Maniolas

MANILA, Philippines – Mid-sized property developer Primex Realty Corp. is planning to beef up its business this year as it scouts for possible acquisitions and joint venture deals. The company, with its mission to develop world-class residential and commercial projects targeting the high-end and middle-class markets, said it seeks to strengthen its position as one of the top mid-sized real estate developers in the country. Karlvin L. Ang, Primex Group managing director, said Primex will embark on a more aggressive company development and progress starting this year. “We are strongly encouraged by the local and foreign investors given the strengthening of the local real estate industry,” Ang said. “We are keeping ourselves open to opportunities for joint ventures, acquisitions, and capital enhancement exercises at the soonest possible time,” he added. Ang said the company recently topped-off its 31-story residential condominium project in Salcedo Village, Makati. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Called The Stratosphere, the upscale project will offer a total of 336 residential units with floor areas ranging from 25 to 201 square meters. The tower will also have a commercial area for shopping, dining, and entertainment once it opens by the last month of the year. Primex Realty is behind horizontal developments such as the Goldendale Village, Goldendale II, and Gardenville Townhomes in Malabon City, and The Richdale in Antipolo City. Its vertical developments, meanwhile, include the Richbelt Terraces in Greenhills, Greenrich Mansion in Ortigas Center, and the Chantreuse Garden and the Philippine International Trade Read More …

MANILA, Philippines – The Poro Point Management Corp. (PPMC) is again looking for interested firms for the lease and development of the six-hectare Poro Point Lighthouse in La Union. “PPMC is inviting interested bidders to bid for the long-term lease and development of the approximately six hectares Poro Point Lighthouse located at Poro Point Freeport Zone (PPFZ), Poro, City of San Fernando, La Union on an ‘as-is, where-is’ basis,” the PPMC said in a notice posted on the Bases Conversion and Development Authority (BCDA) website. The property is intended to be developed into a mixed-use tourism site with leisure and entertainment-related facilities and amenities. The lease term will be for 25 years and renewable for another 25 years, subject to the approval of the Philippine Coast Guard. The minimum acceptable starting annual fixed lease for the property is at P5.280 million, subject to an escalation of 10 percent starting on the third year and every two years. The first year of the lease will be free but the winning bidder upon signing of the contract, will have remit to PPMC in advance the fixed lease for the second, third and fourth year of the lease, computed with 10 percent escalation starting on the third year of the lease. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The winning bidder will also need to remit to PPMC the fixed lease payment covering the fifth year of the lease, as adjusted based on the 10 percent escalation rate every two years, Read More …

MANILA, Philippines – The Government Service Insurance System (GSIS) registered a nine percent rise in revenues last year, largely driven by increased contributions from its members and higher gains from investments. Revenues, which include members’ contributions and earnings from investment, went up to P153 billion from P139 billion in 2013. Robert Vergara, president and general manager of GSIS, said based on unaudited figures, the state pension fund ended 2014 with  total assets of over P910 billion. He said the agency improved its level of efficiency in collecting members’ premiums and loan payments from 83 percent in 2010 to 95 percent last year. The GSIS chief said the pension fund remains adequately strong and liquid to cover future payment obligations. “More importantly, the life of the fund is a healthy 34 years, an assurance that  GSIS will be there to pay our members’ pension throughout the duration of their retired life,” Vergara pointed out. He attributed the  fund’s healthy financial position to landmark policies it implemented which include the restoration of the survivorship benefit for the survivors of deceased members, and the cancellation of the requirement for old-age and disability pensioners. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The GSIS likewise increased the minimum basic pension of more than 57,000 old-age and disability pensioners to P5,000 in January 2013. It earned the highest percentage of offices nationwide that have been rated “Excellent” in the Anti-Red Tape Act survey inducted by the Civil Service Commission covering more than 1,000 agencies. The Read More …

MANILA, Philippines – Real estate developer Sta. Lucia Land Inc. (SLI) is bullish that its housing construction subsidiary will help drive the company’s profits higher in the coming years. SLI formed last year Sta. Lucia Homes, a wholly-owned contractor company with the sole purpose of offering construction services to the Sta. Lucia Group’s over 120,000 lot buyers over the last 40 years.  “Majority of our lot buyers do have the intention and the initial capital to construct houses, but has limited access to contractors, difficulty in securing the necessary business permits and little or no access to bank financing” said David M. Dela Cruz, SLI and Sta. Lucia Homes executive vice president and chief finance officer. Dela Cruz said the property firm has seen the gap and decided to offer its buyers a reliable contractor to address all the buyers’ construction, documentation and financing needs. “We estimate that we have over 60,000 lots buyers nationwide that have yet to build houses,” said Ria Rivadeneira, Sta. Lucia Homes general manager.  “Just to serve five percent of this market or to construct 3,000 houses is already a challenge. Although arguably not a captive market, these lots were sold by our agents who are still in touch with these buyers. All we need to do is to reestablish these relationships”, Rivadeneira added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Seeing how house construction could be a profitable venture, SLI said Sta. Lucia Homes is expected to be a big boost to Read More …

MANILA, Philippines – You might be one of the many Filipinos who are dreaming to have their own homes. But buying your own home for the first time can be daunting. You might find it difficult to look for resources to help you shop around. You might not even have any idea what kind of home suits your budget and needs.  You can start finding your new home by identifying your most important considerations in choosing a home. From there, you can find out what type of home buyer you are. You can then narrow down your options little by little from there on until you find the perfect home for you and your family.  The infographic below will help you get started.