Ayala Group joint ventures see brisk sales and possible groundbreaking, SSS to sell condo units, and more
MyProperty.ph is once again bringing a week’s worth of updates on Philippine real estate. Last week saw massive activity from business giant Ayala Group, with news regarding Ayala Land and LT Group’s joint venture, sales in an Alveo Land–Cathay Land development, and an increase in the usage of Ayala Corp.’s Manila–Cavite Expressway. Also, SSS is supporting its pension fund with condo auctions, while SM Prime posted its 2015 net profit.
Ayala–LT joint venture may break ground within the year
According to property giant Ayala Land, Inc. its latest joint project with the Lucio Tan (LT) group—a 35-hectare mixed-use project to rise along C5 Road in Pasig—could have its groundbreaking within the year. Meean Dy, Ayala Land senior vice president and head of strategic lank bank management group, says the two groups may initially launch leasing projects such as office and retail developments to generate recurring income. The venture was agreed upon in January of this year, and will be co-developed by Ayala Land and LT Group pursuant of a joint master plan. The upcoming project is the third partnership between the two conglomerates.
Manila Standard Today; February 21, 2016
SSS selling condos, office space to increase pension fund
In an effort to boost its pension fund, government-owned Social Security System (SSS) will be selling several condominium units and parking slots in Mandaluyong in April this year. Thirty-one residential units with parking slots, located at Pioneer West Highlands and Pioneer Madison Suites, are projected to raise around Php353.73 million with a minimum bid price of Php4.742 million each. Twenty-two office condo units at Pioneer Corporate Center and Globe Telecom Plaza will also be up for sale with bidding starting at Php4.01 million, while two tandem parking slots will have a minimum bid of Php550,000 each.
Manila Bulletin; February 21, 2016
SM Prime nets Php28.3 billion in 2015
SM Prime Holdings displayed a net profit growth of 54% in 2015, reporting Php28.3 billion said to have been buoyed by one-time trading gains on securities booked early in the year. According to SM Prime, the company’s overall net income for 2015 is attributed to rental revenues from malls and commercial spaces, which made up 57% of the consolidated revenues. Meanwhile, 31% of SM Prime’s revenues are from real estate sales, which were recorded at Php22.2 billion for 2015.
Philippine Daily Inquirer; February 23, 2016
MCX sees usage increase due to property developments
The Manila–Cavite Expressway (MCX), a Php2.01 billion project won by Ayala Corporation (AC) at a public–private partnership auction, is close to hitting its traffic volume capacity of 25,000 vehicles a day due largely to the property developments occurring within the area. According to AC Infrastructure Holdings Corp. President and CEO John Eric T. Francia, the aggressiveness of real estate developers in pursuing projects in the area will help drive traffic volume in MCX. Ayala Group’s property arm Ayala Land, for one, has properties along Alabang Road leading to Daang Hari, including Alabang Town Center and various residential projects.
Business World; February 25, 2016
Brisk sales seen in Alveo Land–Cathay Land project
Westborough, a 33-hectare park town center and joint venture between Ayala Land subsidiary Alveo Land and Cathay Land Inc., is reportedly seeing a fast take-up of commercial lots. Located along the Sta. Rosa–Tagaytay–Silang growth corridor, Westborough has three commercial phases: Westborough Commercial Strips, Westborough Town Center, and Westborough Park Square. According to Alveo Land, Westborough has already sold over Php3.89 billion in commercial lots, with Php800 million coming from sales of Park Square commercial lots that sold out immediately when the phase was launched in December last year.
Rappler; February 25, 2016