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June 25, 2018

Robinsons Land mulls venture into dorms, shared office spaces

NEWS

Robinsons Land Corp. (RLC), the property development arm of the Gokongwei family, is venturing into the dormitory, warehousing and possibly, the shared office space business, its president and COO said.

RLC president Frederick Go said the dormitory business could be a new source of revenue, targeting those who cannot afford a condominium unit.

“Not everybody can afford to buy a condominium unit, a lot can only afford to rent. It’s being consistent with our goals to provide housing for everyone,” Go said in a briefing following the company’s annual stockholders meeting.

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RESEARCH VIEW

Colliers believes that the continued expansion of BPOs as well as traditional firms in Metro Manila should result in increased employment opportunities. This, in turn, should boost demand for more worker-accommodation units in the country’s capital. Major developers such as Robinsons Land, SM, and Ayala have been aggressive in tapping dormitory demand in the country’s capital. SM is tapping opportunities in the affordable condo market for BPO employees and other young urban professionals thru its acquisition of a 61.2% share in Philippines Urban Living Solutions Inc. (PULS), the operator of a chain of dormitory buildings under the “MyTown” brand while Ayala Land is building five dormitory buildings under the “The Flats” brand in Makati and Bonifacio Global City.


Subic-Clark railway construction begins 2019

NEWS

The government’s plan to build a cargo train connecting Subic to Clark is targeted to start next year, Budget Secretary Benjamin E. Diokno said.

Magtatayo kami ng [We will build a] train from Subic to Clark. There will be a cargo train. Siguro mga next year maumpisahan na ’yun [By next year we’ll probably start it], Mr. Diokno told reporters after the inspection of the Manila-Cavite Expressway (Cavitex) road-widening and southbound Marina flyover project.

He said the P50.03-billion railway is part of the government’s 75 flagship infrastructure projects. It will be funded through an official development assistance from the Chinese government.

Although the train system is originally intended for cargo to maximize the use of the Subic port, Mr. Diokno said it may eventually be used for passenger travel.

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RESEARCH VIEW

The railway connects Subic Port and Clark International Airport. It seeks to maximise the currently underutilised Subic Port and decongest Manila Port. We see the project boosting Central Luzon’s feasibility as an industrial hub and stature as a key alternative to the Cavite-Laguna-Batangas corridor.  With improved utilization of Subic Port we see an expansion of manufacturing activities in Northern and Central Luzon and this should raise demand for industrial parks and facilities. We see the Subic-Clark corridor benefiting from the growing interest in Central Luzon as a primary location for industrial operations. 


Mactan International Airport all set to open

NEWS

The Mactan-Cebu International Airport (MCIA) Terminal 2 is all set to open tomorrow, June 7—increasing passenger capacity to 12.5 million. GMR-Megawide Cebu Airport Corp. (GMCAC) President Louie B. Ferrer boasted that they still managed to catch up and deliver before the deadline, despite previous delays in the turnover of the project.

“We’re even opening ahead of schedule. Concession agreement is [on] July 1, 2018. So we are opening this June,” he told the BusinessMirror during a tour for Manila-based reporters, who were recently flown to Cebu.

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RESEARCH VIEW

The completion of the second terminal of Mactan-Cebu International Airport (MCIA) should further boost Cebu’s attractiveness as a tourist destination. The opening of the new terminal also comes at an opportune time given the national government’s decision to close the popular Boracay island for six months to pave the way for rehabilitation. Colliers sees tourism becoming a major plank of Metro Cebu’s economy moving forward. We expect the sector’s growth spilling over to other sectors such as retail.

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