Be aware of the changes of the real estate industry. We have selected five real estate stories this week to keep you in touch with the happenings of the sector.
A surprising partnership has taken place in the form of Team Trident, which will comprise of country’s largest real estate companies SM, Ayala, Megaworld, and Aboitiz Equity Ventures. The partnership is for the bidding for the P123-B Laguna Lakeshore Expressway Dike project. Meanwhile, CBRE Philippines stated that Manila is on its way to becoming a worthy rival to gaming capitals Las Vegas and Macau. They also heralded that the real estate industry of the country will continue to be bullish during the year of the Goat.
SM will partner with Ayala and AEV for P123-B project
“Team Trident,” a super consortium that includes real estate’s biggest developers, have submitted documents showing their interest in bidding for the P123-B Laguna Lakeshore Expressway Dike PPP (public private partnership) project. The consortium includes SM Group, Ayala Corporation, Aboitiz Equity Ventures and Megaworld.
MyPropertyPH; February 27, 2015
Manila to rival Las Vegas and Macau
Real estate analyst and consultancy firm CBRE Philippines believes that the country is on its way to rivaling Las Vegas and Macau. The rising popularity of Manila being a gaming center is driven by the rapidly developing Entertainment City of PAG-COR (Philippine Amusement and Gaming Corp).
Manila Times; February 24, 2015
Not a goat year for Philippine real estate
In addition to proclaiming Manila as a worthy rival to Macau and Las Vegas, CBRE Philippines also reported that overall the Philippines’ real estate industry will continue to be bullish. This is due to the continuing growth of the BPO, retail, hospitality, and gaming sectors. “We just rang in the year of the goat during Chinese New Year, but this certainly won’t be a goat year for Philippine real estate. It’s going to be another strong year,” said Rick Santos, CEO of CBRE Philippines.
Rappler; February 25, 2015
Banks pass BSP stress tests
BSP (Bangko Sentral ng Pilipinas) reported that the banking industry will be able to ensure the stability of the economy should a major crisis take place, however unlikely it may be. BSP Governor Amando M. Tetangco said that the banking industry in general have enough capital to weather “extreme but plausible” bouts of stress that may affect them. The tests were designed to mimic conditions during the Asian Financial crisis, and plausible future bouts of stress due to financial conditions from different countries.
Inquirer; February 25, 2015
Department of Finance wants a property valuation bill
The Department of Finance is pushing for the passage of a property valuation bill which aims to establish a uniform real property valuation system. The system is also expected to raise P5.88 billion to as much as P17.6 billion in additional tax on an annual basis.
Philstar; February 26, 2015