Philippine Economy On Steady Growth This Year

The Philippine economy will likely post within-target growth this year, the Organization for Economic Cooperation and Development (OECD) said, but is unlikely to expand at rates programmed by the government for the medium term. With the region expected to stay resilient amid a global downturn, the OECD, in its Southeast Asia Economic Outlook 2013 released yesterday, said the Philippines could see 2012 gross domestic product (GDP) growth of 5.4%, within the government’s 5-6% goal and up from 2011’s below-target 3.7%.

The outlook is a tad higher than the aggregate 5.3% for Southeast Asia’s 10 economies, individual forecasts this year are mixed. The average momentum for the next five years will be 5.5%, the OECD said.

Source: Business World

BCDA To Bid Bonifacio South Property

The Bases Conversion and Development Authority (BCDA) is now drafting the terms of reference that will set the stage for the bidding of the 33.1-hectare prime Bonifacio South property, considered one of the agency’s crown jewels, before the end of the year. 

BCDA president Arnel Paciano D. Cassanova told reporters that they are now completing the valuation of the property, which is expected to fetch a higher sales price. SM Land valued the property at around P27 billion or P36,900 per square meter. The BCDA has reportedly set a minimum price range for the property at between P45,000 to P50,000 per square meter following the successful sale of the less attractive Food Terminal lot in Taguig City which was sold for P32,000 per sqm.

Source: The Philippine Star

Ayala Plans More Resort Projects

Developer Ayala Land, Inc. is keen on acquiring as much as 1,000 square meters of beach and island properties in Visayas in the next few years in order to expand the company’s growing tourism and leisure development portfolio, the firm’s top official said yesterday. 

“When you look at the map of the Philippines, the Visayas region is where you have a lot of islands. Islands have the best beaches. We will be focusing on that area, as a great way to attract tourists would be the interaction of beaches and tourist facilities,” Antonino T. Aquino, Ayala Land president, told reporters at the sidelines of the Asia-Pacific Real Estate Investment Summit Philippines at the Hotel InterContinental Manila in Makati City yesterday, when asked about Ayala Land’s land banking prospects for its future tourism-related developments.

Source: Business World

SM Megamall - Henry Sy's Biggest Shopping Mall

SM Megamall will soon be tycoon Henry Sy’s biggest shopping mall in terms of gross floor area (GFA) with a P2-billion expansion program that will jack up its GFA by 150,000 square meters to 550,000 sqm by the end of next year. 

This will edge out SM North Edsa in terms of GFA. It will also be bigger than the available retailing space in the upcoming SM Tianjin in mainland China. By land area, SM Megamall is nowhere as big as the sprawling Mall of Asia or SM Tianjin (which has 43 hectares or the size of about three football stadiums) but the vertical development gives it a bigger retail space. The new P2-billion Megamall building, for instance, will have five or six stories and is designed to have an atrium.

Source: Philippine Daily Inquirer

Ayala Land and Rustan's Plan Department Store Chain

Ayala Land Inc. will soon debut into the department store retailing format in partnership with the Rustan’s group by investing in the anchor tenant of a new Ayala shopping center rising in Fairview, Quezon City. This will implement an earlier announced equal joint venture with the Tantoco family’s Specialty Investments Inc. (SII) to pursue opportunities in the Philippine retail sector. 

Fairview Terraces

ALI and Rustan’s are likewise investing in the 24-hour convenience store business under Japanese retailing chain Family Mart, the world’s second-largest convenience store operator.

In a talk with reporters at the sidelines of the Securities and Exchange Commission hearing on foreign capital computation, Ysmael said ALI was now developing a new mall, Fairview Terraces, whose anchor tenant would be a department store co-owned by the Ayala-Rustan’s partnership.

Source: Philippine Daily Inquirer

SM Group Earmarks P7B for Hotel Expansion Plan

The group of retail tycoon Henry Sy is investing some P7 billion to scale up its hotel portfolio over the medium term, which will include its flagship luxury hotel that will rise within the Mall of Asia (MOA) complex and five new Park Inn Hotels in various countryside locations across the Philippines. 

Park Inn Hotel in Davao by SM

SM Hotels executive vice president Reynaldo Villar said the group has made plans to build a five-star 400-room hotel within MOA and roll out five new Park Inn Hotels adjacent to selective SM Malls within the next six to seven years. The upcoming five-star hotel in MOA, which will be completed by 2015, will require about P4.5 billion in investment, said SM Hotels vice president Christina Bautista. She added that each new Park Inn Hotel would require P500 million in new investment. This will bring to P2.5 billion the expected capital outlay for the five new Park Inn Hotels. Four of the additional Park Inn Hotel projects, she said, might be able to break ground by the first quarter of 2013.

Source: Philippine Daily Inquirer

Escala Salcedo - Iconic Parkside Living by Alveo

Alveo introduces its latest development, Escala Salcedo. A true icon of Parkside Living, this project in a rare signature address is set against the backdrop of one of Makati's last remaining lush open areas.

Homeowners who value warm and intimate setting woven into the dynamic cultural fabric of Makati Central Business District will appreciate the proximity of Escala Salcedo to Jaime Velasquez Park (Salcedo Park) in the heart of the quaint neighborhood of Salcedo Village.