Archive for June, 2010

Megaworld Corporation allots P17B for 2010 capital expenditures

Property developer Megaworld Corporation, in a disclosure to the Philippine Stock Exchange, announced that it has P17 billion for its capital expenditures this 2010.

In the same disclosure, the real estate firm also reported that its group of companies has P15 billion worth of real estate projects under the Megaworld, Empire East and Suntrust brands in the first five months of 2010.

Megaworld Corporation also generated P11.4 billion during the five-month period from strong sales of residential projects in its Eastwood City, McKinley Hill and Newport City townships, along with Manhattan Garden City.

While sister companies, Empire East and Suntrust, posted combined sales of P3.6 billion during the same period for their ongoing housing projects.

Megaworld is a pioneering developer of integrated live-work-play-learn communities in the country.

To date, it has six township developments under way in the most strategic locations in Metro Manila, in addition to several luxury residential condominium projects in the heart of the Makati central business district. Read more…

Water crisis could affect real estate industry in Iloilo City

Outgoing city mayor Jerry Treñas admitted that the water crisis in Iloilo City could discourage national players in the real estate industry to invest here.

Mayor Treñas said that water service is one of the primary concerns of real estate developers. The investors could not afford to put up large housing communities in Iloilo City if there is not enough source of potable water, he said.

The mayor stressed that aside from the power, water is a major factor that real estate developers consider before investing in an area. Even if they could construct affordable housing units the main concern of the buyers is water accessibility.

Treñas said that he will work on this major problem of the city as one of his priority projects in congress. Treñas is set to take oath as congressman of Iloilo City on June 29.

Earlier, Iloilo Business Club (IBC) executive director Leah Lara said that there has been a surge of real estate investors in the region.

She added that land developers would find the city ideal since it has great tax incentives and the local government reaches out to the private sectors.

She also stressed that the local business community enjoys taxation incentives from the city government which real estate developers find very attractive.

But she said that a city with not enough water for its residents could dispel investors confidence in our economic capability.

Currently national real estate players and developers in Iloilo City includes the Avida Land Corp. of Ayala Land, HCBC Land Development Corp., EON Realty & Development Corp. and Philippine Diversified Developers Corp., among others.