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March 22, 2019

Megaworld partners with BCDA to create Bonifacio Capital District in Fort Bonifacio

NEWS

Megaworld is partnering with Bases Conversion Development Authority (BCDA) for the development of a 160-hectare district in Fort Bonifacio. The project, envisioned to be the "country's administrative capital," will house the Senate, Court of Appeals, and the Supreme Court. The development covers 160 hectares, some 88 hectares will be developed by Megaworld while the rest will be under BCDA. The project will feature, office, residential, commercial and institutional projects.

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RESEARCH VIEW

The planned business district should benefit from various infrastructure projects across Metro Manila. Colliers previously noted that several projects in the pipeline such as the Manila Subway, Metro Rail Transit (MRT)-7, Makati subway and Infracorp’s monorail projects should improve access within key townships across Metro Mania. These projects, once completed, should also raise property prices across Metro Manila. The development of the Bonifacio Capital District should raise Metro Manila’s leasable office and residential condominium stock. The construction of government offices in the new business district should prop up demand for office space, retail space, condominium, and hotels in Fort Bonifacio.

DoubleDragon expands presence in Davao

NEWS

CentralHub Industrial Centers Inc., the industrial leasing arm of DoubleDragon Properties Corp., is partnering with Alsons Development & Investments Corp. for its fourth CentralHub industrial complex. The new complex is located in Davao City and will be 70 percent owned by CentralHub and 30 percent by Alsons. CentralHub-Davao covers 8.2 hectares and will offer 40,392 square meters of leasable industrial warehouse space. The facility will be the first CentralHub in Mindanao. Double Dragon has opened industrial facilities in Cebu, Iloilo, and Tarlac.

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RESEARCH VIEW

The demand for industrial warehouses is partly driven by a thriving e-commerce market. Personal consumption has also been growing steadily which propels the demand for fast-moving consumer goods. The efficient delivery of goods requires an efficient logistics network. The government has committed to build a number of rail and toll roads  that should facilitate the movement of goods. Among these projects is the North Luzon Expressway (NLEX)- South Luzon Expressway (SLEX) Connector Road. Due to be completed in 2021, the NLEX-SLEX Connector Road will provide improved access to Manila Ports and Manila and Clark International Airports and connect the two major industrial hubs in the country, the Clark-Subic corridor and CALABA.

Foreign investments drop in 2018

NEWS

Foreign direct investments (FDI) registered with the central bank reached USD9.8 billion in 2018, down from USD10.3 billion posted in 2017. Among the major sources of FDIs last year were the United States, Singapore, Hong Kong, Japan, and China. The foreign investments were mainly invested in manufacturing, financial and insurance, real estate, electricity, gas, steam and air-conditioning supply and arts, entertainment and recreation sectors. In 2019 the central bank is expecting FDIs to reach USD10.2 billion.

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RESEARCH VIEW

Data from the central bank reveal that real estate activities and manufacturing continue to account for a significant fraction of FDI inflows. Manufacturers continue to expand operations in the country despite uncertainties surrounding the implementation of the government’s tax reform program that intends to rationalize the incentives given to investors. Over the past 12 to 24 months, Colliers saw the launch of a number of residential projects inside and outside of Metro Manila between foreign companies and Filipino firms. Foreign investor appetite for residential projects has been sustained due to several factors, including attractive yields and potential for capital value appreciation in emerging locations.

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