Friday, February 24, 2012

Tycoon sells Nassim Rd plot for S$47.8m


Motoring tycoon Peter Kwee (pictured) is said to have sold a 23,920 sq ft plot located along Nassim Road for about S$47.8 million, which works out to around S$2,000 psf.

The psf land price is slightly below the S$2,081 psf island-wide price for a Good Class Bungalow (GCB) area, but the transaction is apparently a new record for Nassim Road.

KH Tan, Managing Director at Newsman Realty, confirmed that the company brokered this latest deal and that the buyer was a Singaporean businessman.

The parcel was originally part of a bigger site spreading 114,981 sq ft, which Kwee bought in 2011 with Sam Goi, Executive Chairman of Tee Yih Jia, from the British High Commission for S$50.4 million (S$438 psf).

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The net site area of 109,059 sq ft, which remained after setting aside land for drainage and roadworks, was worked out to a higher price of S$462 psf.

When the two men divided the plot, Kwee took a larger share of 63,300 sq ft. He then divided his land into two parcels: a 39,383 sq ft plot sold in 2003 to Sukmawati Widjaja for S$25.5 million (S$647 psf) and the plot that was recently transacted.

Meanwhile, Goi built a home on his plot.

source: propertyguro.com.sg


65 units sold at Bartley Residences


After a 20 percent discount, some 65 units have been sold atBartley Residences (pictured) at an average price of S$1,240 psf, with 90 percent of the buyers being Singaporeans and permanent residents (PR).

During yesterday’s preview, the developer released 120 units in the 99-year leasehold private condo project, which is located next to Bartley MRT station. The development comprises one- to four-bedroom units, as well as dual-key units, with absolute prices ranging between S$610,000 and S$670,000 for one-bedroom units and from S$1.8 million to S$2.1 million for a dual-key unit.

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“The figures are encouraging because the launch is in the middle of the week. I sense this development will gather pace towards the end of the week, and that might give a truer reflection. The developers may have launched it (on Tuesday) more to get a sense of ground sentiment,” said Donald Han, Special Adviser at HSR Property Group.

The S$1,240 psf price tag for each unit was achieved after the two percent district discount and 18 percent absorption discount, which includes the standard three percent buyer's stamp duty discount and three percent early bird discount.

“At S$1,240, the developer is aware of market conditions and is clearly pricing the project at the right level,” noted Lee Sze Teck, Senior Manager at DWG Research and Consultancy.

The project is developed by Bartley Development, a joint venture (JV) company between City Developments, TID Residential and Hong Leong Holdings.

source: www.propertyguru.com.sg

At last, I saw my Shangri-La


By Arlene M. Perez (The Philippine Star) Updated February 19, 2012 12:00 AM

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This is my idea of paradise in Cebu--the Shangri-La Mactan --with an endless stretch of white sand and clear water.
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MANILA, Philippines - Months before my solo balikbayan trip to the Philippines, I was looking through Shangri-La Mactan Hotel’s awesome pictures on the web. My mind would wander around stunning shots of the hotel grounds,swimming pools and especially the beach.

My fantasy became reality last year when, after landing in Manila, my relatives joined me on a short flight from Manila to Cebu. We were welcomed by the Shangri-La Mactan hotel staff at the Mactan International Airport and shuttled us to the resort. I was personally greeted by Mildred Amon, director of communications, as I was checking in with a welcome drink at The Ocean Wing.

Everything turned out as beautiful as the photos on the web. My room was comfortable and spacious. I was greeted with a bowl of fresh fruits (including my favorite, mango!), a welcome beach bag with goodies from their local vendors and a breathtaking view of the beach. At night, after the staff turned down the bed, I got a pair of flip-flops too!


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Everything here is so modern, so clean, so refreshing.

Our stay included breakfast buffet either at the Acqua or Tides Restaurant, so I tried both places. On the buffet table was a variety of dishes meant to please American, European and Asian tastes. From garlic fried rice and dangit, to sushi and congee, what else could I ask for! Oh yes, let’s not forget the sweet mangoes! I must have eaten over a dozen mangoes per sitting. Yes, my dieting was also on vacation mode.

The main lobby was simply grand, and I discovered that guests at The Ocean Wing have a separate lobby. At night, Shangri-La Mactan’s lounge comes alive with a band for listening or dancing the night away. The hotel’s garden was just amazing. I swam in two of their three swimming pools. The main pool had a waterslide that was just perfect for this family-friendly resort. The infinity pool is located next to the Acqua Restaurant. What can I say? The view was breathtaking.

And so to bed, with suite dreams.

Now let’s talk about the beach. It’s private! There’s white sand and clear water, so clear that you can see the colors of the fish. I don’t think there’s any other beach with whitesand in Cebu. They’ve got cabanas and a helpful staff for the water activities. Snorkeling was so much fun. I tried kayaking, too. It was my first time, but it was easy! As I was paddling, I started imagining the things that my kids would have enjoyed at the Shangri-La Mactan. I could see my twin girls, Alisal and Amanda, playing in the sand, and probably wished they could surf, too. Those two would have just stayed out on the beach until they turned unrecognizably dark. My son Christian would jet-ski, parasail and ride the banana boat for sure! Tony, my better half — who’s actually patiently taking care of the kids back in Southern California — and I would be paddling away in a two-seater kayak. So romantic! I really felt bad and guilty that I was enjoying this amazing resort without them.

I tried two of Mactan Shangri-La's three swimming pools!

The Buko Bar served buffet dinner, which included lechon, which is what Cebu is known for. Friday night was the Filipino Folk Dance show and a photo op with the dancers. Oh, and celebrities, too: I bumped into Dr. Elenita Binay, wife of the Philippine Vice President, and her son, Makati Mayor Junjun Binay at The Ocean Wing lobby. The Binays were there as special guests at a wedding.

Back home in Los Angeles, I was chatting with my old high school friend in London through Facebook about this awesome resort. She told me that they’ve always wanted to see Cebu and stay at the Shangri-La Mactan. I told her I would never go back... without my family, that is.

* * *

Shangri-La Mactan Resort &Spa is located on Punta Engano Road, Lapu-Lapu City, 6015 Cebu, Philippines. For inquiries and reservations, call (63-32)231-0288; fax (63-32)231-1688; or visit www.shangri-la.com.

HGC scheme realigns banks, builders & buyers


(The Philippine Star) Updated February 25, 2012 12:00 AM Comments (0) View comments

MANILA, Philippines - The Home Guaranty Corp. (HGC) is launching a nationwide program to boost lending by banks and borrowings by developers and home buyers. Dubbed “B-B-B” (Bankers-Builders-Buyers), the program aims to create a pool of banks to lend developmental loans to home builders for sale to qualified buyers. This will realign banks, builders and buyers in a housing circle fully complementing each others’ functions and needs.

The “B-B-B” program is in response to Vice President and Housing and Urban Development Coordinating Council (HUDCC) chairman Jejomar C. Binay’s directive to key shelter agencies to formulate innovative strategies to address the nation’s housing backlog.

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HGC president Manuel R. Sanchez said that the B-B-B program is part of HGC’s mandate of mobilizing private funds for housing and promoting easier access to housing finance. Banks and other financial institutions, by the nature of the business are averse to risk. HGC provides the unconditional guaranty of the Republic of the Philippines on housing loans extended by banks – making their loans risk-free. Most of the country’s established banks are already availing of HGC guaranty. In 2011, HGC guaranteed P37.89 billion worth of housing loans from banks enrolled in HGC Guaranty programs.

According to Sanchez, “we have eliminated credit risks of housing loans extended by banks” and “through B-B-B, we will encourage more banks to avail of HGC guaranty to lend more for housing. We will match the loans with builders and buyers.” HGC grants guaranty coverage on loans extended by banks to developers for their working capital, home construction and marketing needs. Through B-B-B, developers are further encouraged to bring prospective buyers to banks to avail of HGC-guaranteed retail accounts. HGC will soon sign MOAs with builders, realtors and brokers’ groups to complete the housing circle.

HGC’s B-B-B program will bring this new concept of housing finance and lending to the provinces and the countryside. Aside from targeting provincial branches of established commercial and universal banks, HGC also provides guaranty lines to rural banks, thrift banks, building and loan associations, and even microfinancing. For 2012, HGC targets marketing its guaranty to over 400 such institutions nationwide.

HGC will popularize home buying through the Housing Circle.

Homeownership starts with pointing prospective home buyers in the right direction to find affordable housing and to find banks to finance their house purchase. Information and credit education are key components of the B-B-B program.

Through the online-B-B-B database, currently being developed, prospective home buyers can readily access information on the nearest housing developments and HGC-guaranteed source of home financing. Whenever possible, forms, loan requirements and other related information will also be made available online.

“B-B-B aims to help home buyers overcome their natural aversion to bank borrowing due to the false belief that they will never qualify for a housing loan,” Sanchez said. “We are also teaching them to self-qualify for housing loans and plan for home ownership.” The B-B-B program is anchored on Binay’s advocacy of “Mas maganda ang buhay, kung may sariling bahay.”


Retirement facility seen to spur tourism growth


By Ehda M. Dagooc (The Freeman) Updated February 24, 2012 12:00 AM View comments

CEBU, Philippines - Although Cebu has yet to position itself as the premier “retirement” destination to attract the multi-million-dollar retiree market all over the world, the proposed establishment of a retirement facility could jumpstart Cebu’s potential in this market.

Department of Trade and Industry Cebu Provincial Office (DTI-CPO) director Nelia F. Navarro lauded the decision of businessman and exporter Justin Uy to develop a 10-hectare Retirement Village in Consolacion that will be completed in the next five years.

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According to Navarro despite the good environment for Cebu to catch the increasing number of international retirees looking for retirement homes in the tropical countries like the Philippines, there are still a lot of concerns that need to be worked out in order for Cebu to take off as the premier retirement destination.

For one, she said it’s not effective to market Cebu as one, because of the lack of right facilities to accommodate the interested market. Besides, the Philippine Retirement Authority (PRA) also still has to review its policies in attracting this market, as well as encouraging the investors.

Thus, Cebu at present is capitalizing on positioning Cebu as “Light Medical Tourism Destination”, instead of promoting the province as a “retirement destination.”

Navarro said she will personally talk with Uy on this retirement village facility plan, and may also provide inputs on how it will be designed and done, based on her inspection in different facilities in the United States, and other countries.

For the meantime, while the plan is still raw, Cebu will have to maximize its strength in the huge medical tourism market, which is to focus on providing services for the active retirees, who may not necessarily live in Cebu yet, but experience the place for vacation, leisure and some of their medical needs.

In a separate interview with Cebu Health and Wellness Council (CHWC) vice chairperson Jenny Franco, she said that while Cebu is gaining popularity from overseas market in terms of light medical services such as dental, cosmetics, including wellness and leisure, it its marketing is focused on this proposition.

At present, Cebu has to work on this advantage, while its capability to offer hard-core medical services such as Kidney transplant, among others can be done in Manila, Franco said.

Cebu now is the top pick destination for light procedures in medical services, like executive check up, cosmetic treatment and surgery, dental, combined with leisure and wellness activities.

This is what Cebu is banking on, in order to maximize its inviting environment for medical tourists, Franco said.

CHWC is going to go full-blast in its campaign to promote Cebu as “LightMedical Tourism Destination.”

Stakeholders, through the CHWC is now formulating a unified packages for medical tourists who seek minor medical services, at the same time wanting to enjoy and have “fun” while on medical vacation in Cebu.

“We already have packages as an association, but we are enhancing it and add more activities,” said Franco adding that a website will also be set up to offer these packages online.

Aside from the huge “balikbayan” market, Cebu is gaining popularity to medical tourism market from Singapore, Bahrain, Australia, United States, and Europe. (FREEMAN)


Dealing with volatility

By Mia E. Abellana

Friday, February 24, 2012

THOUGH the Philippines has promising economic indicators despite the situation elsewhere in the world, officers of a local bank believe volatile markets can still affect sectors that have to deal with foreign entities.

In an economic briefing conducted by Security Bank for clients of Punongbayan and Araullo, foreign exchange and rates hedging division head Raul Victor de Guzman said the global market has never been more volatile than now.

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He noted that with today’s technology, news travels fast and sudden calamities or reports of unrest suddenly have an impact on world economies.

Because markets tend to react quickly and in real time, de Guzman acknowledged that economists and financial experts now find it harder to make forecasts on where economies are headed.

He added that what was once the easy thing to do in a crisis may not always be the best solution these days.

“Before, people just bought dollars. But now, even the idea of the dollar as a safe haven is being questioned. No one wants to accumulate any more dollars,” de Guzman said.

As most developed and emerging economies lost growth last year, he said only two economies managed to grow in 2011: Indonesia and the Philippines.

He said both countries did not rely on their exports to grow. “Economies that are export-led take a hit if the market tanks. They will fall faster than those that are not export-led.”

The downside to this, he said, is if the global economy grows, the country gets left behind.

The Philippines, he said, is a consumption-led economy and he likes to believe the forecast of an international bank that expects the Philippines to be in the top 20 economies by 2050.

Reasons for high consumption are the strong population base. The billions of revenue brought in by overseas Filipino workers’ remittances and the business process outsourcing industry are fueling the consumption.

He believes that the OFWs survived the 2008 global economic crisis when almost everyone was getting laid off because of the kind of workers the country exported. Most OFWs were in the health care and education field, which affected economies needed and did not let go. But overseas workers in real estate and construction did not do so well.

He also said remittances surge even higher in June, as classes begin, and during December. They also noted a spike in remittances whenever catastrophes hit the country.

De Guzman added that this year, they expect the Philippines to see a credit rating upgrade and it could finally reach investment grade status.

He explained that once this happens, the country can expect even more investors putting their money here, instead of in other countries that are facing problems.

He added that some investors, who may already have been interested to invest in the country, may be waiting for the upgrade because of strict company rules about investing only in investment grade entities. He also said the country can borrow funds and pay less interest once it gets to investment grade.

De Guzman said knowing this kind of information can help businesses that have to deal with foreign markets stay safe from market volatility.

Businesses, especially importers and exporters, get jittery when currencies jump from one level to another at differences of P4 to P6.

But if they know market information well enough, de Guzman said they will know when to time their purchases so the rates will be more favorable to them.

With this, de Guzman and senior corporate sales officer Robin Galang introduced some of their products that allow importers and exporters to eliminate the risks of currency changes.

Galang explained that they offer bank products that allowed clients to buy or sell dollars at an agreed price on a future date.

The perks are the clients eliminate all the risks of losing money should the rates change against their favor. The downside is they may not benefit from the extra money should the rates change in their favor. Still, de Guzman said such products allow businesses the benefit of knowing exactly how much they will be paying.

Published in the Sun.Star Cebu newspaper on February 25, 2012.


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