By Mia A. Aznar
Monday, April 11, 2011
AS part of their 30-hectare development at the South Road Properties, SM Prime Holdings unveiled its next mall project in Cebu called the SM Seaside City Cebu.
SM Prime president Hans T. Sy told reporters that the new mall will have an “ultra-modern” design to bring in the young market and that they hope to make the mall the “shopping capital” of the south.
A glass cube lit wit LED lights will be built in front to “add visual drama.”Sy said that they aim to include something different in the mall such as a sky garden similar to the SM North Edsa and an “iconic” viewing tower that is 100 meters tall.He hopes the tower will be a structure that people will talk about, similar to the
metallic globe that they built in front of the SM Mall of Asia (MOA).
Though it is about half the size of the SM Mall of Asia, Sy said it will be larger than the current SM City Cebu at the North Reclamation Area. He explained that the 30 hectares is also just half the size of the MOA property.
The mall will have a circular shape and four floors for over 800 rertail and food shops. They plan to include a two-storey department store, an SM Hypermart branch, five 300-seat movie theaters, an IMAX theater with over 500 seating capacity, an 18-lane bowling center, food court and an ice skating rink.
They will have a separate theater for stage plays and concerts and a covered event area at the fourth level. The covered parking lot will hold over 2,000 slots.
To showcase Cebuano works, a furniture zone and fashion boulevard will also be included in the area.
The mall is slated to open by the second quarter of 2013.
Approval
Sy said they officially began last Friday, starting with a road project.
They will also be building a church in the property, which is described as a “sleek, modern, all-white structure.”
Sy told reporters Friday that they already secured approval from the Cebu Archbishop’s office for the constuction of the church within the complex.
After the mall is completed, Sy said they will start working on a hotel and residences. He also hopes to build a hospital in the area, and possibly, a school.
He noted that if the complex becomes a prime residential area, a hospital and a school would fit well in the community.
The mall project is estimated at P4.5 billion.
By Mia A. Aznar
Wednesday, April 20, 2011
TO get investors to fund a business, a chief executive officer of an electronics company believes it is best to look among local candidates rather than foreign investors.
Sinohub CEO Harry Cochran, who spoke before Cebuano businessmen during a money and investment forum, said locals are more familiar and more accepting.
Sinohub is an electronics company whose major growth driver is custom-designed mobile phones for customers in developing countries. It is listed in the New York Stock Exchange, has about 900 employees and had revenues of $128 million in 2009.Cochran said it is easy to find investors online, as information is out in the open on the web and networks like LinkedIn allow the public to find the kind of people they are looking for.But he advised them to look for local investors first because they could be looking for similar companies to invest in.
Another tip Cochran gave entrepreneurs in need of investors is for them to develop their “elevator pitch.”
He said that this means they should be able to convince the potential investor to pour money in their business during a short elevator ride.
“It just takes 30 seconds to interest them. You can do a lot in 30 seconds with practice,” Cochran said.
In presenting the company’s story and what led to the creation of it, Cochran said it was best to keep things simple. However, he said that the investor should see that the company’s people are passionate about what they have.
He also said that those who pitch should come with a “slick presentation” complete with a business plan and projections for three to five years.
He said the presentation should include the intended market, the uniqueness of the product to generate excitement, the competitors, the defensible position in the industry, how the money will be used and the potential of the company.
“At the end of the day, people want to see numbers,” he explained.
Cochran, though, cautioned those who pitch to bring up the amount of money at the beginning of the presentation.
While he said that they should first figure out the highest amount they can ask for without turning the investor away, he said that it is best to make sure this is enough.
He said that if a price is set, it will not get higher.
He also warned against claiming there is no competition.
“Maybe it means there’s no market,” he said.
Tuesday, April 26, 2011
A HOMEGROWN boutique real estate developer still sees room in the real estate industry here despite the presence of big players expanding their projects in Cebu.
Marvel Communities Management Inc. president Martin Qua said that although the coming of the “big names” in the real estate industry may pose a threat to local players, the expansion of their projects has made consumers more aware of design and architecture when acquiring real estate properties, particularly residential units.
“One good thing that these major players have brought to Cebu is the awareness and education of consumers in terms of design and architecture, which is good for the market,” Qua said.
He said these big developers have made Cebu a much more cosmopolitan area.
The presence of these big players has also changed the landscape of Cebu’s real estate industry and made it more competitive. Qua said small players like them should find their niche in the market.
Marvel Communities Management Inc. formally launched its latest project, Panorama, an urban residential resort development in Banawa, Cebu.
The one-hectare high-end pocket development has about 27 house units with an average lot area of 200 square meters priced at P8 million to P20 million. The developer said their project is ideal for starting families, retirees and well-traveled individuals.
“Developing exclusive themed communities is our niche market. Our projects are more of developing residential units for buyers who value architecture, design and personalized services,” Qua said.
Panorama’s amenities include a pavilion, an infinity pool with a view, back-up generator for common areas, underground electrical system, private garden with play area, and a tree-lined driveway.
Qua said that the company’s design consultant and master planner, Palafox Associates, integrated a contemporary tropical architecture in the project.
Marvel is also the developer of pocket-themed projects such as Banilad Place, Banilad Villas and Treehouse. The company is looking at developing another area in Banilad.
By Mia A. Aznar
Monday, May 2, 2011
ALTHOUGH there are many other products to invest in, an official of a real estate company admitted that most Filipinos prefer to put their money on property.
Thomas Mirasol, head of sales and marketing of Ayala Land Premier, said investing in real estate is simple and it is generally seen as a good investment.
He also noted that in Cebu, local options for rental are seen as limited, which drives up rental rates.In a recent forum on money and investment, Mirasol said real estate should not be the only investment.Advantages
Still, he said there are advantages to putting one’s money in real estate.
Mirasol said that real estate is considered more stable and non-volatile, compared with other investments.
He said that there is no need for too much study on real estate, compared with investing in the stock market.
And unlike time deposits and other investments, Mirasol said the investor can use his
investment by either living in it or leasing the property.
Another advantage he cited was that real estate is mortgageable and the investor will be less nervous about it compared with other investments.
He admitted that the downside to investing in real estate are the liquidity and high tax and holding costs.
Asked if there could be a saturation of the market for real estate in Cebu, especially in vertical developments, Mirasol assured that developers will stop building as soon as they realize people will stop buying.
But should developers stop building condominium and office buildings, Mirasol said this would not mean that the value of property will go down.
Mirasol pointed out that the development in Cebu has not been “intense” until recently and that currently, there is not a single lot for sale at the Asiatown IT Park. He added that the buildings at the IT Park enjoy 99 percent occupancy while the remaining one percent are small spaces that have not been considered because these did not meet requirements of companies in need of office space.
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