Ayala to develop a luxury condo on former Mandarin Hotel site, DMCI ventures into mass housing, and more
Another new week of property-related updates comes your way as we give you more Philippine real estate news. Last week, property developer Primex explained how they plan on doubling their 2016 income; 8990 Holdings retained their financial targets for the year; Ayala Land detailed plans to redevelop the former Mandarin Hotel site into a residential tower; DMCI considers entering the low-cost housing sector; and an ecotourism park will soon rise in Clark Green City.
Primex targets double income for 2016
Real estate developer Primex Corp. announced in a recent stockholders’ meeting that it aims to double its profits for the year with the help of condominium arm Primex Realty, which it acquired in March 2015. According to Primex Director Karlvin Ang, they are planning to launch more projects that would be similar to or exceed Stratosphere, Primex Realty’s 31-story residential tower in Makati City. During the same meeting, Primex also revealed consolidated sales of Php69.09 million for the first quarter of 2016 from Php2.64 million during the same period last year.
Business Mirror; July 25, 2016
8990 Holdings hits Php2.18 billion net income
Mass housing brand 8990 Holdings declared a net income of Php2.18 billion in the second quarter of 2016, a 3% increase from Php2.13 during the same period in 2015. Over the same period, 8990 also experienced an increase in gross sales this year, growing from Php4.45 billion to Php4.74 billion. According to the developer, almost 90% of the gross income was from new sales, while the remaining were from canceled account. The company launched four projects in the first half of 2016, and is expected to launch 14 more soon.
Business World; July 26, 2016
Ayala to build condo on former ‘Mandarin Hotel’ site
Ayala Land Premier announced plans to redevelop the former site of the Mandarin Hotel in Makati into a two-tower luxury residential condo called Park Central Towers. According to Ayala Land, this will be their most expensive to date, as units will be sold at Php300,000 per square meter, and the entire tower is projected to bring in sales amounting to Php20.5 billion. The first tower is expected to be turned over by 2024. 116 units of Park Central Towers have already been sold, including a 1,600sqm unit villa that was reportedly bought for Php477 million.
Manila Standard; July 26, 2016
DMCI takes on mass housing sector
In an effort to continue the growth of its brand, DMCI Holdings Inc. is now planning to enter the low-cost housing sector, saying that it has “the scale, resources, and expertise to deliver quality homes.” Targeting low-income and lower-middle-class families, DMCI’s planned social housing units will be sold for lower than their current portfolio. DMCI is also gearing up for more renewable energy projects, and will strengthen their partnership with industry leaders to develop new businesses that will boost their current investments.
Philippine Star; July 28, 2016
Clark Green City to house ecotourism park
The Bases Conversion and Development Authority (BCDA) will be working with Earth Day Network Philippines, Inc. (EDNPI) and the Fern and Nature Society of the Philippines, Inc. (FNSPI) to develop a botanical garden and ecotourism park inside the 9,450-hectare smart development Clark Green City. Under the agreement, EDNPI and FNSPI will commit a Php492.5-million minimum capital investment for the development of the botanical garden, restoration of 200 hectares of forest land, preparation of the project management plan, and the management and administration of the project. In turn, BCDA will be assigning the project area that will be declared the Clark Green City Forest Reserve and the Clark Green City Green Infrastructure, as well as providing and constructing support infrastructure facility in the area.
Manila Bulletin; July 28, 2016