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Firm offers rent-to-own program to speed up sales in Bayswater

Economy

Feb 142014

BEFORE they start work on their development in Talisay City, the developers of Bayswater Subdivision would rather complete their project in Lapu-Lapu City. To hasten the sale of remaining units, they hope their rent-to-own scheme will do the trick.

Lyn Cutanda-Veits, marketing manager of Bayswater, which is being developed by MSY Holdings, said there are about 110 of the 800 units in the 10.5-hectare subdivision that are available for the rent-to-own scheme.

Although the monthly payments for the scheme are about the same with the monthly amortization for units acquired through bank loans, Veits said ready-to-own units will be made available faster.

She explained that if done through bank financing, units are constructed once the equity payments are completed. Under the rent-to-own scheme, they ask for 30 days to prepare the unit and the homeowner can move in.

Waiving requirements

Veits said they want to complete the sale of Bayswater Mactan within the year so that their next project in Talisay can begin, which is why they are pushing for the rent-to-own scheme as an alternative to attract buyers who want to move in earlier.

She added that they are waiving the bank pre-approval requirements to hasten the process as long as reservation fees have been paid, the buyers pass the capacity-to-pay requirements and have given two months’ deposit and postdated checks for the monthly rental.

Bayswater Mactan was started in 2007. They have turned over 50 percent of the units while 45 percent have been occupied. Veits said the rest are undergoing improvements by their homeowners.

Veits believes their development is “the best in Lapu-Lapu City” because many foreigners, who she said are more picky, have chosen to settle in Bayswater. She said about 30 percent of their clients are foreigners, who can avail themselves of their long-term lease agreement, which lasts 25 years and is renewable for another 25.

Veits also said the company is offering investors property management services via the MSY Leasing Property Management to make it easier for them to maintain their properties between leases.

Bayswater offers nine house models ranging from P2 million to P7 million. Apart from regular amenities expected of gated subdivisions, Veits said residents enjoy the conveniences of a mini-mall inside the premises with 10 areas for retail that will complement their needs. Currently, there is a convenience store and fitness gym. They are expecting a spa, restaurant and café to operate soon.

Veits said that homeowners are prioritized as concessionaires but they will not allow other businesses to be in direct competition with the others.

Published in the Sun.Star Cebu newspaper on February 16, 2014.

Rockwell invests P2B in Cebu

Economy

Feb 062014

PROPERTY developer Rockwell Land has finally entered Cebu with their 32 Sanson residential project as its introductory development outside Metro Manila. The P2-billion project will sit on a 3.2-hectare property in Lahug, where a furniture factory owned by the Aboitiz family used to operate. Rockwell bought the land in 2012, said 32 Sanson general manager Paolo Ernesto V. Reyes. Rockwell president and chief executive officer Nestor J. Padilla told Sun.Star Cebu in a separate interview that the company has chosen to build in Lahug because of its proximity to vital business districts and prominent schools, “while at the same time remaining tranquil and private.” The 32 Sanson project will introduce Rockwell’s low-rise development, which Reyes said has been matched to its surroundings, encircled with greenery. Reyes said there will be five structures of five floors each; all are set to be completed in 2016. Natural “Rockwell’s expansion outside of Manila was a natural step following our expansion throughout Metro Manila. After the positive reception Rockwell received in Ortigas, Quezon City, and San Juan, we were truly eager to venture out regionally,” said Padilla. Rockwell has already completed eight residential projects since it started in the 1990s. Currently, it has six ongoing residential developments. The developer has also ventured into commercial developments, with two already completed and one ongoing project, still concentrated in Metro Manila. “The vibrant city of Cebu has always been attractive to Rockwell. Its booming economy, relaxed lifestyle and lively personality was something Rockwell sought to participate in,” Read More …

ALI assigns some shares in venture to affiliates

General

Jan 302014

ALI assigns some shares in venture to affiliates

REAL estate player Ayala Land Inc. (ALI) has assigned some of its shares in its joint venture agreement with Aboitizland Inc. to affiliates Cebu Holdings Inc. (CHI) and Cebu Property Ventures Development Corp. (CPVDC). In a press statement sent yesterday, ALI disclosed its assignment to CHI and CPVDC of the right to subscribe to 10 percent and five percent, of the authorized capital stock of the joint venture company (JVC). ALI will retail its remaining 35 percent stake in the JVC. Last week, ALI inked a joint venture agreement with Aboitizland Inc. for the development and operation of a 15-hectare city center in Subangdaku, Mandaue City. The two property giants also teamed up to bid for the P17.5 billion Mactan-Cebu International Airport rehabilitation project. “We are excited about this new development which is distinct from our other properties in Cebu. This will complement our expanding portfolio of projects, as well as allow us to reach more geographies and markets,” CHI president Francis Monera said. Monera said the project will contribute to Cebu’s thriving real estate industry and lead to an influx of more investments in the area. CHI, which is celebrating its 25th year, is the developer of the city’s largest integrated, mixed-use, master-planned development, the Cebu Business Park. CPVDC, a subsidiary of CHI, on the other hand, is the developer of Cebu I.T. Park which is home to the largest concentration of IT and business process outsourcing companies south of Manila. Largest These two business parks form Cebu Park Read More …

Ayala, Aboitiz tie up anew

General

Jan 272014

TWO property giants that teamed up to bid for the P17.5-billion Mactan-Cebu International Airport rehabilitation project have teamed up once again for a new mixed-used development in Cebu. Publicly-listed firms Ayala Land Inc. (ALI) and AboitizLand Inc. signed last Friday a joint venture agreement for the operation and development of a 15-hectare city center in Subangdaku, Mandaue City. The agreement, according to a press statement, aims to solidify their partnership in developing what is envisioned “as one of Cebu’s most impressive growth centers.” It added that the partnership would bring together ALI’s track record in developing master-planned, sustainable communities and AboitizLand’s “vast and deeply-rooted real estate experience” in Cebu. “We are very excited to work with AboitizLand in developing another city center that will further boost Cebu’s economy. The development shows great promise and will provide new opportunities for business expansion and employment, while providing the community with quality spaces for convergence,” said Antonino Aquino, chief executive officer and president of Ayala Land Inc. (ALI). The 15-hectare city center will house residential developments and commercial spaces with retail and office components. ‘Place-making’ The project is targeted to be launched by 2015. Andoni Aboitiz, chief executive officer of AboitizLand, said he is “looking forward to embarking on this venture together with a strong partner, who shares the same vision, passion and commitment with us, in building Cebu through what we do best, ‘place-making’.” The Mandaue City development will be ALI’s fourth major mixed-use district in Metro Cebu, following the Cebu Business Read More …

BPI opens business library in Cebu

General

Jan 242014

BPI Chairman Jaime Augusto Zobel de Ayala addresses the crowd during the launch of “Salapi” in the bank’s main Cebu City office. “If education is mixed with history you create something that is lasting,” he says. (Photo by Arni Aclao of Sun.Star Cebu) STRESSING the importance of history and education among Filipinos, the Ayala-led Bank of the Philippine Islands (BPI) launched two projects, the coffee table book “Salapi” and the BPI Library Cebu, last Thursday. “Salapi” is a 280-page volume written by Jose Eleazar Reynes Bernales and Carlo Ledesma Apuhin. It traces the development of Philippine money over the years and features rare images from the collections of BPI and the Bangko Sentral ng Pilipinas Money Museum, as well as from local and foreign money collectors. “It is a comprehensive look at how money has evolved with the times and how it has come to reflect the nation’s pulse and economy,” the BPI said. The book, according to Bernales, collates in seven chapters the important information on the evolution of money from the pre- to postcolonial periods. It also features the P100,000 bill, the world’s largest banknote recognized by the Guinness Book of World Records. The banknote is 356 millimeters wide by 216 mm. andwas issued during the Centennial of Philippine Independence in 1998. BPI produced limited copies of the book priced at P3,000 for hardbound and P2,500 for softbound. It will be available in BPI branches. BPI president Cezar Consing said they plan to distribute “Salapi” to major libraries Read More …

Serna: ‘Little Bossing’ big money-maker

Entertainment

Jan 092014

LAST Saturday, the 12 candidates for Miss Cebu 2014 gathered at the inner roof deck of Harolds Hotel to sign the sponsorship contract to the prestigious beauty pageant sposored by GT Cosmetics Manufacturing. The company’s founder and chief operating officer, engineer Leonora Salvane, said that their “products are proudly Cebuano.” She turned over a check worth P100,000 to Miss Cebu 2014 chairperson Jaja Chiongbian-Rama. A Ms. GT Cosmetics will also be chosen and will receive a one-year supply of its products. Miss Cebu 2014 will be crowned on Jan. 15. *** While Cebu is now on its toes in preparation for the Pista Senyor and the Sinulog grand parade, other Cebuanos who are based in Dubai are also busy preparing for the second edition of the Sinulog sa United Arab Emirates. I met one of the activity’s moving forces, Teresa Binghay, who told me about the event which they expect to be much bigger than last year’s. She narrated that the event moved to tears Cebuanos who have been based there for years but have been unable to visit Cebu for one reason or another. Teresa is optimistic that companies, which their group approached for sponsorship, will be generous enough to support their endeavor. More of this next time. *** The Kim Chiu-Xian Lim tandem proved its box-office strength in the movie Bakit Di Ka Crush ng Crush Mo, one of Star Cinema’s money-makers last year. The tandem is coming back in Bride For Rent, which is predicted to outdo Read More …

Airline diverts party funds to Medellin relief activity

General

Dec 272013

Airline diverts party funds to Medellin relief activity

GLOBAL carrier Korean Air held an outreach program in Medellin, Cebu over the weekend. Instead of holding their annual Christmas party, Ann Momongan, passenger sales supervisor of Korean Air Cebu, said the company extended help to 250 families in Barangay Dalingding, Medellin who survived typhoon Yolanda more than a month ago. Momongan said the relief goods distributed in the barangay were valued at more than P100,000. The outreach program also involved Korean Air’s partner travel agencies and was sponsored by the Cebu Tours and Travel Association, Leisure and Cebu Bakers Association. The company, in a press statement, said the relief efforts provided to the calamity-stricken areas were meant to help the Visayas region speed up its recovery and rehabilitation. Korean Air earlier provided relief goods worth over 106 million South Korean won to typhoon survivors. Goods delivered to the country included 60,000 liters of mineral water, 60,000 noodle cups, 24,000 cups of dried rice and 2,000 blankets. The first tranche of relief goods was delivered to Cebu Province via the KE631 flight from Seoul/Incheon last Nov. 22. It continued to deliver goods to social welfare organizations in the country for one week. Koreans have composed the largest group of tourists in Cebu for several years. As of September this year, a total of 395,368 Koreans have visited Cebu, up by 24.71 percent from last year’s 317,018 arrivals. The airline was also instrumental in providing relief aid after past calamities such as in the aftermath of the Sichuan earthquake in 2008 Read More …

Financing for energy projects

General

Oct 272013

RECOGNIZING that energy investments are capital-intensive, the Department of Energy announced that financing schemes are available for investors seeking to make investments in energy projects. At the Visayas Energy Investment Forum hosted by the department, Development Bank of the Philippines’ executive vice president Benel Lagua encouraged investors by providing financing schemes that they are comfortable with to pursue energy projects, especially in renewable energy. DBP-funded renewable energy projects, he said, generate a total capacity of 165.09 megawatts, which contributed over one percent to the country’s total installed capacity of 16,163 megawatts as of 2012. Based on their records, they have funded 148.12 megawatts in Luzon, 10.50 megawatts in the Visayas and 5.97 megawatts in Mindanao. These include a 2.5-megawatt mini hydroplant in Sevilla, Bohol, a substation for power distribution in Panglao, Bohol, a 55-megawatt diesel-fired power plant in Sarangani and a 900-kilowatt mini hydro plant in Sibuyan Island, Romblon. He pointed out that energy projects are high on the bank’s priority as these contribute to the country’s economic development. Assistance Lagua said the DBP provides project financing with technical assistance on environmental projects such as renewable energy where the repayment source is project cash flow and the loan security is the project’s assets, which he said he applicable for large and complex infrastructure like power plants and power transmission and distribution systems. They also offer project preparation for renewable energy projects to encourage more development in this area. These include preparations for feasibility studies and detailed engineering. Eligible Projects eligible Read More …

Bohol tourism stakeholders pick up pieces, continue holding tours

Economy

Oct 172013

Bohol tourism stakeholders pick up pieces, continue holding tours

TOURISM stakeholders in Bohol will continue to offer day tours to local and foreign tourists through alternate routes, said a top official from the Department of Tourism (DOT). “It’s business as usual for Bohol although not all roads are passable,” said DOT-Central Visayas regional director Rowena Montecillo in a phone interview Wednesday. “For tourism we are looking into alternate routes in going to the tourism sites.” Bohol is the second most visited destination in Central Visayas after Cebu. Montecillo, who is in Bohol, said that with the cooperation of the private tourism sector, they identified alternate routes in Bohol, particularly for day tour activities. New route She said they also found a new route and a new area where local and foreign tourists can still experience the breathtaking view of the famous Chocolate Hills. “We found a route whose roads are in good condition and passable, though its 20 kilometers farther than the usual route. We also discovered a new tourism site, an adventure park which is supposedly due for launching but given the recent calamity, they will open the site for tourists. It has a mini park and a viewing deck, with 248 steps, for Chocolate Hills,” said Montecillo. Tourists, though, would miss the viewing of century-old churches and the lunch cruise at the Loboc River Floating Restaurant as roads going there are not yet passable and the Loboc River is not yet operational, she said. According to Montecillo, the day tour activity will start in Tagbilaran City going Read More …

RC Cola bottler expands Cebu operations

Economy

Oct 082013

ASIAWIDE Refreshments Corp. (ARC), the licensed Philippine bottler of RC Cola, has expanded its operations in Cebu, a move that is expected to better serve RC Cola’s growing consumer base in the province. “The company’s engagement in the province will enable us to align the Visayas market with the growth of Asiawide and RC Cola in other areas,” said Gerry T. Garcia, executive vice president and chief operating officer of ARC. As one of the key cities in the Philippines, Cebu is a major cola market and a gateway to the Visayas region. “It is an independent market from Manila but it has always mirrored Manila in terms of being urbanized and having a developed consumer market,” he said. Although the province represents a new frontier for ARC, Cebu is not a new consumer base for RC Cola. Garcia said that in the 1990s when RC Cola sales were still struggling in Metro Manila, the brand was already a success story in the Cebu-Visayas region. “The point is we have yet to fully exploit the potential of RC Cola. That’s why we are excited about this development,” said Garcia. He said Cebu will be treated as an investment market and ARC in Luzon can re-channel part of its manpower and equipment there as needed. He said there is an opportunity to enhance RC Cola’s product line-up in Cebu to cater to different price points and tastes, as the company works to optimize the brand’s availability in the market thereby becoming Read More …

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