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Makati City 1229 Philippines 
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July 23, 2018

Who said that IPOs are dead? Biggest IPO in 2018 is in real estate

NEWS

In my work in blockchain, cryptocurrency, there has been a talk about initial public offerings (IPOs) not being the only game in town when it comes to corporate fund-raising. The initial coin offerings (ICOs) have been touted as the next big thing because of lesser regulation, faster raise and more important, no dilution in ownership. So it was with great joy that we learned that the biggest IPO this year was in real estate.

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RESEARCH VIEW

D.M. Wenceslao has been aggressive in expanding its portfolio as it tries to capture rising demand for office, residential, and retail projects. Colliers believes that demand for Makati CBD and Fort Bonifacio office space should spill over into Aseana City. In our opinion, DM Wenceslao’s partnerships with major national (Ayala Land) and regional (Hongkong Land) developers as well as the presence of major infrastructure projects (NAIA Expressway, LRT 1 Extension, and Southwest Integrated Terminal) affirm Aseana City’s potential as a key business district. Aseana City should become a more attractive master-planned community once the mixed use projects of its partners are completed.

Megaworld opens 17th lifestyle mall

NEWS

Property developer Megaworld Corp. has just inaugurated a PHP2.2-billion lifestyle mall in its Iloilo Business Park township, its first in the Visayas and Mindanao areas.

“We are pioneering the ‘lifestyle mall’ concept in Western Visayas with the opening of Festive Walk Mall,” Kevin Tan, senior vice president and head of Megaworld Lifestyle Malls, said in a disclosure Monday.

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RESEARCH VIEW

New brick-and-mortar malls are opening across Metro Manila while online shopping platforms are proliferating and offering new items by the day. Colliers believes that both physical and online retail platforms need to highlight their differentiating features to attract more consumers and stay in the game. In our opinion, mall operators that are redeveloping their retail outlets should use the additional space to tweak their tenant mixes and feature a more lifestyle-oriented merchandise mix to sustain consumer traffic. Moving forward, Colliers encourages mall operators to cash in on rising tourist arrivals and spending by acquiring mobile payment schemes that cater to Metro Manila’s major tourist markets such as the Chinese and Korean visitors that cover about 40% of the country's total arrivals. Operators of physical malls should also maximize their partnership with online sales platforms. Meanwhile, e-commerce sites should improve the security features of their websites as authenticity of items being sold online remains a top concern amongst Filipino shoppers.

Economic boost seen from New Clark City

NEWS

Work will start this year on three main components of the New Clark City project, which the Duterte government expects to spur investments and economic growth under its centerpiece “Build Build Build” infrastructure program.

“The New Clark City will bring in several hundred enterprises and billions in new investments,” Finance Secretary Carlos Dominguez 3rd said in a briefing prior to a media tour of the area along with other Cabinet members.

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RESEARCH VIEW

The Philippine government’s economic strategy is anchored on two main pillars - infrastructure implementation and decentralisation. The Duterte administration’s goal of spreading business opportunities outside of the country’s capital is spilling over to major urban hubs such as Clark, a former American military facility transformed into a freeport zone that is located about 90 kilometres north of Manila.  For more than 20 years, Clark’s take-off as a central business district (CBD) outside Manila has been constricted by the lack of supporting infrastructure, chief among which is a high-speed train that would connect the country's capital and Clark and its environs (Metro Clark). Realising the importance of connectivity in stimulating business activities in the area, the current administration has lined up a number of projects that Colliers believes should play a significant role in transforming Metro Clark into the country’s next major economic corridor. We see these infrastructure projects boosting office, residential, retail, hotel, and industrial demand in the country’s next major metropolis.

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Philippines
Colliers International | Manila 11F Frabelle Business Center, 111 Rada Street Legaspi Village, Makati City 1229 Philippines | Tel: +632 888 9988