Firm sets aside P4B for projects

By Katlene O. Cacho

Sunday, August 26, 2012
CEBU-BASED property developer Cebu Landmasters Inc. is setting aside P4 billion as capital expenditure budget to finance four new projects in 2013.
These four projects include a 10-hectare property in the south of Cebu and a five-hectare property in Consolacion.

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The company will also build next year Park Central, a 20-storey office condominium in Cebu IT Park, and the second tower of Baseline Residences, which will have a commercial component, on Juana Osmeña St.
“The best time to make decisions for developers to build properties and for buyers to buy homes is now,” Cebu Landmasters Inc. president and chief executive officer Jose Soberano III said in an interview on Friday.
“Strike while the iron is hot,” he said.
Soberano said the low interest rate, strong domestic liquidity, huge housing backlog and strong inflows of remittances prompted them to be aggressive in building projects in Cebu, which he described as an ideal destination for employment and education.
He said at no point in the country’s history has there been credit as “readily available to the market at low interest rates” as now.
No bubble
He said talks of a glut in the housing sector are just speculations triggered by fear, considering that the country still has “a huge backlog” in the economic and middle market segments or houses within the range of P150,000 to P3.5 million.
The Bangko Sentral ng Pilipinas (BSP) earlier said there is no basis yet to concerns that a bubble is forming in the housing market. Last week, however, the BSP said it will impose additional controls on the exposure of banks to the real estate sector.
The maximum allowable “real estate exposure” of a bank under the BSP guidelines is set at 20 percent of its total loan portfolio.
Under the new rules, even investments by banks in securities issued by property firms, housing loans to individual borrowers, and loans to support development of socialized and low-cost houses are now included in the computation of “real estate exposure.”
Soberano believes the move of BSP in imposing stringent regulations for banks in granting real estate loans is a step in the “right direction.”
“A regular review is needed on the bank’s real estate account portfolio especially its
receivables mix. We are experiencing the best of times in the real estate industry and the banks have important roles in ensuring the continued success by policing their own ranks,” Soberano said in a text message yesterday.
Cebu buyers
According to Soberano, the country still has 3.5 million underserved households nationwide, of which five percent or 175,000 are in Cebu.
Unlike other buyers in the country who buy houses or condo units for investment or multiple ownership, Soberano said 70 percent of buyers in Cebu are new or first-time owners.
“The challenge for developers now is to make their product irresistible to the market,” he said.
He also urged developers to ensure the delivery of their project, otherwise failures will affect the reputation of other industry players.
Cebu Landmasters Inc. has been in the real estate industry for eight years. Since its incorporation in 2003, the company has ventured into developing residential homes in the countryside.
In 2010, the company launched Asia Premier Residences, a 17 high-rise condominium project at the Cebu IT Park. This was followed by the 18-storey residential condo development Baseline Residences on Juana Osmeña St. last year.
Soberano said he also plans to venture into leasing commercial properties in the future.

Published in the Sun.Star Cebu newspaper on August 27, 2012.

2 new industries included in investment priorities plan ‘12

By Mia A. Aznar Thursday, August 30, 2012
THE new investment priorities plan (IPP) for 2012 has added two new industries in the preferred activities list.
Iron and steel and hospital and medical services have been included in the new IPP, which was approved last June.

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Activities listed in the IPP are entitled to fiscal and non-fiscal incentives such as tax holidays and waived fees from the government to entice investors to invest in such industries, said Board of Investments (BOI) Governor Gerardo Sta. Ana.
The government has scheduled a series of roadshows throughout the country to inform local business organizations and local governments about the IPP so they can do their part in promoting these sectors. The show for Central Visayas will be held in Bohol in October.
For the region, the focus will be on tourism, information technology, metalworks and processed food.
The Philippine IPP lists 13 industries in the preferred activities list, which include agriculture, agribusiness and fishery; creative industries and knowledge-based services; shipbuilding; mass housing; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects which exhibit high social economic returns that can contribute significantly to economic development;
hospital and medical services; disaster prevention, mitigation and recovery projects.
Iron and steel covers basic iron and steel products, long steel products like billets and reinforcing steel bars and flat hot or cold rolled products.
Hospitals
As for medical and hospital services, the IPP covers establishment and operation of
primary and secondary hospitals.
Existing laws also require the government to include in the IPP those in industrial tree plantation; exploration, mining, quarrying and processing of minerals; publication or printing of books; refining, storage, marketing and distribution of petroleum products; ecological solid waste management; clean water projects; rehabilitation, self-development and self-reliance of persons with disability; renewable energy and tourism.
For tourism, the IPP covers tourism enterprises that are outside of the tourism enterprise zones (TEZ) and are engaged in tourist transport services, establishment and operation of accommodations, convention and exhibition facilities, amusement parks, adventure and ecotourism facilities, sports and recreational facilities, theme parks, health and wellness facilities, agri-tourism farms and tourism training centers. It also covers the development of retirement villages and the restoration or preservation of historical shrines, landmarks or structures.
In support of exporters, the IPP will also cover the manufacture of export products, services exports and activities.
In his message for the IPP, President Aquino said this year’s IPP plan was crafted to focus on job creation, enhanced delivery of social services, international
competitiveness and climate change mitigation and adaptation.
He said the IPP plan is a commitment to the business community that his administration wants to sustain a predictable, reliable and efficient investment landscape for the country.
In 2011, the BOI posted investment approvals of over P368 billion.

Published in the Sun.Star Cebu newspaper on August 31, 2012.

Country ‘can sustain growth’

By Katlene O. Cacho

Monday, August 27, 2012
A TOP official of an investment bank is confident the Philippines will be able to maintain its economic achievements after the country posted a strong 6.4 percent growth in the first quarter this year, the second fastest in the region after China.
Speaking before an economic forum last Friday, First Metro Investment Corp. (FMIC) president and chief executive officer Roberto Juanchito Dispo said the Philippines is well positioned to sustain its economic growth.

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“From the business standpoint, we have a high degree of optimism the country’s economic surge is going to be sustainable,” said Dispo.
Dispo gave the talk “Asia’s Capital Market Star: Can the Philippines Sustain the Momentum,” during the 3rd Financial Executives (Finex)-Cebu General Membership Meeting and The Philippines’ Resurgent Economy forum at the Cebu City Marriott Hotel.
Astonishing growth
Dispo said there is reason for optimism because the growth of Asia and its emerging markets, including the Philippines, is “astonishing.” He said Asia’s emerging markets comprise 52 percent of the world’s total economy.
Dispo said the VIP (Vietnam, Indonesia and the Philippines) acronym was coined to highlight Asian countries that remained resilient despite the economic recession in 2008-2009. After a year, economic forecasters identified three Asian countries TIP (Turkey, Indonesia and the Philippines) whose economies will be driving growth in Asia in the coming years.
Dispo said there are numerous factors that would help sustain the economic growth of the country.
He said that if the country uses its high gross international reserve (GIR), now at $76 billion, to pay for the country’s foreign debt of $63 billion, the Philippines will be a debt-free nation.
Dispo said the country has sound and stable fiscal policy and he is confident it will be able to get its credit rating upgrade by financial institutions in the second semester this year.
Overseas remittances, on the other hand, will also keep the country afloat. He pointed out that the World Bank has ranked the Philippines as the fourth largest in terms of remittances. Some 3,000 Filipinos leave the country daily to work overseas.
Dispo believes the search for “greener pastures” abroad will continue, given the demand for Filipino workers. He said countries like the Philippines, which has a rising supply of young workers, will soon run the economies of fastest-aging countries in the world like Japan and China.
“Filipino workers will be the first to be hired because they are multi-skilled,” Dispo said.
Thriving industries like business process outsourcing (BPO) and tourism will continue to be the country’s top investment attraction. He said the Philippines will need to revitalize its Philippine Economiz Zone Authorities locations and industrial zones to make it more attractive to business locators.
He said mining is expected to bring “wonders” to the country.
“The Philippines is literally sitting on top of gold,” said Dispo. The Philippines is ranked top five in the world for overall mineral reserves. The government estimates the country has at least $840 billion in gold, copper, nickel, chromite, manganese, silver and iron.
Dispo said clear policies should be put in place to maximize the industry and make it a big contributor to the national coffers to finance critical infrastructure programs.
Savings rate
Savings rate of the Philippines as percentage of GDP is growing “decent and is fast catching up” in Asia at 35 percent.
Dispo said the country needs to address some cultural defects in order for the savings rate in the country to improve. He said Filipinos spend P7 million on skin-whitening products. He also said a large amount of money is spent on text messaging and even buying “ukay-ukay” or used clothing.
When asked on the factors that would pose challenges in sustaining economic growth, Dispo cited the government’s low and slow infrastructure spending, the peso appreciation that could harm sectors like BPO, exports and remittances; and the various political reforms that can make or break the country’s current economic standing.
He, however, said, “We are confident of the new leadership and its fresh mandate and thrust on good governance.”

Published in the Sun.Star Cebu newspaper on August 28, 2012.

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Carnival vibe highlighted at the soon-to-rise Rio Tower

Tuesday, 07 August 2012 15:27

ANOTHER upscale residential development along E. Rodriguez Sr. Avenue in Quezon City is set to make condo living a richer experience. The Rio Tower, which is the third installment of Federal Land’s The Capital Towers, promises a carefree and vibrant lifestyle in the tradition of one of the world’s most festive cities.

Inspired by Brazil’s Mardi Gras city of Rio de Janeiro, the Rio Tower replicates the celebratory mood of the famous Carnival by giving homeowners, their relatives and friends continuous fun and excitement whether they are inside their luxurious condo unit or in the indoor and outdoor amenities.

“The Rio Tower, just like the Rio Carnival, is a symbol of people coming together and enjoying each other,” said Federal Land President Alfred V. Ty.

Rio has its own amenities on the seventh floor that guarantee residents and guests zero boredom. The swimming pool and poolside deck bring out the resort-type spirit by offering relaxation or serving as a party venue.

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There’s also a function room, which can accommodate a family gathering. Children can have fun all day in their own play area while adults can enjoy billiards and table tennis in the game room.  Other first-class amenities are a jogging path, gym, day-care center, commercial arcade and view deck.

Rio’s 23- to 26-sq-m studio units; 36- to 39-sq-m one-bedroom units and 41- to 42-sq-m two-bedroom units are perfectly snug and functional for startup families or professionals. Each Rio unit has a bedroom, living and dining area with laminated wood plank flooring, while the kitchen, toilet and bathrooms have ceramic tile floors.

At 42 stories tall, the Rio Tower affords high-zone residents a view of Antipolo in the east, Manila Bay in the west, northern Manila in the north and the Makati skyline in the south. There are four elevators to serve all residents. The building is also equipped with an automatic fire suppression system, fire detection alarm system, emergency power generator and sewage treatment plant.

Location enhances the Rio Tower’s festive offerings with bar-hopping and gig-watching options in the nightlife strip of nearby Tomas Morato and Timog avenues. Shopaholics also have easy access to the Gateway and Ali Mall in Cubao and the Greenhills Shopping Center in San Juan. Everything else is near, from hospitals to schools.

The Rio Tower will be the culmination of The Capital Towers, which comprises two other residential buildings perched on podiums: the Athens and Beijing. The Athens Tower has been completed, while construction of the Beijing Tower is currently in full swing, which is scheduled for completion in 2013. The 35-story Beijing Tower is also offering bigger units and the innovative myHOBS concept or units that can be converted into a home, an office or a shop.

The Rio Tower is scheduled for construction by mid-2013 and is targeted for completion in 2016, when Rio de Janeiro in Brazil hosts the 31st Olympiad.

www.thecapitaltowers.com.ph

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In Photo: Façade the Rio tower (perspective)

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