New projects from Aboitiz Land and Vista Land, Megaworld and Filinvest’s net income growths, and more
From net income reports to new projects, we bring you another round of Philippine real estate news updates. Last week, Aboitiz Land said it will be launching five new projects this year, Vista Land announced two new condos that will provide housing for students in the Katipunan and U-Belt area, Filinvest and Megaworld reported growth in their first-quarter 2016 net income, and Colliers Philippines explained how the property market will regain its footing this year.
Aboitiz Land preps for launch of new Luzon projects
Aboitiz Equity Ventures, Inc.’s real estate arm Aboitiz Land announced plans to launch five new developments this year. According to Aboitiz Land executive vice president Patrick Reyes, three of the five projects are residential and are located in Capas, Tarlac; Cabanatuan City; and San Juan, Batangas, and are slated for launch late this year. The company has also tied up with real estate giant Ayala Land for a 15-hectare mixed-use community in Mandaue City, Cebu. The said project, which will be launched in June, will feature Landmark as an anchor tenant.
Manila Standard Today; May 10, 2016
Vista Land grows student condo portfolio with new projects
Manny Villar-led Vista Land will be adding two new projects—Vista Recto and Vista Pointe—to their growing portfolio of student-targeted condos. Vista Recto is a 36-story high-rise that will rise within the University Belt and near schools such as Far Eastern University and University of the East. The development, which is also close to key points of interest in Quiapo, San Miguel, and Quezon Boulevard, will feature only studio units. Meanwhile, Vista Pointe is situated at the corner of Katipunan and B. Gonzales Street in Quezon City, near Ateneo de Manila University and Miriam College. The 37-story tower, which is close to places like the LRT station and UP Town Center, will allot 27 levels of residential units, with 24 units to a floor.
Business Mirror; May 10, 2016
Filinvest Land announces 6.5 percent growth for Q1 2016
Filinvest Land, Inc. (FLI) recently made public their net income of Php1.32 billion for the first quarter of 2016, a 6.5 percent year-on-year increase compared to the same period in 2015. According to Filinvest, the growth was fueled by earnings from office and retail leasing, revealing revenues from office buildings to have grown 14 percent from Php678 million. FLI is planning to add three new buildings in Muntinlupa and Pasay this year, which will increase their current 275,000 sqm leasing portfolio by 73,000 sqm. Outside Metro Manila, FLI is also developing Fora Mall and Center Square Community Mall in Cavite, and Il Corso Mall in Cebu.
The Philippine Star; May 12, 2016
Colliers: PH property market will stabilize
Real estate advisory firm Colliers Philippines stated that the nation’s real estate will soon see stabilization this year after a contraction was noted in 2015, which means project launches from various developers are projected to continue. Colliers Philippines head of advisory services Julius M. Guevara noted that the number of licenses to sell issued by the Housing and Land Use Regulatory Board (HLURB) jumped to 85,470 in the first quarter of 2016, a 77 percent increase from 48,411 a year ago. This, according to Guevara, indicates that upon availing of a license, developers will pursue the project soon to actively start selling units within a year of securing a license in compliance with HLURB’s requirements.
Business World Online; May 12, 2016
Megaworld ends Q1 2016 with Php2.63B net income
Property giant Megaworld Corporation announced a 2016 first-quarter net income of Php2.63 billion, a 12.13 percent increase from Php2.35 billion during the same period in 2015. The Andrew Tan-led company revealed that the growth was largely due to an increase in revenues of its rental businesses, with numbers increasing by 15.18 percent from Php1.97 billion last year to Php2.29 billion this year. Megaworld believes that it will be able to hit rental revenues of Php11 billion by the end of 2016. Megaworld chief finance officer Francis Canuto said that the rental business will continue to bolster the brand’s revenue over the next five years.
Manila Bulletin; May 12, 2016