CEBU CITY, Philippines - After a surge of residential subdivisions built in 2005 and 2006, the trend moved towards condominiums and office space in 2007. Few new subdivisions were opened last year compared to previous years.
More condominiums and office buildings were launched instead. This trend is not because of the lack of interest to develop residential subdivisions but because of the dwindling supply of raw land in Cebu City and areas near the metropolis.
To some analysts, the driving force for the real estate industry this year will be commercial and office space, led by the high demand among business process outsourcing (BPO) firms.
Old business district
Rents in establishments in the old business district of Colon are cheaper and more affordable.
However, fewer people have been frequenting the place. Perhaps because of dwindling business there, maintenance has been neglected. Few units are being developed or upgraded. Unlike a decade ago, more and more empty spaces can be seen in the downtown area driving rental prices there to below P300 per square meter. There are spaces for rent at the ground floor of buildings at only P187 per square meter.
Mandaue
Mandaue has generally been an industrial city with many companies based there. Lately, more companies have been established there. and more commercial establishments there as an offshoot of the development of Cebu City. Many restaurants, bars, and office spaces have been flourishing in the A.S. Fortuna area.
Along the stretch of A.S. Fortuna, one can find places ideal for offices or shops at less than P500 per square meter. Units which are off the main road can go as low as P250 per square meter or less. Warehouses in Mandaue are generally below P100 per square meter.
Schools
Near schools where snack bars, carenderias, and restaurants flourish, small spaces are available for as low as P200 per square meter. These areas include P. Del Rosario or Junquera Streets as well as streets around Southwestern University in Cebu City. Space for rent is sometimes subleased to small carts and other peddlers. Most businesses here are in the informal sector.
Business process outsourcing
Lack of space and high rent prices in Manila have driven many BPOs to look elsewhere such as Cebu. In recent years, we have witnessed how these big companies struggled to look for space until they decided to build the buildings themselves.
As of August 2007, www.colliers.com reported that there was an estimated 80,000 square meters of space used by around 17 BPO companies in Cebu. The average rate is P313 per square meter, against P1,018 per square meter in Metro Manila. At the IT Park, the average rate is P413 per square meter while the Cebu Business Park averages P413 per square meter rental.
Colliers reports office vacancy in Cebu City averages 7.4 percent. It further says that ?Asiatown IT Park had the lowest vacancy of less than 1 percent due to increasing demand from the BPO industry. The Cebu Business Park was nearing 7 percent while the downtown area was recorded at 16.4 percent.? The IT park may have a lower vacancy rate because it is an economic zone and offers incentives for its locators.
Offices
Colliers estimates Cebu's available office space at 161,294 square meters and said that the amount of space has been growing at a compound rate of 10 percent per year since 1990. However, only 36 percent are considered Grade A, located in prime business districts. Colliers estimates that 102,812 square meters of office space will be added in the next year or so in Cebu City. Commercial value in these prime areas like the Cebu Business Park is around P29,000 per square meter.
globalnation.inquirer.net
Linggo, Pebrero 5, 2012
P3B set aside for 3 ventures
HOMEGROWN developer Cebu Landmasters Inc. is earmarking P3 billion for capital expenditures starting this year, for the development of three residential projects in Cebu under a joint venture with RDAK Transport Equipment Inc. (RDAKLAND) Cebu Landmasters Inc. president and chief executive officer Jose Soberano III said the programmed capex will stretch until 2014. The company broke ground last Saturday on its first residential project, Midori Plains, in partnership with RDAKLAND.
The project, which sits on eight hectares in Tungkop, Minglanilla, will house an initial 387 residential units with prices ranging from P1.6 million to P3.2 million. Average lot area is 120 square meters. Midori in Japanese term means “green.” Soberano described the project as an Asian-inspired, Zen-living development.
“The partnership of this project came in when I learned that RDAK and Cebu Landmasters are both eyeing the same property in Minglanilla. So we decided to work on the project together rather than compete with each other,” Soberano said, adding that this project is RDAK’s first venture in Cebu’s thriving real estate industry.
Branching out
RDAK’s core business is in the transportation and heavy equipment industry, which includes manufacturing and selling of several types of heavy, light and medium transport vehicles. Ricarido Delfin Abellana King, founder and owner of RDAK Transport Equipment Inc., said their venture into property development signifies their optimism and confidence in Cebu’s real estate industry. The two companies will pour in P500 million to develop Midori Plains, which will have nine house designs intended for the middle-class market. The firm also allotted some 50 lot-only units.
Midori Plains land development is expected to be completed within one year. Among the amenities are Club Chi, which features a swimming pool, open-air pool cabanas, function hall and entertainment rooms; and a gazebo. Aside from Midori Plains, Cebu Landmasters and RDAK are also set to develop two condominium buildings on A.S. Fortuna in Banilad and on Salinas Ext. in Cebu City.
According to Soberano, the A.S Fortuna project will have two 12-storey condominium buildings with 198 units each. This condo project is being pitched to the middle-class market, such as young professionals, with unit prices ranging from P1.3 million to P1.6 million. The Salinas project, on the other hand, will have seven mid-rise condominium buildings with a total of 1,200 condo units. This project is programmed for a three-year development.
According to Soberano, the low interest rate, strong domestic liquidity, huge housing backlog and strong inflows of remittances prompted them to be aggressive in building property projects in Cebu.
Familiarity
Cebu, he said, has always been a hub for work and education. He added local players like him are not threatened by the coming of big players in Cebu, as the province records a huge housing backlog. “They may have dominance in certain markets but local developers here have a good head start in the real estate environment because of our familiarity with local conditions,” he said. His company, for instance, is eyeing the middle market who can afford to acquire houses with prices ranging from P1.5 million to P3 million.
Cebu Landmasters’ first residential project is San Jose Maria Village in Balamban in 2003. Since then, he brought the brand to different areas such as Minglanilla in 2007, Toledo in 2009, and Talisay in 2010. The company made its first foray into vertical development with the 17-storey high-rise condominium project called Asia Premier Residences at the Cebu I.T. Park (formerly Asiatown I.T. Park). This was followed by the construction of the 18-storey residential condo the Baseline Residences along Juana Osmeña St. last year.
Soberano said there are more residential subdivisions being eyed by the firm in Tagbilaran, Cagayan de Oro, and Ilo-ilo cities, as part of their positioning to become a significant community developer in the Visayas and Mindanao.
Sabado, Pebrero 4, 2012
ALL GREEN TO GO FOR CALYX CENTRE
As Cebu holds its collective breath for its first truly green hybrid building, the pressure is on for Calyx Centre to deliver. As of the start of this month, the construction has consistently done just that: delivered on its deadlines ahead of schedule.
"Concreting works is proceeding at an average two and a half floors per month,” says Engr. Ed Hitosis, Project Manager and consultant to Innobuild, the construction arm if Innoland. “At this rate, the topping off of the podium, where the amenities level is, will be by April 30."
As of this writing, parking floors from the 2nd to 6th levels have been concreted, the ground floor for the commercial area stripped and cleared in preparation for masonry works, and all ramps leading to the parking and basement floors have been completed.
Even at this stage, Innobuild ensures that the tenets of Green Living it adheres to are upheld. “We use 100% recyclable materials for the construction stage.” Aluminum instead of single-use wooden forms are utilized, and even the pouring of concrete is accomplished in a way that the need for tapping is eliminated, fast tracking the finishing process. This saves energy, effectively minimizes waste production, and pushes the completion schedule even further forward.
"Worker welfare is also a major consideration for us," adds Engr. Ed Hitosis. "Sanitation is in place for them, and even their barracks are structured so density is live-able." A canteen is also organized that disposal of waste is proper, and a safety officer is always on duty.
Hitosis, whose firm E.R. Hitosis & Associates is responsible for the Manila Ocean Park, among other notable projects, concludes this about Innobuild. “For a local contractor to invest in these measures is extraordinary.”
Masonry works, which began March 15, 45 days ahead of original schedule, now leaves the month of May free for the early start of concreting on the residential floors and the start of finishing works for the completed levels.
The Calyx Centre has a considerable way to go with 17.95% completion. By the end of December this year, finishing of parking and office floors will be completed, as well as the concreting works of the entire building itself. Moreover, the green aesthetics will come to the fore as finishing of both the residential floors and the 10th floor amenities level will commence by the same month. As it proceeds towards topping off by end of December 2011, 2.04% ahead of schedule, Calyx Centre is all Green to Go.
Midori Plains Breaks Ground
Grand, gallant and green – Midori Plains broke ground on February 4, 2012 at Tungkop, Minglanilla, Cebu. The first joint venture project of Cebu Landmasters Inc. and RDAKLand Inc.
Sinulog Dancers entertained the guest while registering and what a crowd it was! The event was formally started with a Eucharistic celebration followed by the actual ground breaking ceremony graced by representatives of both developers, ably assisted by representatives from the barangay, headed by Brgy. Captain, Desiderio Tan. On The Cover, the band that played wonderful music for both young and old alike. A sumptuous banquet was served to all guests who then later enjoyed a fire dance show and the grand fireworks display. Midori Plains is a promising community developed to cater to the mid market. A true testament of zen living with first class amenities.
Huwebes, Pebrero 2, 2012
Robinsons Land Plants Trees For The Future
Bridging Communication Gaps in Swiss
"I am really contented with services rendered by the International Marketing
Department. I do
appreciate their efforts in reaching us despite time and location differences.
We are so happy
for the unit we've got from Robinsons Land."
- Ms. Leonila Floquet & Mr. Rene Vonrohr, Switzerland
A Remarkable Experience Worth Remembering
"It has been a great experience purchasing a condo at Robinsons Land. I have
been away from
the Philippines for 35 years. At first, I saw the ads from the Filipino
Community newspapers here
at Los Angeles and I was very interested to purchase a unit at Trion Towers.
But I was not sure
until i went home to the Philippines last June 2009 and met one of the staff
of International
Marketing. He accompanied me to the construction site and showed me the
model units at the
showroom. I was attracted to the place and the staff clearly explained to me
everything. So I
decided, right on the spot, and signed the necessary documents to reserve a
unit."
- Mr. Joey Dacanay, United States of America
Woodsville Mansions News
Robinsons Land buys 9.3-ha property of Jardine Davies
By Zinnia B. Dela Pena The Philippine Star Robinsons Land Corp. (RLC), the property unit of Gokongwei-owned JG Summit Holdings Inc., signed an agreement with Jardine Davies Investments, Inc. for the purchase of the latter's 9.3-hectare property in Merville, Paranaque City. RLC, however, did not disclose how much it acquired the property, which is close to the border of two major central business districts (CBDs) - Makati and Bonifacio Global City. The purchase of the property marks RLC's entry to the Southern part of Manila. RLC said the property will be developed into a mixed-use type development with several residental-gated enclaves consisting of affordable mid-rise condominium units and townhouses in the P2million and higher category. For this project, the company is targeting the mid-level to senior executives, entrepreneurs, medical professionals, expatriates, young couples or start-up families and OFWs. With its sheer size and prime location, RLC said the Merville acquisition will help answer the needs of various target markets looking for an attractive address that are close to CBDs but not at the price of current CBD properties. Currently one of the most active real estate developers, RLC also won in the recent government bidding for the four-hectae Manila Gas property valued at P573 million. Said property is scheduled for turnover by next month.
For its fiscal year ending September 2005, RLC posted a net income of P1.2 billion on total revenues of P5.08 billion. In the first quarter of its fiscal year 2006, RLC reported a net income of P419 million or an increase of 28 percent from the previous level's P328 million. Revenues likewise went up 38 percent to P1.72 billiob compared with only P1.25 billion a year earlier.
RLC is the flagship property of development arm of JG Summit Holdings Inc., one of the country's largest conglomerates with diverse interests in branded consumer foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.
Leading real estate developer, Robinsons Land Corporation, is inspiring future homeowners to start sowing the roots for the future. Through a CSR project spearheaded by subsidiary brand, Robinsons Homes, RLC is sending out the message that nature should be an essential part of every home – and that everyone in the community has a role to make sure this mission comes to fruition.
The project is called Our Roots, Our Homes – Planting Trees for a Greener Philippines. Launched early this year in Robinsons Homes development Mirada Dos in San Fernando, Pampanga, the new project aims to address not only the need for a greener community, but to emphasize the importance of cooperation among the homeowners to sustain the worthwhile cause. Through Our Roots, Our Homes, every Robinsons Homes project will impart a legacy that the company wants every homeowner to take pride in. Robinsons
Homes executives, led by Ms. Joan Cosico, Business Unit General Manager, together with the Mirada Dos Homeowners Association and selected students from the Magnificat Child Development Center actively participated in planting a total of 108 trees. “This is the best way to show the kids the importance of nature and taking care of the environment. We enjoined them to be involved.” Four kinds of trees were chosen to help sustain the advocacy. Neem trees were planted to drive away mosquitoes, while Mahogany trees were planted to ensure that its long branches provide shade to future generations. Banaba was planted for its medicinal benefits while the Bottle Brush trees are also expected to further beautify the surroundings. “These trees were chosen to benefit the neighborhood and complement the landscape of our master planned subdivision development,” said Ms. Cosico, “This is our gift to the homeowners as now, they will be responsible for taking care of the trees, a challenge they welcomed as they believe that this is an investment for their future.”
More tree planting events are set to be carried out in various Robinsons Homes project developments in the coming months.
Miyerkules, Pebrero 1, 2012
Thoughts on wine collection Part 2
In the past I have discussed proper wine storage, but this is certainly not the same as longer term wine storage for maintaining a wine collection. Proper storage without a wine chiller is possible, like storing wines laid down, in the coldest place of your house, away from sunlight, vibration, and odorous substance, and other practical guidelines. But this can make wines last for months at most, and definitely not intended for aging wines as in for years. Humidity and temperature fluctuations will catch up soon to destroy the wine, or as I heard often in my last US trip, one may end up committing the crime of `vinocide’. Below is my practical take on starting a small wine collection for those overzealous wine enthusiasts, who like me, do not have the benefit of a wine cellar.
Tips on Wine Collection (more for personal consumption, and not for reselling): Invest in a wine cabinet. While the most ideal is to build a real cellar, it is obviously not a feasible proposition for us - regular folks. Besides, for a cellar to make sense, one should be looking at a minimum of four digit wine inventory to be worthwhile of the investment. A simple wine chiller that can store 36 to 72 bottles would do. Prices of wine chillers are not as expensive as they were before, unless you want a Sub-Zero brand. You can buy a 24 bottle China made Haier brand for just over P10,000.00 to hundreds of thousands for American brand Sub-Zero.
Ensure the logistical integrity of the wine source. This may be from the wine shop, the supermarket or even a direct wine importer (preferred) – it is so essential to know how the wines you are buying are stored and transported. So often, we buy good wines, only to find out upon opening that these wines are already aerated and oxidized. It would have been a huge crime to have kept some wines for so many years, when these same wines to start with were already off-quality due to poor storage and negligent transporting. I suggest checking thoroughly your wine source. Sadly, several supermarkets in town fail miserably in storing wines even remotely close to what is ideal.
Buy what you would drink, and not what others would. I have always heard wealthy wine enthusiasts go buy expensive Grand Cru burgundies, only to complain that they wanted the Bordeaux wine body and the Cabernet nose. Sure, burgundies may be `hot’ now, but if you are not into Pinot Noirs nor Chardonnays, you will not enjoy these wines, whether to drink now or to drink later on after keeping. Drop the concept of collecting what others enjoy. Wine selection and collection should be personal.
Buy in 3s or 6s. If there is a wine you loved immediately after tasting, particularly one of present release younger vintage and still of good value, get more than your usual one or two bottles. The vintage will change soon, so if you see the same wine you enjoyed, take advantage of its current vintage’s availability. Now, it goes without saying that the wine should be able to age, at least a reserve level with ample oak aging, and not your usual entry level wine. Keeping a similar wine to drink at different times can also help a drinker determine whether aging helps improve or regress the same wine.
For very consistent or reliable wines as experienced from having drunk different vintages of the same wines in the past, it will be good to also store multiple vintages of these wines. This I admit is one of my best pleasures, as no matter how good the wines are, there will always be negligible or significant differences vintage to vintage, more so with old world wines. The discovery of a specific vintage outperforming another vintage is very self-fulfilling. Having different vintages of the same wine is called a vertical collection.
Read about the wines before buying. While I am not really in favor of relying on magazines like Wine Spectator, Robert Parker’s Wine Enthusiast, and other wine authority magazines, it pays to do your research too before buying wines. Wine reviews and notes are so accessible now, and doing your homework can help on wine decision making, especially from lack of exposure to wines of certain regions. But I do suggest that information-filtering is to be consciously done. Also, note that wines change when it travels, so tasting notes, no matter how accurate it could be when tasted by the wine critic, will not be the same when it finally come your way.
Concentrate on what I consider mid-premium wines from P1,200 to P2,000 /bottle ($25 to below $50) range to store and collect. All these wines are at the minimum, reserve level, oaked and 95 percent age-worthy. This is a huge range and includes several great wines from almost every noteworthy wine regions. Some of the `must-haves’, without going specific brands are Napa California Cabernet Sauvignons, Sonoma Zinfandels, Barossa Shirazes, Coonawara Cabernet Sauvignons, top Grand Reserve Chilean Cabernet Sauvignons, Grand Reserve Argentinian Malbecs, Rioja Reservas and Gran Reservas, Ribera del Duero Crianzas, Chianti Riservas, Barbarescos, Cru Bourgeois Bordeauxs, Northern Rhone wines and some great sweet whites like Barsacs and German Spatlese Rieslings.
Work on a budget. This is a bit tough as we all have our own style of budgeting. But people can get carried away. If you go to the more high-end wine shops, you can easily be talked into purchasing more than you wanted. A simple swipe on the credit card here and there may not hurt, until the billing statement comes in the mailbox. So, it is best to have a monetary budget ceiling in mind. I would peg it at P1,000 per your chiller’s bottle capacity. If you have 72- bottle capacity, budget P72,000 from the onset—obviously, since I suggest the mid-premium range, you cannot fill your chillers up all the way to the last bottle space with this budget. Instead I suggest filling up 75 percent or 54 bottle for a 72-bottle capacity, to always allow room for new wines in case some caught your fancy on chance encounters.
And finally, have the discipline to keep your collection for months, so as not to defeat the concept of wine collection. At least some wines should last for a few years. Choose the ones with longevity, like a good recent vintage Bordeaux 2008 (if still within the mid-premium range). And believe me these wines will be great to savor with a few years of waiting.
If you have huge chillers, wines can be kept longer. But if you have limited space, keep only those age-worthy wines. Regular everyday drinking wines, those in the P300 to less than a P1,000 range can be kept outside of the chiller, but still at my previously advised short term storage guidelines. And if you happen to overbuy those premium wines because of good bargains or due to recent trips to Hong Kong that will exceed your wine chiller capacity, you may have to choose which ones to store and which ones to drink earlier. Otherwise, you might have to buy another chiller that will take extra space away from your living room or kitchen. This is one issue the husband has to convince the wife on... I should know.
Heritage Tour For Tawason Elementary Kids
Making Cebu’s puso (hanging rice). Listening to Cebuano folklores. Developing Cebuano pride in the children while exposing them to Cebu’s prime heritage sites. AboitizLand, Inc. through its You Can Be A Hero Program in cooperation with Aboitiz
Foundation, Inc. and Ramon Aboitiz Foundation (RAFI) time travelled with Don Calixto Yangco Sr. Elementary School Grade 6 students back to the past through a remarkable heritage tour
.Forty one (41) kids of AboitizLand’s adopted school, Don Calixto C. Yongco, Sr. Elementary School (DCCYES) explored urban Cebu’s heritage touch points such as Mandaue’s Bantayan sa Hari, Cebu City’s Casa Gorordo and Fort San Pedro last January 28.
Jeanne Ouano, AboitizLand’s Vice President for Corporate Planning said that through visiting these heritage sites, “AboitizLand puts into action its brand promise of nurturing communities, in this case, the old Sugbo, ensuring that it lives on and that the kids, too, understand their role in sustaining communities today and future generations.
”The class visited Bantayan sa Hari, Mandaue’s 1800-old watchtower built to warn residents about impending pirate attacks. Jonhsen Yamac, one of the top students of the class was in awe. Jonhsen marveled at “the fresh air and the beauty of the Bantayan sa Hari, but most of all, it is unbelievable that egg whites were used to make stabilize the coral stones that made up the fort.”At the Casa Gorordo Museum, the kids had a fun time learning from the kids of Barangay San Roque, Cebu City, who taught them how to weave the palm leaf gracefully enveloping the famous hanging rice or puso. After spending considerable time in getting the tricks of the puso making, the AboitizLand employee-volunteers treated the kids with Cebuano folktales leaving the kids with lessons on humility and thoughtfulness.
Now on its second year, Don Calixto Yongco, Sr. Elementary school remains an active partner of the company as one of its adopted schools. The Heritage Tour is part of AboitizLand’s “You Can Be A Hero" program, which includes learning sessions conducted by AboitizLand employee-volunteers every Friday afternoon teaching Math, Science, English, self-development and art appreciation. The tour supplements classroom instruction as it allows participants a first-hand experience of the concepts that are taught during their learning sessions.Amazing Love Race Dashes Through The Persimmon Plus And Pueblo Verde
Mag-subscribe sa:
Mga Post (Atom)