SM unveils Seaside City Cebu

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.

Published in the Sun.Star Cebu newspaper on April 11, 2011.

Pangilinan keeps interest in health care, medical tourism in province

By Mia A. Aznar

Thursday, March 10, 2011

THOUGH he has not yet succeeded in finding a hospital that he can partner with in Cebu, business tycoon Manuel Pangilinan said he will continue to search for other tertiary hospitals.

Pangilinan, president of Metro Pacific Investment Corp. (MPIC) which owns four hospitals, said his company will continue to look for opportunities in Cebu as it is
serious about investing in the medical sector in the province.

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Last year, MPIC bought majority of Riverside Medical Center, said to be the largest hospital in Negros Occidental. It owns the Makati Medical Center, Cardinal Santos
Medical Center and Davao Doctors Hospital.

Pangilinan admitted that medical tourism is surrounded by complex issues, saying hospitals have to be world-class before clientele from abroad decide to get their medical services here.

To attract foreign patients, he said, they needed to get accreditation from international standardization organizations.

He also noted that payment mechanisms have allow tourists to easily pay for the service. He added that some tourists who have insurance coverage have problems availing of benefits as local facilities are not recognized by foreign companies.

He said such issues need to be solved before medical tourism can fully take off in the country.

Pangilinan said Cebu “stands out” as an alternative place to locate medical tourism.

In 2008, Pangilinan visited the Cebu City Medical Center and initially expressed interest to invest P1.5 billion for a hospital in Cebu.

Published in the Sun.Star Cebu newspaper on March 10, 2011.

$1-B infra up for private bids

THE National Government has launched the first batch of major infrastructure projects it is opening for partnership with private investors.

It is asking for bids for five rail and road projects worth over $1 billion.

President Benigno Aquino III said the projects will stimulate the economy, create thousands of jobs and upgrade services for Filipinos

Officials say the bidding process begins later this month for two railway expansion projects in the capital. Invitations to bid will be out in April for a new toll road south of Manila, in May for an airport expressway and in June for an elevated expressway.

Lack of infrastructure is among the factors that has held back the country’s economic growth.

As this developed, the National Government set aside about P690 billion to pay foreign and domestic creditors.

More

The sum is nearly 11 percent more than what it allotted to debt servicing in 2009, which was only P622.29 billion.

The Business World reported that principal and interest payments to domestic creditors totaled P446.9 billion, while payments to foreign creditors summed up to P242.9 billion.

The country’s debt swelled in the wake of the global economic crisis in 2008, which caused the economy to slow down and reduced government revenues.

Since government was operating with a deficit, it was forced to borrow more to finance programs. (AP)

Published in the Sun.Star Cebu newspaper on March 10, 2011.

FLI to start work later this year

By Princess Dawn Felicitas

Friday, March 11, 2011

THE Cebu City Government yesterday received P255.5 million from Filinvest Land Inc. (FLI) for the 10.6-hectare waterfront lots it purchased at the South Road Properties (SRP).

The amount was the third of six installments, and FLI got its third title for the lots on Pond F.

Five titles have been placed on escrow with the Land Bank of the Philippines (LBP) and will be turned over to FLI each time it pays the City.

FLI makes the installment payment every March for six years, as stated in the joint-venture agreement signed by City Hall and FLI officials.

Certification sought

Meanwhile, FLI vice president Tristas Las Marias followed up on the availability of the certification that the Department of Environment and Natural Resources has no jurisdiction on the area of water within 500 meters of the SRP coastline and that this is under the Municipal Waters Territory of Cebu City.

Las Marias said the certification was required upon their payment.

Mayor Michael Rama, when asked if the City has complied, said “everything has been taken care of.”

Within the second quarter of this year, Las Marias said FLI will start with the groundwork and the construction of the seaside beach promenade commercial project.

“We estimate that the first batch of commercial shops and promenade walk will be available for public use by third quarter of 2012,” he said.

Industrial zone

FLI also plans to build commercial and retail complexes, exhibition tents, a boardwalk with fine dining restaurants and fastfood outlets.

Roberto Vasquez of the Cebu Investment and Promotions Center (CIPC) said also they plan to develop 10 hectares across the property of Bigfoot into an industrial zone.

Vasquez, in an interview yesterday, said there are at least five investors from China, the US and Japan who are willing to invest in the area.

Vasquez said the Japan International Cooperation Agency is willing to help the City market the proposed industrial zone.

He said CIPC is preparing the development plan and hopes to start implementing it within this year.

Published in the Sun.Star Cebu newspaper on March 11, 2011.

Feng shui consultant sees good year for Philippines

By Mia A. Aznar

Wednesday, February 9, 2011

IF THERE is anything economic forecasts and a feng shui master agree on, it is that the country faces some good business prospects in 2011.

Marites Allen, a feng shui consultant who was the guest speaker during the economic briefing hosted by the Cebu Business Club and Mandaue Chamber of Commerce and Industry, explained that feng shui entails a lot of analysis and its readings are not plucked out of thin air.

“It is not a religion. It is not magic. And it is not a superstition,” Allen said.

She said feng shui analyzes the path chee chart, which holds the destiny of the year.

>Unbalanced

To demonstrate, she showed that the previous year, 2010, had an unbalanced chart, as the elements of water and fire were missing.

As a result, 2010 was riddled with earthquakes, flooding, snow storms, heat waves and volcanic eruptions.

For this year, Allen noted that the elements are clashing.

She sees assassination attempts, violent clashes using small and big weapons and natural disasters.

She also warned that 2011 is not the time to change careers.

In the year of the metal rabbit, Allen said businesses under the wood element have a discouraging outlook.

She identified plantations, agriculture, publishing, public relations and flowers as some of the businesses under the wood element.

However, she identified businesses under the metal element such as jewelry and appliances as being competitive if the right strategies are applied. She added that there may be short-term profits in such businesses.

Stocks

Under the fire element, Allen said stocks, the entertainment and restaurant industry and bright lighting businesses will take off. She especially predicted the Philippine Stock Exchange to do well in the summer months.

Businesses such as banking, shipping, transport, tourism and fishing were identified as being under the water element and are also expected to prosper.

Earth element businesses such as mining, construction, hotels, real estate and property are expected to yield medium term profits.

As for the country’s prospects, Allen said the Philippines has a status star, which means many will bring honor to the country.

Art

She added that it also has the three general star, which is expected to have good leaders and potential chief executive officers.

Also under the country’s path is a star of art, which she says means Filipinos who are skillful such as designers, actors, singers and painters will succeed. She encouraged the country’s leaders to send out more talents abroad.

The flower of romance is also in the Philippines’ way, which Allen interprets as making it attractive in the international market.

Allen also said a lunar virtue star shows many opportunities for the Philippines.
“It is up to us to grab it,” she said.

Allen also sees big wealth for the country, especially from outside sources, which she said, could come from exports.

She noted, though, that the wealth distribution could be uneven and that the power lies in the hands of the rich.

Published in the Sun.Star Cebu newspaper on February 10, 2011.