Megaworld will hit 1.2 million sqm office space in 2016, Filinvest with redevelop Clark–Mimosa, and more
Philippine real estate news updates are coming your way once again as we end the month of June. Last week, Megaworld announced that they will hit 1.2 million square meters of leasable space by the end of the year; Filinvest revealed their plans to revive the former Mimosa Leisure Estate in Clark, Pampanga; Ayala is set to develop socialized housing in Iloilo under their subsidiary BellaVita; KMG Mag explained why the Bay City is experiencing high demand in office space; and Avida Land is getting ready for further expansion outside Metro Manila.
Megaworld targets 1.2 million sqm leasable space by year-end
Andrew Tan–led Megaworld Corporation declared it would reach 1.2 million square meters of office and retail space before the end of 2016. According to Megaworld executive vice president Kingson Sian, 114,000 sqm of office space and 105,000 sqm of retail space are set for completion within the year, which will bring their total office and retail spaces to 851,000 sqm and 341,000 sqm, respectively. Megaworld also revealed their new rental income target for 2016 to be Php11 billion from the original Php10 billion, and that they are committed to finishing 11 malls and commercial centers by year-end in locations such as McKinley Hill and Uptown Bonifacio in Taguig, ArcoVia City in Pasig, The Mactan Newtown in Cebu, and Iloilo Business Park.
Manila Standard Today; June 19, 2016
Filinvest to revive Clark–Mimosa estate
Filinvest Land recently inked a deal with Clark Development Corporation after winning the bid for the former Mimosa Leisure Estate, with plans to turn the 201.64-hectare property into a dynamic, mixed-use development. Filinvest has tapped master-planner Broadway Malyan to revive Mimosa, which currently has a 36-hole golf course, as a tourist destination with a Quest Hotel, offices, a retail and commercial district, a residential component, and open spaces. The project will also be designed in adherence to the Clark Economic Zone’s objective of sustainability and disaster resilience.
Manila Bulletin; June 21, 2016
Ayala to spend Php656 million on Iloilo socialized housing
Property giant Ayala Land will be allocating Php656 million to build an 11.7-hectare project in San Miguel, Iloilo, under its socialized housing subsidiary, BellaVita. Lyle Abadia, president of BellaVita, says the new project will contain 1,800 affordable housing units, which are designed to cater to the minimum-wage earners of the province. BellaVita vice president May Rodriguez added that these properties can cost as low as Php450,000.
Manila Bulletin; June 22, 2016
High demand for Bay Area offices, says KMC Mag
KMC Mag Group stated recently that due to the decreasing amount of developable land in nearby business districts, Pasay’s Bay Area is experiencing a high demand for office space. Karen Golez, KMC Mag Group Commercial Leasing Manager said that as developers continue to invest in Bay City, the upcoming stock in the next three years will be at 380,000 square meters. Soon to be completed office space include Filinvest Land’s 18,000 sqm Filinvest Pasay Cyberzone Tower 2, Federal Land’s 18,543 sqm iMET BPO building, and Prince Alumer Development Corporation’s 19,075 sqm Scape building.
Manila Times; June 22, 2016
Avida plans more residential projects in VisMin
Visayas and Mindanao are poised to welcome more residential projects as Ayala Land subsidiary Avida lays out plans to expand outside the National Capital Region (NCR). In an interview, Avida project and strategic management group head Pol B. Tanco noted that the company is making a deliberate effort to expand outside Metro Manila due to the growth potential of provinces in the VisMin area, as well as to help decongest NCR. Of the 11 projects the developer is planning to launch within the year, some will rise in locations such as Batangas, Davao, Cebu, and Tuguegarao.
Business World; June 22, 2016