Stock News 2013: P20B resort rising in Subic

A beach picnic resort at Subic Bay, Philippines (Photo credit: Wikipedia)

A Korean-owned resort is raising a P20-billion tourism complex that would include a hotel and convention center here, the top official of the Subic Bay Metropolitan Authority (SBMA) said.

Roberto Garcia, SBMA chairman and administrator, said the first phase of the project, which will be undertaken by Resom Resort Philippines, involves the development of a prime waterfront property, which used to serve as a mini-golf area spanning 2 hectares. The area has a 6,000-square-meter buildup site.

Garcia, on June 13, signed a lease development contract with Sang So Shin, chair of Resom Resort Philippines.

The project will rise on the same property offered for the $120-million Ocean 9 Casino and Hotel Resort project in 2008, from which architect and urban planner Felino Palafox Jr. withdrew after he discovered that the project could displace 300 trees. Ocean 9 later pulled out of the project.

Sought for comment about the fate of the trees in the project site, Garcia said: “Resom told us that they will not cut any trees. They will use only the buildup area.”

Garcia said Resom has committed to invest P1.2 billion for the construction of a 300-room luxury hotel furnished with convention facilities, a pool, spa, restaurants and other support facilities.

The second phase of the project would cover the development of the Resom City tourism complex involving several properties in the Naval Magazine area spanning 300 ha, he said.

“This will include the construction of a world-class resort complex that will have hotels, condominiums, a theme park, villas, casino and gaming operations, a water park and spa, health and wellness center, duty-free shopping and a championship golf course. This phase involves an investment commitment of around P19 billion and is expected to take around four years to complete,” Garcia said in a statement.

Shin said the Subic Resom City project would be the company’s centerpiece development.

Resom owns and operates four world-class resorts: Ocean Castle, Resom Waterpark and Spa, and Forest Villa, all in South Korea, and a championship golf course and resort in Weihai, China.

Shin said Resom develops its resorts by keeping and preserving the environment as a main priority.

http://business.inquirer.net/127495/p20b-resort-rising-in-subic

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Stock News 2012: Robinsons shifts focus to commercial projects

English: Newly opened Robinsons Place Mall, Tacloban City, Philippines (Opened 2009-06-11) (Photo credit: Wikipedia)
After slowing down on residential construction, Gokongwei-led property firm Robinsons Land Corp. is recalibrating its growth strategy and beefing up its landbank to build a strong pipeline of work in the commercial segment.

“We’re more aggressive now. We’re embarking on landbanking to ensure sufficient land capacity for development,” said Frederick D. Go, president of RLC.

Go said the company remains in talks with Japanese billionaire Kazuo Okada for the latter’s $2-billion casino project in the Philippine Amusement & Gaming Corp.’s Entertainment City along Roxas Blvd. RLC is considering running the retail and hotel operations for Okada’s project.

In April, RLC said it was inherently cautious about the short-term outlook for the residential real estate market and would rather focus on expanding its shopping mall, office building and hotel operations, which account for more than 65 percent of the group’s total revenues.

RLC is building seven new shopping malls and expanding three of its existing malls to capitalize on strong consumer spending and a growing business process outsourcing industry. Of the seven, three will be built this year while the other four will rise in 2013.

The expansion of the retail portfolio will increase the group’s total mall leasable area to a little over a million square meters (sqm) in two years.

RLC recently completed two mall expansion projects in Tacloban and Bacolod.

Together with the two expansion projects, RLC’s total gross leasable area (GLA) is seen to reach 911,000 sqm at end-September this year. In 2013, RLC will add another 100,000 sqm to bring the total GLA to 1.01 million sqm.

For the office segment, RLC is completing Cyberscape Alpha and Cyberspace Beta in Ortigas by mid-2013.

As for its Go Hotel chain, the company is looking to build four this year in line with plans to hit a 30-branch network over the next five years.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=840420

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Stock News 2012: Galleria Cebu will be biggest outside Manila by Robinsons

English: Aerial view of Mactan Island and Lapu-Lapu City, with Cebu in the background (Photo credit: Wikipedia)
Robinsons Galleria Cebu, the group’s 38th mall, is targeted for completion and opening in 2014. The seven-story commercial building will rise on a 4.6 hectare lot along Gen. Maxilom Ave. and will have a gross floor area of about 156,000 square meters.

On the same site will rise the first Cebu branch of the group’s budget hotel gohotel.ph, which will offer 153 rooms. Three floors are dedicated for BPO space with over 9,000 square meters of leasable space.

The retail component, on the other hand, will have a gross leasable area of 56,000 sqm spread on four levels.

RLC president Frederick D. Go said the company is ramping up investments in Cebu, which is experiencing robust economic growth and a booming tourism sector.

Robinsons Galleria Cebu will be RLC’s third mall in Cebu after Robinsons Fuente and Robinsons Cybergate Cebu, which is a mixed-use mall and office development also in the Fuente Osmeña area.

The company currently operates the newly renovated and improved Summit Circle Hotel in Fuente Osmeña Circle. The group will soon have three hotels in Cebu, including the Summit Shores Resort hotel which will be part of the upscale Amisa residential development on Mactan Island.

RLC is also building the Azalea Residences, a residential development in Gorordo Ave.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=831540

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Stock News 2012: SMIC earmarks P5 billion for hotel project

SM Investments Corporation (Photo credit: Wikipedia)
SM Investments Corp. (SMIC), the holding firm for the various business of the family of the country’s richest man Henry Sy, has earmarked almost P5 billion for the construction of two hotels under the Luxury brand.

Based on documents submitted to the Securities and Exchange Commission (SEC), SMIC has appropriated around P4.93 billion out of the total proceeds from its fixed-rate bond issue for two hotel projects to be built at the Mall of Asia complex and in Looc, Batangas.

A big chunk, or P3.4 billion, will go to Luxury City Hotel, an upscale hotel that will have approximately 400 rooms.

The balance of P1.53 billion will be channeled to the 400-room Luxury Hotel in Santelmo, Batangas. “This will be a resort,” said SMIC chief financial officer Jose Sio.

Sio said the design and costing are still being prepared.

SMIC’s hotels and convention centers segment is aiming to offer 1,000 hotel rooms by 2013.

The group is currently building the P750-million Park Inn Radisson Hotel in Davao City’s Lanang District, the first Park Inn Radisson in the Asia Pacific region.

Targeted for opening in the first quarter of 2013, the 204-room Park Inn hotel will be located within the 175,000-square meter mixed-use complex owned and developed by SMIC’s shopping mall subsidiary SM Prime Holdings Inc.

The Park Inn brand is one of the hotel brands under Carlson and is the largest mid-market brand for hotels under development in Europe.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=815940

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Stock News 2011: AGI to invest $1.35B more for Metro Manila tourism

Image via Wikipedia
Alliance Global Group, Inc. (AGI) is expecting to invest an additional $1.35 billion over the next five years for its two hotel and gaming complexes in Metro Manila to boost its capacity to about 5,600 rooms from the current 1,226 rooms.

“At this point, we have invested maybe $650 million in Resorts World Manila. Within the next five years it will grow to $1 billion,” said AGI president Kingson Sian in an interview after the firm’s annual stockholders’ meeting.

He added that, ‘if we're going to spend a billion in RW Manila, for sure, minimum, its a billion on the other side (Pagcor Entertainment City) because its a much bigger site.’

“We're quite positive and excited about the prospects of tourism. There's a lot of us investing and that’s what you need. You need to create scale, you need to create diversity,” Sian explained.

He noted that most of their capital expenditures will be used to build non-gaming facilities such as hotels, conference centers, more high-end retail space.

“We're creating more capacity because we need more room to attract more tourist to come,” Sian said adding that they will build two more five-star hotels in RW Manila, two budget hotels and a six star hotel which will be an extension of Maxims. They will also expand the Marriott Hotel by 100 rooms.

For Resorts World Bayshore in Pagcor City, Sian said they will also prioritize the construction of hotels once their masterplan is completed.

http://mb.com.ph/articles/335072/agi-invest-135b-more-metro-manila-tourism-projects

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Stock News 2011: Robinsons Land to build 200-room Mactan hotel

Image via Wikipedia
Robinsons Land Corp. is set to build a 200-room deluxe seafront hotel in Mactan, Cebu, raising its stake in tourism in the country’s biggest commercial hub outside Metro Manila.

During Friday’s listing on the Philippine Stock Exchange of P13.65 billion worth of shares recently sold through a stock rights offering, RLC president Frederick Go told reporters that the new hotel would be called “Summit Shores” and would cater to both leisure and convention tourism.

The new hotel is in the planning stage and construction can start this year. It will occupy two hectares out of RLC’s five-hectare leisure estate development Amisa in Mactan along the same row as the plush Shangri-La and Movenpick Resort & Spa (formerly Hilton).

The upcoming hotel would be finished in two years, Go said. It would offer hotel rooms for $100 to $120 a night and would be more of a sprawling type of hotel-resort with a large convention facility than a high-rise development, Go said.

The Mactan hotel will be the fifth among RLC’s portfolio of deluxe hotels and the second in Cebu after an earlier hotel in Cebu City formerly called Cebu City Midtown Hotel. The group also owns the Galleria and Crown Plaza hotel properties in the Ortigas central business district and Summit Ridge in Tagaytay.

http://business.inquirer.net/2102/robinsons-land-to-build-200-room-mactan-hotel