
Be updated with the latest news of the real estate industry. We have chosen 5 of the top stories in the real estate sector to keep you informed.
This week KMC MAG reported that the retail and real estate sectors are benefiting from the oil price drops, the Philippines’ maintains their “BBB-“ investment grade status, and the BCDA confirmed that property developers are eyeing the Clark Green City development.
Retail and Real Estate benefiting from cheap oil prices
The recent drop in oil prices has been benefitting the retail and real estate sectors. With the cheap oil prices, and the surge in demand for commercial retail and office spaces, the two sectors are expected to be 2015’s economic drivers. According to KMC MAG managing director Michael McCullough, “For every $10 oil price drop, the Philippines saves $1 billion from 100 million oil barrels purchased and imported. And these savings are likely to flow into the retail and real estate sectors which will be beneficial for both.”
Manila Times; March 20, 2015
Philippines’ investment grade from Fitch Ratings remains “BBB-“
Global debt watcher Fitch Ratings, has kept its investment-grade rating “BBB-“ for the Philippines due to the country’s good economic performance and healthy external finances.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said “The Philippine economy has reached a level of resiliency that is more comfortable than that of its peers as a result of accumulation of sufficient foreign exchange buffer, sturdy financial system, and price stability.”
Philstar; March 19, 2015
Megaworld to build townships in Bacolod worth P35B
Megaworld Corp. announced earlier this week that it will spend P35 billion to build two township developments in Bacolod, Negros Occidental. The two projects will be built over the next 10 years. The upscale townships will have residential condominiums, malls, commercial centers, BPO office towers, tourism, and leisure facilities.
Rappler; March 19, 2015
Vista Land reaches P5.71B profit
The Villar family’s Vista Land & Lifescapes Inc., reached record earnings of P5.71 billion in 2014 due to robust revenues from real estate sales. The company’s net income rose 13% last year from P5.06 billion in 2013.
“We are very pleased to report that 2014 is another banner year for the company. Our strategy is paying off and given the strength of the property market, particularly in the housing sector, we will continue to focus on bringing our housing brands to families around the country,” Vista Land president and chief executive officer Manuel Paolo A. Villar said.
Philstar; March 19, 2015
Local property developers interested in Clark Green City dev’t
BCDA recently disclosed in a telephone interview that real estate developers have expressed their interest in the developing a mixed use 254-hectare property in Clark Green City. BCDA’s Chair of the asset disposition program committee Nena Radoc, said that after the pre-bid conference, one major real estate firm has purchased the terms of reference (TOR) for the property.
Philstar; March 17, 2015