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Sunday, February 17, 2008

Stock News 2008: Robinsons Land to sell P1.5-B receivables

JP Morgan Chase TowerImage by mheisel via FlickrRobinsons Land Corp. (RLC), the property arm of Gokongwei flagship JG Summit Holdings Inc., has entered into an agreement with Home Funding Inc. (HFI) for the sale of up to P1.5 billion worth of receivables.
HFI is a special purpose company formed pursuant to the Securitization Act of 2004.
In a disclosure to the Philippine Stock Exchange, RLC said the receivables, will come from certain contracts to sell with the company’s buyers for securitization.
The agreement effectively provides covered buyers with an additional option for long-term financing on their condominium purchase.
The assignment of receivables will be implemented in several tranches subject to certain conditions, including the approval by the Securities and Exchange Commission of the securitization plan, RLC said.
Securitization is a financial transaction in which assets are pooled and securities representing interests in the pool are issued. Assets that can be securitized include auto loans, student loans, mortgages, credit card receivables, lease payments, accounts receivables and corporate or sovereign debt.
In a typical arrangement, the owner or originator of assets sells those assets to a special purpose vehicle (SPV). This may be a corporation or some form of partnership established specifically to facilitate the securitization. It may hold the assets or collateral on its balance sheet or place them in a separate trust. In either case, it sells bonds to investors, the proceeds of which will be used to pay the originator for the assets.
RLC earlier forged a strategic alliance with JP Morgan Chase Bank NA to tap the cash management services of the New York-listed global financial services company.
According to RLC, the increased efficiency to be brought about by JP Morgan’s cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for the property firm’s growing number of buyers based in the US, Europe and Asia.
RLC has earmarked P10 billion for its capital expenditures this year which include the construction of six new malls, new office buildings and residential subdivisions.
Its latest project within Bonifacio Global City is Trion Towers, a three-tower, high-rise condominium project which would rise on a one-hectare property at the corner of McKinley Parkway and 8th Avenue. Each tower would have 49 stories and house 700 residential units.
Construction of the project will start this year and is expected to be completed in three years.
RLC would launch another high-rise residential project geared towards the upper income market in a one-hectare lot near Forbes Park.
Zinnia B. Dela Peña
February 17, 2008
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Monday, February 11, 2008

Stock News 2008: Property firm to launch new condominium project in Bonifacio Global City

Fort Bonifacio 5Image via WikipediaLISTED PROPERTY developer Robinsons Land Corp. is set to launch its fifth high-rise condominium project in the upscale Bonifacio Global City in Taguig within the next three months.
Mybelle V. Aragon-Gobio, Robinsons Land vice-president for business development, said the company is scheduled to unveil a twin-tower residential project by the second quarter of this year.
Frederick D. Go, Robinsons Land president and chief operating officer, told BusinessWorld in an interview Thursday night that the company envisions a "luxury" project, with units costing a minimum of P5 million each.
"It will be called St. Regis, a name synonymous to luxury and timeless elegance," Mr. Go said.
Last property with a view
He said St. Regis will be located at the vacant 9,118-square-meter lot located along the Millionaire’s row at the corner of McKinley Drive and Fifth Avenue, in Bonifacio Global City.
"It [the property] is seen as the last remaining premier lots that has superior vantage point in the whole Global City complex with a spectacular viewpoint of Manila Golf and Manila Polo Club," Mr. Go said.
Planned as the "lifestyle gateway" to Global City, Robinsons Land said the lot is composed of two mega-block lots — the first measuring 5,747 square meters, and the second block measuring 3,371 square meters.
Mr. Go however declined to say how much has the company allotted for the construction of St. Regis.
Robinsons Land, the real estate development arm of the family of taipan John Gokongwei, currently has three sold-out projects in Bonifacio Global City.
These are the 38-storey Fifth Avenue Place, the 43-storey Mckinley Park Residences and the 43-storey Fort Residences.
Since the projects are already sold-out, Ms. Aragon-Gobio said Robinsons Land has decided to begin preselling its forth project in Fort Bonifacio, the 49-storey The Trion Towers.
Tri-axial
Located in a 9,819-square-meter lot at 8th Avenue and McKinley Parkway, The Trion Towers is the first three-tower residential complex in Fort Bonifacio.
"This new icon of the city skyline boasts of an ingenious tri-axial design which allows all of the units to enjoy privacy, good quality daylight, natural ventilation and multiple views of the city," Ms. Aragon-Gobio said in an interview.
"The groundbreaking design, the buildings’ height, and the triangular formation of the towers all contribute to uniqueness and grandness that The Trion Towers embody, setting it apart from other residential developments," she added.
Ms. Aragon-Gobio said The Trion Towers features 2,146 condominium units with a selection of one-, two-, or three-bedroom units ranging from 37 square meters up to 118 square meters. The minimum unit cost is P3 million.
She said construction of the project is scheduled to be completed by 2011.
"One major design aspect is the introduction of buildings in a triangle formation, where each tower is linked by a bridgeway via a podium-like activity theme park — all buildings will be designed to fittingly embrace the ’central park’, fully maximizing the residential wellness, green-livability and value of the property," she said.
Robinsons Land is the real estate arm of JG Summit Holdings, Inc., one of the country’s largest conglomerates with interests in branded consumers foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.
Shares of Robinsons Land were unchanged at P14 each after last Friday’s trading.
Jeffrey O. Valisno
February 11, 2008
http://www.robinsonsoffices.com/jan-mar2008.html
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Sunday, February 3, 2008

Stock News 2008: Ladylove gets her wish, meets man of her dreams

Xavier Hall in the Ateneo de Manila University.Image via WikipediaMANILA, Philippines -- If there was one person you would, figuratively speaking, give your life to meet, who would it be?
For 18-year-old Ladylove Torsiende of Cotabato City, it was not a popular heartthrob-movie star but 81-year-old business tycoon John L. Gokongwei.
Last week, the Inquirer made her dream come true.
“Ladylove, what an unusual name,” Gokongwei, one of the richest men in the country, said when she was introduced to him at his penthouse office in Ortigas Center last Jan. 31.
Ladylove, a bright girl who was forced to drop out of high school because of her family’s financial difficulties, was one of 22 Inquirer letter-writers chosen to have their wishes granted during the paper’s 22nd anniversary last December.
Clad in blue jeans and a printed blouse, Ladylove said she “just knew” that the meeting with her idol—which lasted about 30 minutes—would somehow change her life.
Her bet was good.
At the end of the chat, not only did Ladylove receive a gift check from the taipan, she also got a promise from him to pay for her tuition should she pass the entrance exams to her dream school, the Ateneo de Manila University (ADMU), which hosts the John Gokongwei School of Management.
“When you are able to accomplish the test required by Ateneo, then I will help,” Gokongwei said.
Ladylove was ecstatic. She said her dream to meet Gokongwei began when she read about his inspiring rags-to-riches story in the Sunday Inquirer Magazine.
When she learned about the Inquirer contest, Ladylove said she had thought about asking for a bunch of material things. But inexplicably, her instincts told her that she should write about the Chinese-Filipino businessman and wish to meet him.
She said her hunch was so strong that she had anticipated the call from the Inquirer on Jan. 22 telling her she had won. The Inquirer provided a round-trip plane ticket to Ladylove.
Gokongwei, on the other hand, said he was surprised that somebody picked him as a “wish.” His assistants said he laughed out loud and heartily when he heard about it.
34th richest in SEA
Gokongwei is chairman emeritus of JG Summit Holdings Inc., one of the largest conglomerates in the country with interests in retail, manufacturing, real estate, media, aviation and financial services, among others. According to Forbes magazine, he is the 34th wealthiest businessman in Southeast Asia, with assets valued at over $400 million.
Two years ago, Gokongwei made his name in the philanthropy world after he announced, on his 80th birthday, that he would donate half of his personal fortune, estimated at about P20 billion, to the Gokongwei Brothers Foundation, the company’s charity.
Source of inspiration
According to the soft-spoken Ladylove, Gokongwei’s journey from humble beginnings in Cebu province to the top echelon of Philippine business has become her source of inspiration.
She said she always assumed the famous Gokongwei, whose big Robinsons malls are spread all over the Philippines, came from a rich family.
“I was amazed to read his rags-to-riches story. I did not know that he faced many hardships,” Ladylove said, adding that the image of a young Gokongwei riding his bicycle to sell goods in the market struck a chord in her.
“I learned that success was within our reach if we just tried hard,” she added.
Dreaming big
The billionaire and the simple Cotabato lass initially appeared to have nothing in common. But like Gokongwei, Ladylove also lost a parent at a young age and she had to make sacrifices to help her family.
According to the girl, her mother, Florife, died two years ago, leaving her and five other siblings. Her father, Armando, is a retired policeman. The family lives on their father’s modest pension and the remittances of her sister in Dubai.
Four years ago, in her second year in high school, Ladylove’s parents asked her to quit school because they could not afford it anymore. Ladylove said she cried but did not rebel.
She was sad, though, because she was doing well in school. She graduated valedictorian of her elementary school and felt she had a great chance of duplicating the feat in high school. After she stopped going to school, she helped out in her parents’ small sari-sari store.
Gokongwei’s beginnings
Gokongwei’s own story is that when he was 13, his father died leaving him the family’s breadwinner and forcing him to stop school and find work. To make ends meet, Gokongwei said he sold goods at the market using an old bike.
Last year, Ladylove was finally able to return to school. She enrolled for a six-month computer vocational course at the Notre Dame University and is set to take the Department of Education’s high school equivalency test this month.
If she passes the exam, she will be eligible to enroll in a regular college, something that she is determined to do. She said she dreams of entering the corporate world and having her own company to run in the future. And yes, she dreams of enrolling in ADMU’s John Gokongwei School of Management.
When questioned by her idol—“Ateneo is a tough school to get in,” he said—Torsiende simply replied: “I dream big.”
This earned immediate approval from Gokongwei: “Oooh, that’s what I said. It’s good to dream.”
Leadership skills
Ladylove made her pitch: “I think I have great leadership skills.” Just last month, she said, she was one of several students chosen to represent her school at The Young Partners Meeting organized by the Consuelo Foundation in Laguna.
After the meeting, Ladylove confided that Gokongwei, with his booming voice and laughter, intimidated her. “But he was a nice man,” she added.
The taipan gave Ladylove a copy of his biography “John L. Gokongwei Jr.: The Path to Entrepreneurship.” Everything you need to become a success is in it, he told her.
“It’s a lonely road. You just have to do it,” he added.
Then at the end of their chat, he gave his young fan his calling card, saying that if she needs something, she knows where to reach him.
Kristine L. Alave
February 03, 2008
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