Cebu Holdings readies for REIT

By Katlene O. Cacho

Tuesday, May 3, 2011

TO TAKE advantage of the region’s economic upturn, Ayala led- Cebu Holdings Inc. (CHI) will align their plans and strategies for the eventual implementation of the Real Estate Investment Trust (REIT).

CHI president Francis Monera said in a recent press briefing that the implementation of the REIT will bring additional capital from external investors to be used in the business expansion of the company.

He said REIT allows an increase of the financial capacity of the company while it continues to earn recurring income from the REIT company.Expansion

CHI earlier announced the possible expansion of the Asiatown IT Park, which is part of the P5- billion capital expenditure set by the Ayala Group of Companies for this year.

The company also plans to develop more office spaces for the BPO and information technology (IT) companies.

An REIT is a stock corporation created to own and manage income-generating real estate such as office buildings, residential condominiums, shopping centers, hotels, warehouses, hospitals, airports and toll ways.

The Philippine Stock Exchange (PSE) said property companies with predictable cash flows could form REITs to facilitate the realization of their projected gains ahead of time. This translates to immediate access to fresh capital, which may be plowed back into new projects and investments, redounding to new jobs and bringing economic development.

The PSE noted that Cebu is one of the favorable markets for REIT outside Metro Manila because of its upbeat real estate industry and booming business process outsourcing company.

With Cebu becoming a “catchment of opportunities,” CHI is also looking at getting more involved in Cebu’s development.

Monera said they are looking at areas where they could collaborate with the other sectors in the city for the establishment of support infrastructure necessary for the economic growth of Cebu.

Developer to build ‘tallest condo’ in Cebu

By Katlene O. Cacho

Wednesday, May 4, 2011

TAFT Property Venture Development Corp. (Taft Property) will be building this year what it billed as the tallest condominium development so far in Cebu. Horizons 101 will have a total of 1,468 units, the company said.

Horizons 101, which will be built on General Maxilom Ave., will have two towers and is the company’s first venture in high-rise development.

During last Tuesday’s launching, Taft Property chief operating officer Manuel Colayco Jr. said the development will slightly reduce Cebu’s unserved housing requirement, particularly in the middle-income category.

Tower 1 will have 868 units while the 46-storey Tower 2 will have 600 units.

Colayco said Cebu Province has an unserved requirement of 167,000 units for the middle income category, house units with prices ranging from P1.25 million to P3 million.

Colayco said the company saw an opportunity in Cebu’s housing backlog despite the number of real estate players here.

Taft Property has earmarked P1.7 billion for the development of Tower 1. The company is expected to spend close to P3 billion for the combined development of the two towers.

Jack Gaisano, president and chief executive officer of Taft Property, described the project as the company’s symbol of success, being the “trophy for Cebu’s skyline.” He said that Cebu’s progressive economy prompted the company to jumpstart high-rise projects here.

Real estate players have indentified tourism and business process outsourcing as the industries that helped drive growth in the real estate industry in Cebu, along with the surge of overseas remittances.

Amenities

Horizonz 101’s Tower 1 will feature amenities like a lap swimming pool, jacuzzi, kiddie pool, jogging paths, fitness gym, children’s play area, mini-theater, multi-purpose hall, gazebo, Japanese garden and Wi-Fi connectivity.

Among the unit types are 22.16 square meters (sqm) studio units priced between P1.7 million and P2.1 million; 30.20 sqm one-bedroom units priced from P2.26 million to P2.40 million; and 60.30 sqm two-bedroom units priced between P5.10 million and P5.79 million.

To showcase to the buyers what the units will look like, the company also opened their sales pavilion beside the project area. The company also said it has started pre-selling of its units and already received more than a hundred reservations.

The delivery of Tower 1’s units is set in the first quarter of 2015. The construction of Tower 2 will depend on the take-up of Tower 1.

Taft Property is the developer of residential projects like Palmas Verdes, Nichols Park, Hacienda Salinas and Palm Heights.

The company belongs to a diverse group of companies such as Vicsal Investment, Inc., WealthBank, Vicsal Securities and Stock Brokerage, Inc., Filipino Fund, Inc., Prime Asia, Grand Holidays, Vicsal Foundation and the Metro Gaisano Chain of Stores, all backed by Vicsal Development Corp.

For more info of said project, call (032) 3181589 / 09189236123

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(Pre-Selling) HORIZON 101 RESIDENTIAL CONDOMINIUM

Horizons 101 is the tallest residential condo in Cebu City to stand along Mango Avenue., Cebu City. The tallest consisting of 55-stories with nice amenities...Watch for the opening SOON...This is a choice of studio unit, 1-bedroom and 2-bedroom units.

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