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Megaworld raising P1.8B from project
Property developer Megaworld Corp. led by tycoon Andrew Tan is eyeing to generate as much as P1.8 billion from the third residential condominium development within its 140-hectare Maple Grove township in General Trias, Cavite. In a stock exchange report on Thursday, the company said the 14-story Maple Park Residences that it recently launched is slated to be complete within the next five years or by 2028. Maple Park Residences will offer 200 smart home units in varying unit types — studio, one-bedroom with and without balcony, and two-bedroom with and without balcony. The development will also be the first across Megaworld’s portfolio to feature a dedicated electronic vehicle charging facility in the parking area. Scandinavian-inspired “The concept behind Maple Park Residences draws inspiration from the Scandinavian countries as well as communities in Makati where residents are surrounded by lush open spaces in the middle of a modern and urban city. Maple Park Residences will offer both the excitement of urban living and the laidback setting of Cavite,” said Eugene Lozano, first vice president for sales and marketing, at Megaworld Cavite. Maple Park Residences will be accessible to future residents via the six-lane, 30-meter-wide Maple Grove Boulevard, which was recently integrated into the 12-kilometer General Trias-Tanza Bypass Road project by the local government of Cavite and the Department of Public Works and Highways. Benefitting from the recovering economy, Megaworld booked a double-digit profit growth during the first half of the year as net income hit P8.8 billion — 31 percent higher than last year’s earnings. Megaworld said the rosy numbers were also primarily driven by the 17 percent growth in consolidated revenues to P32 billion as “core businesses registered robust performance during the period.” The post Megaworld raising P1.8B from project appeared first on Daily Tribune......»»
Security Bank helps property developer generate higher sales
Security Bank Corp. has helped Wee Community Developers Inc. (WeeComm) book higher sales of P9.5 billion this year from P31.6 million in 2008 when it completed the seven-story residential condominium in San Juan City......»»
GERI profits nearly P1B in H1 amid real estate boom
Buoyed by the robust performance of its real estate, rental, and hotel businesses, Global-Estate Resorts, Inc. or GERI, a subsidiary of Megaworld Corp., delivered a 17 percent growth in its first-half profits. In a stock exchange report on Tuesday, GERI disclosed that its net income during the first six months of the year reached P996 million—a significant improvement from last year’s P848 million. Likewise, net income attributable to owners during the period also increased by 13 percent to PP848-million from last year’s P748-million. Consolidated revenues, on the other hand, surged by 32 percent to P3.9 billion from P3 billion in the same period last year. According to GERI, its real estate arm, which accounted for 79 percent of its total revenues, led the entire company’s growth. From January to June, real estate sales climbed by 32 percent to P3.1 billion from last year’s P2.3 billion. Reservation sales also soared by 39 percent to P11.7 billion during the first half of the year. “Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year,” GERI president Monica T. Salomon said in the report. “The company’s core businesses, especially those in our destination estates, largely benefited from the increasing tourism in our country. This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector.” Demand for GERI’s residential and commercial properties remained strong, particularly for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas. Its newest project, the P817-million Ocean Garden Villas Cluster C in Boracay Newcoast, which was only launched earlier this year, is now 94 percent sold as of end-June. Hotel revenues, on the other hand, doubled to P308 million from last year’s P158 million due to higher occupancy and room rates as local tourism and travel recover. Leasing revenues, likewise, rose by 29 percent to P273 million from last year’s P211- million. The contribution of retail spaces to the company’s leasing income grew from the year-ago level as foot traffic and tenant sales already recovered from the slowdown. To date, GERI operates nine tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land. The post GERI profits nearly P1B in H1 amid real estate boom appeared first on Daily Tribune......»»
Megaworld breaks ground for P2.3 billion Palawan condo
c-led property developer Megaworld has expanded its residential footprint in Palawan with the construction of its first condominium in its Paragua Coastown township in San Vicente, Palawan......»»
Megaworld beats pre-Covid income
Property developer Megaworld Corp., led by businessman Andrew Tan, exceeded its pre-pandemic performance after net income reached P4.6 billion during the first quarter of the year. The figure is 30 percent higher than the reported P3.5 billion profit a year ago. In a stock report on Wednesday, the company said the improvement of profit was buoyed by the topline growth of all of the company’s core businesses. Consolidated revenues grew by 24 percent to P16.2 billion. “We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020,” Megaworld chief strategy officer Kevin L. Tan said. Adapting to new environment “This affirms our position in the industry and ability to quickly adapt to this new environment and capture opportunities,” he added. Consolidated revenues and net income from January to March are already nine percent and 11 percent higher, respectively, compared to the first quarter of 2019. Likewise, net income attributable to the parent company’s shareholders stood at P4.1-billion and grew by 33 percent compared to the same period last year. Real estate sales Real estate sales for the quarter also grew by 17 percent year-on-year to P9.4 billion due to the higher completion rate of its projects. Also, residential pre-sales surged by 71 percent to P39.6 billion during the quarter and already accounts for 30 percent of the company’s year-end pre-sales target of P130 billion. In its report, Megaworld pointed out that there was “renewed demand” in Metro Manila during the quarter, especially for its projects in McKinley West and Uptown Bonifacio in Taguig City. Leasing revenues, meanwhile, grew by 18 percent to P4.4 billion with the growth led by the performance of the mall segment. To date, Megaworld has 30 master planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country. The post Megaworld beats pre-Covid income appeared first on Daily Tribune......»»
Megaworld expands residential footprint in Pasig
Andrew Tan-led Megaworld has expanded its residential footprint in Pasig with the launch of its third residential condominium inside its 12.3-hectare Arcovia City along C-5 Road in Pasig City......»»
GERI posts higher reservation sales
Global-Estate Resorts Inc., Megaworld’s subsidiary brand for integrated tourism and leisure estates, said Tuesday it sold around P4.1-billion worth of reservation sales for several residential projects in the third quarter, up 14 percent from P3.6 billion in the second quarter when the country was on strict lockdown......»»
Rockwell eyes P6.7-b sales in Angeles City
Rockwell Land Corp., the real estate arm of the Lopez Group, said Wednesday it is developing a residential complex and a shopping mall in a 3.6-hectare property in Angeles City, Pampanga that will generate P6.7 billion in sales......»»
GERI reports 37% profit fall, improving sales
Global-Estate Resorts, Inc. (GERI), Megaworld’s integrated tourism and leisure unit, reported lower earnings in the first half of the year although sales have started to recover in the second quarter. In a statement, GERI said that, excluding non-recurring gains, the company’s net income for the first half of the year reached P728 million, down 9 percent from P801 million during the same period last year. Attributable net income dropped 37 percent to P544.8 million in the first half of 2020 from P865.13 million in the same period last year. Consolidated revenues for the first half of 2020 registered at P2.9 billion, reflecting a 29 percent decline from P4.1 billion during the comparable period last year. On the other hand, rental income weakened by only 8 percent from P377 million last year to P347 million in the first half of 2020 even if mall operations were affected by the Taal eruption in the first quarter, and the strict quarantine measures in the second quarter. Hotel operations declined by 67 percent from P484 million last year to P162 million for the first six months of 2020 due to the quarantine restrictions during the period. However, the decline in revenues from the company’s core businesses was offset by the 30 percent reduction in costs and expenses, from P3.1 billion in the first half of 2019 to P2.2 billion this year. “Boracay was closed to tourists during the second quarter but as soon as the quarantine measures were relaxed in June, we saw a steep climb on the sales of our commercial and village lots in Boracay Newcoast. Buyers now prefer residential and leisure products in nature-rich settings outside of Metro Manila,” explained GERI President Monica T.Salomon. GERI’s reservation sales of residential projects during the second quarter of the year rose to P3.6 billion from P2.2 billion in the first quarter. The firm noted that the growth was achieved even as the country was placed on strict lockdown due to the coronavirus pandemic. It did not provide comparative figures for 2019. Residential projects in Boracay Newcoast in Aklan, Arden Botanical Estate in Cavite, Eastland Heights in Antipolo, Rizal, and Hamptons Caliraya in Laguna comprised the bulk of sales during the first half of the year, which reached P5.8 billion. “When the news of a possible lockdown came out in mid-March, we had already braced for a conservative outlook for our residential segment,” said Salomon. She added that, “But, while the country was placed on strict quarantine, we saw aggressive take-ups of our provincial projects. In fact, on the average, our second quarter sales are 61 percent of what we have booked for the entire first half of 2020. And we still have enough inventory to address the demand for residential projects in these areas.”.....»»
Megaworld’s 1H Reservation Sales Hit P38-B
Megaworld, the country’s largest developer of integrated urban townships, has booked P38-billion in reservation sales for various residential projects during the first half of the year. For the entire second quarter, the Megaworld Group generated around P17-billion in reservation sales, at a time when most parts of the country were placed under ‘enhanced community quarantine.’ […].....»»
Megaworld booked P38B in reservation sales in first semester despite pandemic
Megaworld Corp., the property unit of billionaire Andrew Tan, said Tuesday it booked P38 billion in reservation sales from several residential projects in the first semester, despite the market difficulties brought about by the coronavirus pandemic......»»
Megaworld books P38 billion reservation sales in H1
Megaworld Corp. has recorded strong reservation sales in the first half of the year on strong demand for its different residential projects......»»
SYNC, Sierra Valley Gardens hold groundbreaking ceremonies
RLC Residences has recently broken ground on the new buildings of its two new construction milestones, SYNC and Sierra Valley Gardens. Present during the ceremonial foundation stone laying activity were RLC Residences executives and key officials from the construction partners: Terp Asia Construction Corporation, Monocrete Construction Philippines, Arknet Inc., R.B. Sanchez and W.V. Coscolluella Associates. “We are very proud of these milestones and equally excited to start constructing these new buildings. Sierra Valley Gardens Buildings 3 and 4 and SYNC N-Tower are among the many projects we recently launched to the public, each with unique features tailored to the needs and lifestyle of condo-seekers. We can’t wait to see these unfold and welcome our future residents to the home that they envisioned,” John Richard Sotelo, RLC Residences senior vice president and business unit general manager, said. Located in Bagong Ilog, Pasig City, SYNC is a four-tower residential development and currently the only condominium in the area with direct access to C5 Road. N-Tower, the third building of the development, was launched last October 2022 and boasts efficiently designed units with smart home features and productivity upgrades, and more than 20 indoor and outdoor amenities exclusively available to residents. Sierra Valley Gardens, on the other hand, is the first smart suburban community in Cainta, Rizal. Located within the Sierra Valley destination estate, the condo project offers studio to two-bedroom units with balcony options, equipped with smart home features and home upgrades, resort-like amenities and facilities, plus direct access to the soon-to-rise mall and office buildings within the estate. The post SYNC, Sierra Valley Gardens hold groundbreaking ceremonies appeared first on Daily Tribune......»»
PEZA chief lures potential Rotarian investors with ecozone perks
Members — particularly those in such business enterprises as manufacturing — of the Rotary Club of Manila, Asia’s oldest and biggest Rotary organization, were personally enticed by Philippine Economic Zone Authority director-general Tereso Panga of the benefits, particularly tax perks if they expand operations in the country or poured in investments in the ecozone. Panga, who served as guest speaker at RC Manila’s 14th General Membership Meeting at the Manila Polo Club, Makati City, on 5 October 2023, relayed to the prospective ecozone investors the various fiscal and non-fiscal Incentives offered by PEZA. He said the investment promotion agency offers income tax holidays or ITH of four to seven years depending on the industry tier and location, once onboard PEZA-run ecozones. For the National Capital Region, locators are entitled to four years of ITH for those that are in Tier 1; five years of ITH for Tier 2, and six years for those belonging to Tier 3. For locators in Metropolitan areas or areas contiguous and adjacent to NCR, a five-year ITH is given to Tier 1; six years for Tier 2, and seven years for Tier 3. “A five percent Special Corporate Income Tax holiday is also provided for 10 years for export-oriented projects, while enhanced deductions for five years are given to locators involved in domestic-oriented project activities,” Panga said. Other notable benefits awaiting interested PEZA locators include Customs duty exemption on importation of capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project/activity for a maximum period of 17 years unless otherwise extended under the Strategic Investment Priority Plan of the Philippine government; domestic sales allowance of up to 30 percent of total sales for export-oriented companies; value-added tax exemption on importation and VAT-zero rating on local purchases of goods and services directly and exclusively used in the registered project or activity for a maximum period of 17 years, unless otherwise extended under the SIPP; and exemption from payment of national and local government taxes and fees for the period of availment of the 5 percent special corporate income tax incentive Also, PEZA locators are entitled to employ foreign nationals; can enjoy long-term land leases of up to 75 years, and are entitled to the PEZA 2-year special non-immigrant visa issued to expatriates and their dependents as well as foreign workers. [caption id="attachment_194752" align="aligncenter" width="525"] Philippine Economic Zone Authority Director General Tereso O. Panga[/caption] PEZA performance Panga earlier reported that the investment promotion agency had reaped an overwhelming 114 percent increase in investments in the second quarter of the year, following the approval of 61 new and expansion projects for the period of April to June 2022. PEZA records showed that total investments are expected to bring in a total of P14.347 billion, 114.93 percent higher than the P6.675 billion approved investments for the second quarter of 2022. Of the 61 approved new and expansion projects, 16 are for the Information Technology industry, 15 for export/manufacturing, 13 for facilities, 13 for ecozone development, and two for IT Facilities and Logistics. Meanwhile, expected jobs to be created by those projects total 11,186, which is 29.06 percent higher compared to the 8,667 projected jobs in the 2nd quarter of 2022. For the January to June period of 2023, a total of 90 new and expansion projects have been approved and are expected to bring in P22.488 billion in investments, $747.093 million in exports, and 14,354 jobs. Japan remains PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion. Also, Panga said that Japan topped the countries with the highest approved foreign investments at 27.34 percent, followed by Filipino companies at 23.19 percent, and American companies in the third spot at 14.82 percent. “PEZA accounted for 60.5 percent of the total foreign investment commitments in Q2 2023 with P35.75 billion,” he told the Rotary Club of Manila members. From 1995 to 2022, PEZA’s total dividends turned in to the National Treasury was a total of P26,889,567,738.07. Ecozones on the rise To date, Panga said PEZA hosts 422 ecozones and 4,352 locator companies/projects throughout the country. Of said number of ecozones, 299 are dedicated to IT Parks and Centers, 79 to manufacturing firms, 24 to agro-industrial parks, 17 are to tourism and three are to medical tourism ventures. Based on the Philippine Development Plan 2023-2028, President Ferdinand Marcos Jr. has projected that “the creation of ecozones will…maximize investments and promote industrial dispersion, especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.” In the coming years, various ecozones will be sprouting, while the ecozones that have already been officially proclaimed by the Office of the President include Robinsons Cyberpark Bacolod, Lima Technology Center (Expansion), Hermosa Ecozone Industrial Park (Expansion), Philtai Central Luzon Industrial Park, Felcris Centrale IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, Marina Town Dumaguete, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone (Expansion), altogether with investments totaling P3.418 billion. Ecozones pending approval are MetroCas Industrial Estates-Special Economic Zone, Suyo Economic Zone and the expansions of Kamanga Agro-Industrial Economic Zone and Lima Technology Center, with a total investment amount of P773.962 million. As of September 2023, the governing board of PEZA has approved big-ticket investments with a total committed investment of P193.200 billion, and these are the First Pangasinan Property Development Corp., Raedang International Builders and Development Corp., Green Energy with Torrefaction Technology Inc., Dyson Electronics PTE, Ltd. Philippine Branch, Sunpower Philippines Manufacturing Ltd., Isla Import Terminals Inc., MJ Landtrade Development Corp., YCO Cloud Malvar Inc., Savya Land Development Corporation, RLGB Land Corporation, Robinsons Land Corporation, TDK Philippines, P. Imes Corp., Best-one Ever Luck Realty Corp., Knowles Electronics (Phil) Corporation, WIPRO Phils. Inc., Glensworth Development Inc., ACI Inc., Megaworld Corporation and Kyungshin Pampanga Philippines Inc. Currently, Panga said PEZA is focused on seven priority sectors, that is, advanced manufacturing, extractives (green ores processing), agriculture and blue industries, IT services and frontier technologies, eco-industrial park development (renewable energy and alternative energy, clean water and wastewater treatment, circular economy, sustainable development goals, green buildings, smart systems integration), Science, Technology and Innovation and the integration of small and medium enterprises into the ecozone value chain. Cannot be done alone by PEZA Panga, in conclusion during his speech at the Rotary Club of Manila meeting remarked that attracting foreign direct investments cannot be done by PEZA alone or by any other investment promotion agency left to its own devices. He emphasized that what is needed to make things work is a whole government, industry and society approach to lessen the cost and improve ease of doing business in the country. “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will strive for success in attaining our country’s goals and objectives, and continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” Panga said. The post PEZA chief lures potential Rotarian investors with ecozone perks appeared first on Daily Tribune......»»
FLI debt papers get top PhilRatings grade
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings. FLI’s proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from the issuance will be used for capital expenditures and debt refinancing. “We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability,” Tristan Las Marias, FLI president and chief executive officer, said. PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade. Outlook stable PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year. A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took “into account the following key considerations: FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage” for the outlook. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI’s nationwide retail GLA to 300,000 square meters. The post FLI debt papers get top PhilRatings grade appeared first on Daily Tribune......»»
Filinvest Land bonds earn top credit score, stable outlook from PhilRatings
The proposed bond issuance of full-range developer Filinvest Land Inc. (FLI) has been assigned the highest issue credit ratings and stable outlooks by the Philippine Rating Services Corporation (PhilRatings). FLI’s proposed bonds, amounting to P10 billion with a P2 billion oversubscription option, were assigned an issue credit rating of PRS Aaa. The same PRS Aaa rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from these bonds will be used for capital expenditures and debt refinancing. "We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability. We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” said Tristan Las Marias, FLI president and chief executive officer. Obligations rated PRS Aaa (the highest rating assigned by PhilRatings) are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment to the obligation is extremely strong. Each of the ratings was also assigned an Outlook of Stable. An Outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public. A "stable outlook" means the rating will likely be unchanged in the next 12 months. According to PhilRatings, the assigned credit ratings "take into account the following key considerations: (1) FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; (2) its sound growth strategies; (3) its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage,” among other factors. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. These FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to 300,000 square meters. FLI is also present in the industrial park and ready-built factory leasing businesses with its Filinvest Innovation Parks in New Clark City, Tarlac, and Calamba City, Laguna. Last 19 August, FLI broke ground on the 25-hectare Filinvest Innovation Park Ciudad de Calamba, an expansion of the 50-hectare Filinvest Technology Park in Ciudad de Calamba. FIP-CDC is envisioned to become a stage for new and relevant products that will catalyze progress in the local community. The post Filinvest Land bonds earn top credit score, stable outlook from PhilRatings appeared first on Daily Tribune......»»
All eyes on Gucci as Milan Fashion Week opens
Milan Fashion Week opened Wednesday, kicking off six days of shows by the top names in Italian fashion with expectations high for the debut by Gucci's new creative director. Almost 70 catwalk shows are scheduled in the northern Italian city, with Fendi, Prada, Versace, Dolce & Gabbana, Bottega Veneta and Giorgio Armani among those showing their women's spring-summer 2024 collections. The hottest ticket in town is Friday's Gucci show, the first under new artistic director Sabato De Sarno. The Italian, who previously supervised the men's and women's collections at Valentino, was named in January to replace star designer Alessandro Michele. The legendary brand, owned by French luxury group Kering, has also seen the departure of long-time chief executive Marco Bizzarri this year as it grapples with stagnating sales. There are other new faces this week, with Tom Ford making its Milan debut under the leadership of Peter Hawkings and Simone Bellotti's first collection as design director at Bally. First up was Fendi, with a collection that mixed utility and comfort, pragmatism and playfulness, with masculine tailoring combined with more fluid silks and knits in a palette dominated by orange, brown, yellow and grey. Artistic director Kim Jones said he was inspired by "women who dress for themselves and their own lives... it's not about being something, but being someone". Off the catwalk, 76 presentations and 33 events are planned, including Moschino's 40th birthday celebrations. Moncler, known for its puffer jackets, was presenting Wednesday its new collection in collaboration with musician turned designer Pharrell Williams, who made his debut for Louis Vuitton in Paris in June. And Diesel was repeating an initiative trialled with success last year, with a show Wednesday to which ordinary members of the public were able to obtain tickets. According to data from Italy's national fashion chamber, industry sales were up seven percent over the first six months of 2023. "We estimate annual sales to increase by 4.5 percent compared to 2022, at more than 103 billion euros ($110 billion)," said chamber president Carlo Capasa. Exports are forecast to be up six percent over the year. Between January and May, exports to China and Japan were up more than 18 percent. Matteo Zoppas, head of Italy's trade and investment agency, said the "Made in Italy" brand remained strong. "Compared to general growth in Italian exports of 4.8 percent in the first five months of 2023, fashion exports rose 7.4 percent in the same period -- and female fashion was up 11.4 percent," he said in a statement. The post All eyes on Gucci as Milan Fashion Week opens appeared first on Daily Tribune......»»
Low-end shelters drive CPG sales
The Antonio family’s Century Properties Group Inc., or CPG, continues to benefit from the rising demand for affordable residential properties through its First-Home Residential Brand, or PHirst, which in turn drove up company revenues in the first half. In a stock report, CPG disclosed that its consolidated revenues for the first semester reached P6.7 billion — 27 percent higher than P5.3 billion recorded a year ago. The company’s Phirst business contributed P3.5 billion in the total reported consolidated revenues, which represented more than half or 52 percent of the topline profit. High share of vertical dev’ts The remainder of the revenues, on the other hand, came from In-City Vertical Developments, Commercial Leasing, and Property Management segments which contributed P2.4 billion, P670 million, and P217 million, respectively. Meanwhile, CPG’s net income after tax hit P656 million from January to June, translating to a 20 percent growth from P548 million in the same period a year ago. “The demand for quality and strategically located first homes have proven to be resilient and even stronger and CPG was well-prepared to serve this market with its First-Home Brand. Maintain growth path “We are aiming to maintain this growth trajectory as we launch new projects,” CPG president and CEO Marco Antonio said. PHirst expanded its offerings last year following its entry to new market segments under new product brands: PHirst Sights Bay for socialized and economic segments, PHirst Editions Batulao catering to the mid-income market, and PHirst Centrale Hermosa — a mixed-use township encompassing residential, commercial, and retail establishments. The expansion significantly widened PHirst’s price point offerings — ranging from P580,000 to P8 million. Early this year, PHirst unveiled its maiden development in Nueva Ecija via PHirst Park Homes Gapan. It was followed in the second quarter by the opening of PHirst Impressions Batulao in Nasugbu, Batangas. The company said plans are in place to add two additional projects in the second half of 2023, which includes PHirst’s pilot venture in the Visayas Region. Collectively, these will bring PHirst’s portfolio to twenty active projects, on its way to achieving the programmed nationwide presence. The post Low-end shelters drive CPG sales appeared first on Daily Tribune......»»
Villar’s Vista Land rakes in P5.8-B mid-year profit
Integrated property developer Vista Land & Lifescapes, Inc. of the Villar Family raked in P5.8 billion net income in the first half of the year, up 83 percent from last year’s adjusted record of P3.2 billion due to sustained demand for real estate assets. In a report on Monday, the company disclosed that consolidated revenue during the first six months rose by 8 percent to P18.3 billion. Real estate revenue, on the other hand, reached P8 billion while rental income amounted to P7.9 billion for the six months. Gross profit was at P4.7 billion while EBITDA amounted to P10 billion. Excluding the gain from insurance proceeds of P1.8 billion, its core net income clocked in at P4.2 billion during the period. Vista Land President & CEO Manuel Paolo A. Villar pointed out that the company will bank on the strong demand in its residential developments to sustain growth. He noted that Overseas Filipino buyers comprise more than half or about 60 percent of the company’s total sales. “In terms of our leasing portfolio, of over 1.6 million square meters of gross floor area of commercial assets consisting of 45 malls, 56 commercial centers, and 7 office buildings, we are reaping the benefits from the increased foot traffic and return to normalcy,” Villar said. As of end June, Vista Land already launched P24.3 billion worth of projects nationwide. To date, its total assets stood at P335.4 billion, while equity was at P129.3 billion. The company also disclosed that it already spent P12.2 billion mainly on construction and land development. Land acquisitions remained muted since the company is still looking at maximizing its existing land bank. The post Villar’s Vista Land rakes in P5.8-B mid-year profit appeared first on Daily Tribune......»»
LOOK: This sea-inspired residential condominium is rising in San Vicente, Palawan
Property giant Megaworld has launched another milestone development within Paragua Coastown, its expansive “ecotourism” township in San Vicente, Palawan......»»