Avida launches a new condo tower, Filinvest’s Php7 billion net income, investing in European real estate, and more
Get ready for another round of Philippine real estate news updates. Last week, Avida Land launched Avida Towers Sola, a high-rise condo in Vertis North in Quezon City; big property developers have been looking to European real estate to diversify, Filinvest’s real estate brands showed an increase in net income for 2015, Megawide’s 2015 net income was largely boosted by their contribution to the Mactan-Cebu International Airport (MCIA) project, and Italpinas posts a net income of Php44 million.
Italpinas declares 2015 net income of Php44.47 M
Green property developer Italpinas Development Corp. (IDC) posted a net income of Php44.476 million for 2015, a 142 percent increase from 2014’s Php18.356 million. According to Italpinas, sales in 2015 increased by 62 percent to Php216.5 million, while operating income was posted at Php51.1 million for the previous year, 129 percent higher than the Php22.3 income posted for 2014. Currently, IDC is focused on launching Primavera City, a green mixed-use project in Cagayan De Oro, this June.
The Philippine Star; April 18, 2016
Avida Towers Sola launches
Property developer Avida Land recently unveiled Avida Towers Sola, a Php3.8 billion condominium tower in their 56-hectare master-planned mixed-use development in Quezon City, Vertis North. Avida Towers Sola, which follows the launch of the district’s first residential tower Avida Towers Vita, is designed to accommodate the mid-affordable market including families, young professionals, and investors. Sola will be built adjacent to Vita and across Vertis North Garden, a two-hectare central park.
Manila Bulletin; April 19, 2016
Filinvest real estate subsidiaries display growth for 2015
Filinvest Land Inc. (FLI) and Filinvest Alabang Inc. (FAI) contributed to the 13-percent net income growth of Filinvest Development Corp. for 2015, which hit Php7 billion. FLI’s net income increased by 11 percent in 2015 to reach Php5.1 billion, owing to the company’s growing office portfolio, which increased by 33 percent last year. FAI, meanwhile, earned revenues of Php1.9 billion last year, and announced reaching record prices of Php200,000 per square meter in 2015.
Business Mirror; April 19, 2016
Cebu airport project boosts Megawide’s 2015 income
Contractor Megawide Construction Corp. announced that their net income jumped from Php887 million in 2014 to Php1.47 billion, a 66 percent rise the company credits to their contribution to the Mactan-Cebu International Airport (MCIA). According to Megawide, 66 percent of the total net income was from the construction business, while the remaining 34 percent was the result of the first full-year earnings of airport operations. Construction revenues, said Megawide, are the result of ongoing projects such as the DoubleDragon Plaza at the DD Merifian Park, The Proscenium by Rockwell Land, Shang Salcedo Place, and Phase 2 of the Public-Private Partnership (PPP) for School Infrastructure Project with the Department of Education. Meanwhile, airport operation revenues are due to “strong aeronautical revenues, commercial revenues, and rental revenues.”
Business World Online; April 20, 2016
PH property firms buying into European real estate
According to Dutch financial giant ING, many investors from the Philippines are acquiring properties in Europe in order to diversify their portfolio. ING Bank Manila explained that factors like good valuation, transparency, ease of doing business, and a specialized high-tech sector are what make Europe an attractive destination for Asian investors. The latest example is the acquisition of a 224-meter, 56-story tower called Torre Espacio located in Madrid, Spain, by business tycoon and Megaworld president Andrew Tan. ING also noted that some of the investors exploring real estate options in Europe are sovereign wealth funds, life insurance companies, asset management funds, and family offices.
Philippine Daily Inquirer; April 22, 2016