Property Market Monitor Philippines Manila 201508
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Transcript of Property Market Monitor Philippines Manila 201508
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Philippine Property Market
Monitor
August 2015
Office/O&O Avida Land Corporation, a subsidiary of Ayala Land Inc (ALI), is set to develop its second
office project in Bonifacio Global City (BGC) – Capital House. The soon-to-rise 26-storeyoffice building targets small and medium-size enterprise companies looking for officespace in BGC. The development will have 222 new office units with sizes ranging from 62to 159 sqm. Capital House is scheduled for completion by December 2017, with units tobe turned over by 2Q18.
Megaworld Corporation has earmarked PHP 20 billion for the construction of 12 newoffice buildings in Uptown Bonifacio and McKinley West. Four office towers are on the risein Uptown Bonifacio: the Uptown Towers 1, 2 and 3, which are reportedly 90% leased,and the Alliance Global Tower. Six campus-type office towers are being built in McKinleyWest. The completion of the office developments is expected to raise available total officesupply by at least 100,000 sqm in Uptown Bonifacio and by 60,000 sqm in McKinleyWest.
US-based Open Access BPO is launching its second Philippine office in the Filandia ITCenter in Davao City this August 2015. The expansion reflects the goal of the company toopen offices in cities with a highly educated workforce, and is very accessible. Moreover,another reason for the planned expansion is the lower business costs in Davao City,estimated at 20-30% lower than in Metro Manila. The new office will add 180 employees,who will provide voice and non-voice call centre services for businesses.
ALI subsidiary, Cebu Property Ventures and Development Corporation is planning theexpansion of Cebu IT Park in Cebu City. The proposed expansion includes a two-hectare“superblock” worth PHP 8 billion that will include two new offshoring and outsourcingoffice towers supported by the Ayala Group. Other developments to be included in theexpansion are an Ayala Mall and a Seda Hotel.
Key Economic IndicatorsGDP Growth (1Q 2015)a 5.2%GDP Growth (2014) a 6.1%Inflation (July 2015)b 0.8%Foreign Exchange Rate(average July 2015)b In PHP per USD
45.26
91-Day T-Bill Rate(average July 2015)b
2.1%
182-Day T-Bill Rates(average July 2015) b
2.3%
Cumulative Overseas FilipinoCash Remittances(Jan-May 2015) b In million USD
9,906
Cumulative net FDIs(Jan-May 2015) b In million USD
1,636
Unemployment Rate(Apr 2015)c
6.4%
Population (as of May 2010 )c 92.3MTourist Arrivals(Jan-May 2015)d
2,229,139
Tourist Arrivals Growth(y-o-y)d
8.2%
Sources:
a National Statistical Coordination Board (NSCB)b Bangko Sentral ng Pilipinas (BSP)
c National Statistics Office (NSO)d Department of Tourism (DOT)
Residential ALI recently launched West Gallery
Place, a 49-storey luxurycondominium development set torise in BGC. The development isreported to offer 420 unitscomprising 1-BR, 2-BR, 3-BR and4-level villa units ranging from 52 to
710 sqm in size at an estimatedaverage selling price of PHP234,000 per sqm. Meanwhile, its832 sqm penthouse unit, calledSkyrise 49, was reportedly sold ataround PHP 234 million. Units onthe lower floors are scheduled forturnover in 3Q21, while units fromthe 38th to 49th floors and four-level villas are scheduled for 1Q22.
Megaworld Corporation hasannounced its newest residentialproject located along Senator Gil
Puyat Avenue in Makati City calledSan Antonio Residence. It is a 40-storey tower reportedly to offer 848units ranging from 25 to 93 sqm
and set to complete by 2020.
Retail
Robinsons Retail Holdings, Inc(RRHI) plans to open twocommunity malls per year until2020. Branded as RobinsonsTownsville, the malls will have afloor area ranging from 5,000 to10,000 sqm, in which 60% to 70%
are allotted for retail space to RRHIaffiliated stores such as RobinsonsSupermarket, Handyman Do ItBest, True Value, Topshop, andMinistop, among others. RobinsonsTownsville malls will be located incommunities with densepopulations within Metro Manilaand fringe areas.
Japanese clothing brand UNIQLOplans to open at least 200 stores inthe Philippines by 2020. Its neweststore will open in September 2015
at SM City Cabanatuan. UNIQLO isaggressively expanding due to thelarge and continuously growinglocal market in the Philippines aswell as the Philippine population of
100 million.
Hotel/Leisure
Bangkok-based resort and hotelcompany, Dusit International, is setto open five new hotels in thePhilippines – two hotels in MetroManila, one hotel in Cebu City andtwo hotels in Davao City. The fivefuture hotel developments of Dusit
International are the Dusit PrincessNAIA Gardens in Parañaque City,the dusitD2 in BGC, the DusitPrincess in Cebu City, Dusit ThaniResidences in Davao City and thedusitD2 in Davao City.
Starwood Hotels & Resorts is set toexpand in the Philippines with theopening of the Sheraton MactanResort in Cebu. The SheratonMactan Resort will feature both ahotel called the Sheraton MactanHotel and a residential
development called the Residencesat Sheraton Mactan Resort. TheSheraton Mactan Hotel will offer250 rooms, including 20 suites, andis set to open in 2019.
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For more information, please contact:
Claro dG. Cordero, Jr.
Head of Research, Consulting &[email protected] +63 2 902 0887
JLL
Philippines
+63 2 902 0888
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is made to the accuracy thereof.
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