Profriends signs a deal with Globe, Primavera City’s launch nears, Megaworld reports their net income, and more
Here’s a rundown of some of the biggest Philippine real estate news last week: Profriends is working with Globe for their wireless communication needs in their Cavite development, ItalPinas’ Primavera City is scheduled to launch within the quarter, lawmakers and stakeholders are seeing in-city housing as a solution to the backlog, Megaworld hits the Php10 billion mark with their 2015 income, and Megawide will soon talk with property developers about the mixed-use component of the Mactan-Cebu International Airport.
Profriends partners with Globe for Cavite IT park
Profriends is tapping Globe Business to provide connectivity to the real estate developer’s Cavite development Downtown Lancaster, where an information technology (IT) park will soon rise. Dubbed Suntech iPark, this business process outsourcing (BPO) park will cater to an estimated 17,500 employees by featuring a total of 11 office buildings, as well as a commercial and retail center called The Square. Globe Business will provide wireline data services to the BPO offices, as well as to the various establishments that will occupy Downtown Lancaster.
Philippine Daily Inquirer; April 4, 2016
CDO’s Primavera City to launch in Q2 2016
Green real estate builder Italpinas Development Corporation (IDC) is targeting the second quarter of 2016 for the launch of Primavera City in Cagayan de Oro. Phase 1 of the Php653 million Primavera City, said IDC Chairman and COO Romolo V. Nati, is composed of two towers containing 11 floors of commercial, office, and residential units. According to IDC President Jose “Jojo” D. Leviste III, the two towers will house 337 units, 57 of which will be commercial spaces. Construction of Phase 1 is scheduled for the third quarter of 2016, while completion and turnover is targeted for the third quarter of 2018.
Manila Bulletin; April 5, 2016
In-city relocation seen as housing backlog solution
According to lawmakers and multisector stakeholders at the recently held National Housing and Urban Development Summit, adopting an in-city housing policy is an effective way of addressing the upsurge of housing backlog and informal-settler families (ISFs). Negros Occidental Representative and House Committee on Housing and Urban Development chairman Alfredo B. Benitez believes that an in-city housing policy, where in medium-rise buildings will be constructed within Metro Manila to house ISFs, can solve the 5.5 million housing backlog and 584,425 ISFs in NCR. In the summit, a proposal was also raised to relocate government agencies, such as the Department of Agriculture, to provinces to provide additional land to be used for socialized housing programs.
Business Mirror; April 5, 2016
Megawide to engage property developers for MCIA mixed-use component
Magawide Construction Corp. and airport operator GMR Infrastructure Ltd. will begin discussing with various real estate developers for the construction of the mixed-use area of the Mactan-Cebu International Airport (MCIA), which is set to launch in 2018. According to Megawide corporate information officer Manuel Louie B. Ferrer, they will be leasing out the 63,000-square-meter land, which is 20% of the airport’s land area. Ferrer revealed that the plan is to eventually have hotels and a mall complex within the mixed-use project.
Business World; April 6, 2016
Megaworld’s 2015 net income hits Php10.4B
Property giant Megaworld Corporation recently announced their 2015 net income, which hit the Php10-billion mark due largely for the strong performance of their leasing properties, including offices and commercial and retail spaces. The company’s 2015 net core income came in at Php10.4 billion, a 10.58 percent increase from Php9.4 billion the year before. The largest contributor to the overall income, Megaworld noted, is last year’s leasing income of Php8.73 billion, which rose 23.46 percent from 2014’s Php7.07 billion. Megaworld CFO Francis Canuto expressed confidence that the company will hit its 2016 income target of Php11 billion.
MyProperty.ph; April 7, 2016