After the success of Avida Towers Vita in Vertis North, real estate firm Avida Land recently launched the Avida Towers Sola in the 46-hectare Vertis North, inclusive of Trinoma. Avida Land is the developer for the medium market arm of Zobel de Ayala controlled property heavyweight Ayala Land Inc. Ayala Land lives up to a distinguished legacy.
ALI traces its beginnings in 1834 under the leadership of Zobel and Ayala families In the 1940s. Ayala y Compania launched the the Ayala Master Plan, a 25-year urban development program for Makati. It introduced Forbes Park, the country’s first high-end subdivision in the 1950s. Later, it developed the first masteplanned community known as Makati business district. As they say, the rest is history.
“Avida Towers Sola is gaining a lot of interest from different markets as a mid-affordable high-rise residence in Vertis North, and a last opportunity to gain an Avida residence in the district,” said Raquel Cruz, Avida Land Corporate Planning Group Head. This master-planned development of Ayala Land, Inc. will be the site of Avida Towers Sola, which has 31 residential storeys.
Avida Towers Sola is adjacent to its predecessor but will offer units facing Vertis North Gardens. This two-hectare park is made of wide lawns and greenery and features sloped, terraced gardens for public events. Cruz said Avida Towers Sola will have world-class developments. For instance, she said the gardens will be at par with central parks and offer breathing space in the midst of the district.
Furthermore, it will have an underground basement parking to ensure it will be a pedestrian-friendly and walkable district. Being accessible to EDSA, Avida Towers Sola will provide residents with the convenience and accessibility of this main thoroughfare. Other main transit points nearby are Quezon Avenue, Agham Road and North Avenue. The first tower will have 1,004 residences in a mix of studio, 1-BR and right sized 2-BR, and 3-BR units.
The right-sized units were designed to provide family members more of their own spaces. The 2-BR units also come with a multi-passenger toilet and bath, allowing simultaneous use of the facilities. Aside from these new layout options, residents will enjoy amenities like a lap pool, kiddie pool, indoor gym and a clubhouse with a large function hall for as much as 150 guests. Prices for Avida Towers Sola units start at P2.6 million. Avida Towers Sola will turnover units of its first tower by 2020.
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Villar-controlled Starmalls Inc. will play a key role in the expansion roadmap of Vista Land seeking to grow more than double its leasable office and mall space in the next two years. Financial services company COL Financial believes the mall business unit of former Senator Manuel B. Villar is on the right track. The firm projects its EBITDA (earnings before interest taxes depreciation and amortization) will post a compounded annual “growth rate of 14.15 percent and net income to grow an average of 10.4 percent annually.”
In a recent article published in the Philippine Star, To further power the expansion, the report said Starmalls also expressed interest to provide some office spaces for the growing businss process outsourcing sector beside some its malls. “This year, Starmalls will add 350,615 square meters (sqm) of GFA, 220,000 of which area already open. They plan to add 135,000 sqm of GFA in 2017 and another 300,000 sqm of GFA in 2018, bringing total GFA to 1.3 million sqm by end of 2018,” the report noted.
Furthermore, COL noted Starmalls would boost the growth of parent company Vista Land this year and the succeeding years. “Not only will its revenues grow faster than real estate sales but being a higher margin business, Starmalls will also accelerate the growth of EBITDA and net income. We forecast Starmall revenues to grow at a CAGR of 40.30 percent from P2.62 billion in fiscal year 2015 to P7.23 billion by full year 2018,” said COL.
“This is a lot higher than our CAGR estimate of 4.5 percent for the real estate segment for the same period,” added COL. As part of its strategy to shift into a totally integrated developer, Vista Land finished this year the purchase of 88.34 percent of Starmalls.
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Megaworld Corporation took home its first-ever Best Developer award as well as three more citations and 13 Highly Commended honors at the recently concluded fourth Annual Philippines Property Awards held in Makati City.
The Dr Andrew L Tan-led was on an upbeat mode when company it got an unprecedented 16 nominations, with Uptown Bonifacio getting six nods. The high-end urban township eventually won Best Residential Architectural Design for the Uptown Ritz condominium development.
Aside from being one of the largest developers in Makati CBD, Megaworld is also known for the being the country’s biggest developer and pioneer of integrated urban townships across the Philippines. To date, the company has introduced 17 townships: the 18.5-hectare Eastwood City in Quezon City, which is the first cyberpark in the Philippines; 25-hectare Newport City in Pasay City, home of Resorts World Manila; 34.5-hectare McKinley West, 50-hectare McKinley Hill, 15.4-hectare Uptown Bonifacio and 5-hectare Forbes Town Center in Fort Bonifacio; 28.8-hectare The Mactan Newtown in Lapu-Lapu City, Cebu; 72-hectare Iloilo Business Park in Mandurriao, Iloilo; 12.3-hectare Woodside City in Pasig; and 11-hectare Davao Park District in Davao; as well as the 350-hectare Suntrust Ecotown, under its wholly-owned subsidiary Suntrust Properties, Inc. and GERI’s 62-hectare Alabang West; 561-hectare Southwoods City in the boundaries of Cavite and Laguna; 150-hectare Boracay Newcoast in Boracay Island; the 1,300-hectare Twin Lakes in Tagaytay; and the newly launched 34-hectare The Upper East and 50-hectare Northill Gateway both in Bacolod.
Megaworld is set to compete against the best developers of the region in the upcoming Southeast Asia Property Awards in November.
Established on August 24, 1989, Megaworld is engaged in the development, leasing and marketing of real estate. It created a sterling a reputation for building high-end residential condominiums and commercial properties located in convenient urban locations with easy access to offices as well as leisure and entertainment amenities in Metro Manila.
Beginning in 1996, in response to demand for the lifestyle convenience of having quality residences in close proximity to office and leisure facilities, the Company began to focus on the development of mixed-use communities, primarily for the middle-income market, by commencing the development of its Eastwood City community township. In addition, the Company engages in other property related activities such as project design, construction oversight and property management. In 1999, Eastwood City Cyberpark became the first IT park in the Philippines to be designated a PEZA special economic zone.
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The Philippine government has tapped the German government to help the Department of Energy (DOE) enhance solar its energy development program. Experts from nine German solar companies recently came to Manila to provide training programs to solar companies, distribution utilities electric cooperatives, regulation and administration authorities, project developers, and investors on the current technologies and project development skills for renewable energy.
The DOE is pushing for the development of solar energy and other RE technologies to enable isolated areas not connected to the grid to have access to electricity. Moreover, the DOE stressed the importance of RE in the country’s energy mix citing that it has reduced the processing of application to attract more investors. It also noted the county is blessed with various Resources such as wind, solar, hydro, biomass and ocean waves.
The DOE said developing RE is now easier because the cost of technologies have dropped sharply over the years. Furthermore, the Small Power Utilities Group of the National Power Corp is pioneering in the development of the country’s first photovoltaic/hybridization project in Limasawa, Leyte province.
Through Department Circular 2015-07-0015, the energy department pointed out that RE should contribute 30 percent to the country’s total energy mix, This will be done through the implementation of the FIT (feed-in-tariff) system and other vital provisions covered by the RE Act and and RE IRR (implementing rules and regulations).
To ensure the policy is enforced effectively, the DOE will set the following FIT installation targets: 250 megawatts (MW) for hydro, 250 MW for biomass, 400 MW wind, 500 MW for solar and 10 MW for ocean.
More than 200 Filipino participants joined the program. The German agency Deutsche Gesellschaft for International Zusammenarbeit (GIZ) Gd Gmbh organized the event.
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Property heavyweight Ayala Land, Inc (ALI) recently took over the control of Tutuban Center by paying an initial hefty sum of P1.41 billion in cash.
As part of management change, Prime Orion’s top officials recently offered their resignations. Felipe U. Yap as chairman; David C. Go as vice-chairman; Yuen Po Seng as president and chief executive officer; Ronald P. Sugapong as director, treasurer, and chief finance officer; and Daisy L. Parker as director, corporate secretary, chief legal counsel, and compliance officer.
Afterwards, Prime Orion designated ALI President Bernard Vincent O. Dy as chairman; Yap, vice-chairman; Jose Emmanuel H. Jalandoni, president; Ruby P. Chiong, treasurer; Rhodora Estrella B. Revilla, chief finance officer and compliance officer; June Vee D. Monteclaro-Navarro, corporate secretary; and Nimfa Ambrosia L. Perez-Paras, assistant corporate secretary.
To accommodate ALI’s subscription, Prime Orion said it will file an application with the Securities and Exchange Commission to increase its authorized capital stock to P7.5 billion, divided into 7.5 million common shares with par value of P1 apiece, from P2.4 billion.
Moreover, ALI acquired segments of shares controlled by principal stakeholders Guoco Assets (Phil.), Inc. and Genez Investments Corp. With the deal with ALI sealed, Prime Orion’s public float will drop to around 32.16 percent and its foreign ownership level will be reduced to 1.056%. Prime Orion is the owner of the Tutuban Center in the Divisoria Tutuban Complex.
The complex is being eyesd as the transfer station for the P287-billion North South Railway Project will connect to the Light Rail Transit Line 2 West Station. The 56-kilometer North South Railway Project will have a commuter rail from Tutuban to Calamba, Laguna, a 478km long haul rail from Tutuban to Legazpi Albay. With the completion of the project, daily foot traffic is projected to increase to 400,000 from 100,000.
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