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September 27, 2018

Metro Gaisano property arm targets P12B inventory value

NEWS

Gaisano-led Taft Property Venture Development Corporation has announced to build projects that will fetch at least P12 billion in inventory value in the next three years.
Visayas and Luzon regions are the focus locations of the Cebu-based property development company for expansion in the short term, announced Taft Property head for business development Eric Tan.

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RESEARCH VIEW

Colliers expects developers such as Taft Property Venture Development Corporation to continue pursuing mixed-use communities in Metro Cebu and key locations in Luzon. We believe that township projects, which integrate the live-work-play lifestyle, provide a better value proposition than standalone projects since they offer mixed-use developments such as office, residential, retail, even leisure. This feature makes integrated townships a more attractive option for both investors and end-users. Colliers has observed that premium pricing especially for condominium units in Cebu is achieved by projects in masterplanned communities launched by major developers. Integrated townships have also become more popular in Cebu given the inadequate transport infrastructure in the traditional business district – the Uptown/Downtown area. The national developers were successful in developing townships in the country’s capital and have applied the same concept in Cebu. The developers are bridging infrastructure gaps and unlocking opportunities by building master-planned communities that have the potential to become major catchment areas for business activities in Cebu.

MEZ companies mull hold on expansions

NEWS

Should the second package of the government’s tax reform program push through, most companies in the Mactan Economic Zone will be holding off expansion plans, a survey conducted by the Mactan Export Processing Zone Chamber of Exporters and Manufacturers (Mepzcem) found.

Initial results of the survey dated Aug. 15, which had 96 respondents, showed that 50 percent of companies will likely postpone expansion plans. Over forty percent said they will reduce existing headcount to cope with the anticipated impact of tax adjustments in their business operations.

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RESEARCH VIEW

Foreign investment pledges into the Philippines for the first six months of 2018 declined due to uncertainties surrounding the implementation of the second package of the proposed Comprehensive Tax reform Program. The measure proposes to rationalise tax and non-tax incentives granted to industrial occupiers.  In our opinion, committed foreign investments from the various investment promotion agencies is a good barometer of investments likely to materialise over the next two to three years. Colliers believes that the slower flow of manufacturing pledges could have an impact on the actual amount of investments that will occupy industrial space and facilities over the next 12 to 36 months. Investment agencies such as PEZA attribute the lower amount of manufacturing commitments to uncertainty surrounding the implementation of the second phase of TRAIN 2.

Mactan hotel to be completed next year

NEWS

Robinsons Land Corp. (RLC) announced it is set to complete early next year its 300-room resort hotel under the Dusit Thani hospitality brand.

This development stands to provide additional jobs in Cebu, particularly in the hospitality sector, said RLC corporate communications director Roseanne Villegas.

She said RLC as a group has employed at least 5,000 workers in Cebu with its malls, offices, residential and hotels investments.

RLC president Frederick Go said the five-star Dusit Thani Mactan Cebu Resort is the centerpiece of the 10-hectare Amisa mixed-use complex.

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RESEARCH VIEW

Benefiting from the robust tourist arrivals are the city’s hotels and residential condominiums being offered to the short-lease market. Cebu houses a wide range of accommodation facilities that cater to both young, urban professionals on a weekend getaway and investors on a short business trip. Colliers believes that demand for more leisure investments such as hotels and serviced residences will also be fuelled by Cebu’s thriving outsourcing and industrial sectors. Medical tourism is another bright spot for the island-province's growing hospitality segment. Colliers sees tourism becoming a major plank of Metro Cebu’s economy moving forward. As such, we would expect the sector’s growth to spill over to other sectors such as retail and food and beverage and the associated supply chains.

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