Real estate giant Ayala Land Inc. has committed to invest an unprecedented P60 billion over the next five years in various development projects designed to strengthen the status of Makati City as the country’s unrivaled capital for business, lifestyle, entertainment and culture.
ALI president Antonino Aquino said in a briefing Thursday that the budget represents the single biggest investment that the company will make in a single city and a testament to the “aggressive stance” that the real estate company is taking to sustain its “high growth strategy.”
The P60-billion capital expenditure budget will be spread out across six districts within Makati City where it intends to put up mixed use developments, but about half of it will go into the continuous redevelopment of the Ayala Center, including the Makati central business district.
Another P20 billion will be invested in the development of the Sta. Ana district—on the former Sta. Ana racetrack—into an entertainment-centered area, with the balance going into the Makati South (on the corner of EDSA and McKinley Ave., heading toward Forbes Park), Makati North (near the Makati Medical Center) and Ayala Triangle districts.
According to Aquino, ALI’s decision to invest a significant amount in Makati City was prompted by renewed optimism and confidence in the Aquino administration as well as the country’s economic prospects.
http://business.inquirer.net/50517/ayala-land-to-invest-p60b-in-makati
Thursday, March 22, 2012
Friday, March 9, 2012
Stock News 2012: Cavitex Finance launches tender offer for $160-M MCTR notes
Cavitex Finance Corp. has launched a cash tender offer to buy the $160-million 12-percent notes due 2022 that the Manila Cavite Toll Road Finance Co. (MCTR) issued in 2010.
Cavitex is a Cayman-based company owned by a group led by businessman Luis J.L Virata.
The tender offer will run until March 30 unless extended or terminated by the purchaser. A total of 160 million remains of the outstanding notes.
The total consideration for each $1,000 principal outstanding amount of notes validly tendered is the price equal to $1,000 plus accrued and unpaid interest from the last payment date but not including the settlement date.
Cavitex said the total consideration includes an early tender premium of $30 per $1,000 principal outstanding amount of notes payable.
In line with the tender offer, Cavitex is soliciting consents of the noteholders to enact certain proposed amendments in order to eliminate most of the restrictive covenants.
The tender offer and consent solicitation are conditioned upon the holders of notes representing more than 90 percent of the aggregate amount of notes outstanding.
Bank of America Merrill Lynch is the manager for the tender offer and consent solicitation.
http://www.philstar.com/Article.aspx?articleId=785119&publicationSubCategoryId=66
Cavitex is a Cayman-based company owned by a group led by businessman Luis J.L Virata.
The tender offer will run until March 30 unless extended or terminated by the purchaser. A total of 160 million remains of the outstanding notes.
The total consideration for each $1,000 principal outstanding amount of notes validly tendered is the price equal to $1,000 plus accrued and unpaid interest from the last payment date but not including the settlement date.
Cavitex said the total consideration includes an early tender premium of $30 per $1,000 principal outstanding amount of notes payable.
In line with the tender offer, Cavitex is soliciting consents of the noteholders to enact certain proposed amendments in order to eliminate most of the restrictive covenants.
The tender offer and consent solicitation are conditioned upon the holders of notes representing more than 90 percent of the aggregate amount of notes outstanding.
Bank of America Merrill Lynch is the manager for the tender offer and consent solicitation.
http://www.philstar.com/Article.aspx?articleId=785119&publicationSubCategoryId=66
Stock News 2012: Century Properties pre-sells 20% of condo
Century Properties Group (CPG) has already pre-sold 20 percent of the 645-unit Acqua Livingstone, the first residential building designed by upscale fashion brand Missoni around the globe.
Livingstone is the fourth tower to rise in CPG’s six-tower Acqua Private Residences riverside project in Mandaluyong City, which is estimated to generate total sales of around P15 billion.
The new tower, which follows the brisk sellout of the first three – Niagara, Sutherland and Dettifoss – is now 20-percent sold in just a few weeks since its launch. The entire Acqua Private Residences project is estimated to cost about P7 billion.
CPG managing director Marco Antonio said the company expects to sell out the entire Livingstone tower within the year due to the market’s robust reception.
“At the current pace, we can sell everything in a few months. It depends on the appetite of the market,” he said.
Livingstone will be kitted out in Missoni’s trademark striped designs and flamboyant colors. Unit sizes range from 27 square meters to 140 sqm, with a selling price of an average of P145,000 per sqm.
“We were fascinated by the project, very hi-tech and modern. Century Properties’ culture of passion, creativity and quality proved the perfect fit,” said Vittorio Missoni, marketing director and shareholder of Italy’s Missoni S.p.A.
http://www.philstar.com/Article.aspx?articleId=785117&publicationSubCategoryId=66
Livingstone is the fourth tower to rise in CPG’s six-tower Acqua Private Residences riverside project in Mandaluyong City, which is estimated to generate total sales of around P15 billion.
The new tower, which follows the brisk sellout of the first three – Niagara, Sutherland and Dettifoss – is now 20-percent sold in just a few weeks since its launch. The entire Acqua Private Residences project is estimated to cost about P7 billion.
CPG managing director Marco Antonio said the company expects to sell out the entire Livingstone tower within the year due to the market’s robust reception.
“At the current pace, we can sell everything in a few months. It depends on the appetite of the market,” he said.
Livingstone will be kitted out in Missoni’s trademark striped designs and flamboyant colors. Unit sizes range from 27 square meters to 140 sqm, with a selling price of an average of P145,000 per sqm.
“We were fascinated by the project, very hi-tech and modern. Century Properties’ culture of passion, creativity and quality proved the perfect fit,” said Vittorio Missoni, marketing director and shareholder of Italy’s Missoni S.p.A.
http://www.philstar.com/Article.aspx?articleId=785117&publicationSubCategoryId=66
Stock News 2012: RLC opens its 30th mall in Calasiao, Pangasinan
Robinsons Land Corporation is opening on March 15, 2012 its first full service mall in Calasiao, Pangasinan – the 30th in its steadily growing chain of commercial centers.
According to RLC president Frederick Go, Robinsons Place Pangasinan is the newest and among the biggest shopping malls in the region, with a gross floor area of approximately 32,000 square meters and a gross leasable of approximately of 25,000 sqm built over a 6-hectare lot.
Go said RLC chose Calasiao for its first mall in Pangasinan because the first class municipality is strategically located between Dagupan City and San Carlos City, both thriving commercial areas of the province.
Connected via a major highway, Calasiao is just 15 minutes from Dagupan and 25 minutes from San Carlos City.
Aside from Robinsons Place Pangasinan, RLC malls in Central and Northern Luzon include two malls in Pampanga, and one each in Tarlac, Ilocos Norte, Bulacan and Cabanatuan.
Go said the two-level Robinsons Place Pangasinan is already over 90 percent leased with Robinsons Department Store, Robinsons Supermarket, Handyman, Robinsons Appliances and Robinsons Movieworld as anchor tenants.
Robinsons Movieworld operates 3 cinemas and a 3D cinema which have total seating capacity of over 1,000 seats. The 3D cinema is the first in the Region and uses the XPAND system.
According to Go, this is the first among all Robinsons Movieworld 3D cinemas to use an active shutter method wherein the 3D glasses are hi-tech devices which is synchronized with the projector to provide the brightest and crispiest image. “All our other 3D systems installed are passive, using Dolby or Master Image systems,” he added.
http://www.philstar.com/Article.aspx?articleId=785090
According to RLC president Frederick Go, Robinsons Place Pangasinan is the newest and among the biggest shopping malls in the region, with a gross floor area of approximately 32,000 square meters and a gross leasable of approximately of 25,000 sqm built over a 6-hectare lot.
Go said RLC chose Calasiao for its first mall in Pangasinan because the first class municipality is strategically located between Dagupan City and San Carlos City, both thriving commercial areas of the province.
Connected via a major highway, Calasiao is just 15 minutes from Dagupan and 25 minutes from San Carlos City.
Aside from Robinsons Place Pangasinan, RLC malls in Central and Northern Luzon include two malls in Pampanga, and one each in Tarlac, Ilocos Norte, Bulacan and Cabanatuan.
Go said the two-level Robinsons Place Pangasinan is already over 90 percent leased with Robinsons Department Store, Robinsons Supermarket, Handyman, Robinsons Appliances and Robinsons Movieworld as anchor tenants.
Robinsons Movieworld operates 3 cinemas and a 3D cinema which have total seating capacity of over 1,000 seats. The 3D cinema is the first in the Region and uses the XPAND system.
According to Go, this is the first among all Robinsons Movieworld 3D cinemas to use an active shutter method wherein the 3D glasses are hi-tech devices which is synchronized with the projector to provide the brightest and crispiest image. “All our other 3D systems installed are passive, using Dolby or Master Image systems,” he added.
http://www.philstar.com/Article.aspx?articleId=785090
Thursday, March 8, 2012
Stock News 2012: SMC, MVP back Roxas' tollway links proposal
Aerial View of Balintawak Toll Barrier, NLEx (Photo credit: Wikipedia)Citra Metro Manila Tollways Corp. (CMMTC), backed by the San Miguel Group, and Metro Pacific Tollways Corp. (MPTC) of businessman Manuel V. Pangilinan, have expressed support to a proposal by Department of Transportation and Communication (DOTC) Secretary Manuel Roxas II for government to allow the construction of two major tollways connecting the South Luzon Expressway and the North Luzon Expressway.
“Having two major tollways linking the North and South will indeed be very beneficial to the public. Not only will we decongest EDSA, we will also hasten the flow of traffic and commerce between North and South,” CMMTC president Shadik Wahono said. “Since the San Miguel Holdings-Citra Skyway 3 project and the ‘connector’ road of MPTC will cater to different markets and therefore, serve different purposes, we support the position of Secretary Roxas and Mr. Pangilinan,” he added.
Citra’s proposed North-South link, a 14-kilometer, six-lane tollway with exits in Quirino in Manila and Plaza Dilao, Aurora Blvd., E. Rodriguez Ave., Quezon Blvd., Sgt. Rivera, and Balintawak in Quezon City, is seen to greatly decongest EDSA. MPTC’s connector road, on the other hand, will have four lanes and three exits in Quirino, Espana, and 5th Avenue.
“We don’t mind if the government will allow both Citra and MPTC to undertake their projects. The more that the roads complement each other, the better the traffic throughput would be,” he said.
This was also the position that the San Miguel Holdings-Citra consortium adopted when it announced late last year that it was prepared to spend $1.5 billion for infrastructure acquisitions and development in the country for 2012.
Friday, March 2, 2012
Stock News 2012: Robinsons Land bags Asiamoney award
Robinsons Land Corp. (RLC), one of the country’s largest property developers, was recently awarded Asiamoney magazine’s Best Managed Company Small-Cap category in the Philippines in 2011.
Asiamoney, a leading financial publication based in Hong Kong, said RLC earned the award [because of the sensible way management has run the company’s operations.”
“We are honored and happy that our efforts to steer the company amid these challenging times have been recognized by such a prestigious publication as Asiamoney,” said RLC president Frederick Go.
“The Philippines’ second-largest builder and operator of malls has continued to grow revenues and profits,” noted Asiamoney.
RLC posted a 10 percent growth in net profit for the fiscal year ending Sept. 30, 2011 to P3.97 billion from the P3.59 billion earned in fiscal year 2010 on stronger leasing revenues and residential sales.
It generated total gross revenues of P13.34 billion for fiscal year 2011, an increase of 18 percent from P11.30 billion for fiscal year 2010. EBITDA amounted to P7.14 billion this year, up by 11 percent from the previous year.
“RLC’s plans for the future also look steady,” said Asiamoney, citing the firm’s plan to build three new malls per year, develop two new office properties in the Ortigas district, roll-out its Summit Hotels and gohotels.ph brands and launch P8-billion worth of residential projects.
A leading real estate conglomerate in the Philippines, RLC has built landmark property developments that include 29 malls, 5 hotels, 8 office buildings, 57 residential condominiums, and 31 affordable housing subdivisions throughout the country.
“We will open three new shopping malls, expand two existing malls, continue to complete several office buildings, residential condominium buildings, and housing subdivisions in the region. We are also very excited with this year’s opening of four gohotels.ph in Puerto Princessa, Tacloban, Dumaguete and Bacolod,” added Go.
http://www.philstar.com/Article.aspx?articleId=783002&publicationSubCategoryId=63
Asiamoney, a leading financial publication based in Hong Kong, said RLC earned the award [because of the sensible way management has run the company’s operations.”
“We are honored and happy that our efforts to steer the company amid these challenging times have been recognized by such a prestigious publication as Asiamoney,” said RLC president Frederick Go.
“The Philippines’ second-largest builder and operator of malls has continued to grow revenues and profits,” noted Asiamoney.
RLC posted a 10 percent growth in net profit for the fiscal year ending Sept. 30, 2011 to P3.97 billion from the P3.59 billion earned in fiscal year 2010 on stronger leasing revenues and residential sales.
It generated total gross revenues of P13.34 billion for fiscal year 2011, an increase of 18 percent from P11.30 billion for fiscal year 2010. EBITDA amounted to P7.14 billion this year, up by 11 percent from the previous year.
“RLC’s plans for the future also look steady,” said Asiamoney, citing the firm’s plan to build three new malls per year, develop two new office properties in the Ortigas district, roll-out its Summit Hotels and gohotels.ph brands and launch P8-billion worth of residential projects.
A leading real estate conglomerate in the Philippines, RLC has built landmark property developments that include 29 malls, 5 hotels, 8 office buildings, 57 residential condominiums, and 31 affordable housing subdivisions throughout the country.
“We will open three new shopping malls, expand two existing malls, continue to complete several office buildings, residential condominium buildings, and housing subdivisions in the region. We are also very excited with this year’s opening of four gohotels.ph in Puerto Princessa, Tacloban, Dumaguete and Bacolod,” added Go.
http://www.philstar.com/Article.aspx?articleId=783002&publicationSubCategoryId=63
Thursday, March 1, 2012
Stock News 2012: Philex posts record income
Photo of Manny (Photo credit: Wikipedia)Philex Mining Corp. said its net earnings surged to a record P5.77 billion last year, up 46 percent from P3.96 billion in 2010, on increased metal production and unprecedented global metal prices.Core net income likewise hit an all-time high of P5.57 billion, 34 percent higher than a year ago. Operating revenues also reached a historic high of P16.13 billion or an increase of 20 percent as gold continued its 11-year bull run in the world market.
Revenues from gold operations climbed 29 percent to P9.29 billion with prices rising 26 percent to an average of $1,536 per ounce.
Revenues from copper production, on the other hand, amounted to P6.09 billion, six percent more than the P5.7 billion recorded a year earlier.
Copper price per pound also improved from $3.63 in 2010 to $3.70 in 2011.
Ore milled slightly went up to 9.49 million tons from 9.36 million tons. The company registered a seven-percent growth in volume of copper to 37.955 million pounds and a five percent rise in gold to 140,113 ounces.
“Philex Mining will continue to lead and will focus on exploring additional revenue streams to maximize the opportunities presented by the world’s growing requirements for gold and copper,” said Manuel V. Pangilinan, chairman of Philex.
Pangilinan declined to give an income guidance for the year but said he expects “global demand and supply for metals are expected to be fundamentally strong throughout 2012.”
For this year, the company has budgeted P2.4 billion for its capital expenditures this year, P1 billion of which will go to the exploration and development of the Silangan mine, which contains the combined Boyongan-Bayugo deposit located at the Surigao mineral district in Mindanao.
Pangilinan said the company continues to scout for new acquisitions given its strong balance sheet. “We’re looking at a broad range of opportunities to see continued growth,” he said.
When asked whether Philex is setting it sights on Apex Mining Corp., Pangilinan said all firms engaged in gold and copper operations are on the company’s radar.
“Our main focus shall continue to be on gold and copper. Anything that will come into operations before the Silangan mine, we are interested,” Pangilinan said.
Pangilinan said the company is also interested in acquiring a stake in Manila Mining Corp. if given a choice.
http://www.philstar.com/Article.aspx?articleId=782500&publicationSubCategoryId=66
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