AREIT signs P1.45-b deal to acquire Cebu office building
AREIT Inc., a real estate trust company owned by Ayala Land Inc., said Wednesday it signed an agreement to acquire an office building in Cebu province for P1.45 billion......»»
Cebu Capitol transfer draws near
The provincial government of Cebu disclosed that the site development for the new Cebu Provincial Capitol in Barangay Cambuhawe in the municipality of Balamban is now at 70 percent. On Thursday, Governor Gwendolyn Garcia conducted a site inspection with Balamban Mayor Ace Binghay and said that the construction of the province’s new capitol in the shipbuilding town of Balamban is expected to create more economic activity in the western corridor of the island. The new capitol building will be an exact replica of the original facility in Barangay Capitol Site, Cebu City, but with modern amenities. The site development of the new capitol building will stand on a 2-3 hectare and 135-meter above-sea-level lot. Garcia said that she is eyeing to acquire an additional 50 hectares of land around the new capitol site to accommodate provincial and regional offices of national line agencies, as well as departmental offices of the provincial government. Balamban is a first-class municipality but is vying for cityhood status. The national government allocated P200 million from the General Appropriations Act for the project. Meantime, the Cebu governor expressed gratitude to Senator Sonny Angara who committed another P100 million for the edifice construction while Senator Francis Tolentino promised P80 million for developing access roads leading to the site. “An amount of P500 million was earmarked by the provincial government for the new capitol building project,” Garcia said. Balamban is situated right at the center of the province and is accessible from both north and the south and just an hour drive from Cebu City, the capital city through the Transcentral Highway. The post Cebu Capitol transfer draws near appeared first on Daily Tribune......»»
100 Cebu City structures up for demolition
The local government of Cebu City announced on Wednesday that it is set to demolish around 100 structures along F. Vestil Road in Barangay Mambaling in the south and Barangay Talamban in the north to give way in the construction of the Cebu Bus Rapid Transit system. City Administrator Collin Rosell said the government will have to acquire 120 properties on both sides of F. Vestil Road and three properties in Talamban. About 100 families and property owners have to leave their homes but they were assured of compensation. The demolition plan was sent to the City Council as it should be endorsed for implementation. Rosell said the CBRT office will identify who among the property owners will be qualified to receive just compensation or housing relocation. Division for the Welfare of Urban Poor head Atty. Anthony Librando said areas affected are both commercial and residential. He added the affected owners have known that they must vacate their properties since public hearings were already conducted two years ago. Librando said the relocation site lot will be purchased by the city government while the National Housing Authority will build a medium-rise building for qualified affected residents. The proposed relocation site will be along Alviola Street, Barangay Tejero. The post 100 Cebu City structures up for demolition appeared first on Daily Tribune......»»
AREIT buys P5.1-B office mall
AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion. In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»
AREIT buys Ayala Malls The 30th, raises funds for more buyouts
Apart from Ayala Malls The 30th, AREIT also now owns the building host to Teleperformance Cebu, a business process firm, as well as three office buildings in Makati City namely Solaris One, Ayala North Exchange and McKinley Exchange. .....»»
AREIT adds Cebu building to its roster of assets
Following the acquisition by AREIT of a BPO building in Cebu IT Park last September 16, Ayala Land subsidiary, ALO Prime Realty Corp. (APRC), has recently transferred the long-term lease rights of the building’s lessee Teleperformance to AREIT Inc......»»
Danao City ‘gun maker’ nabbed in raid
CEBU CITY, Philippines – A 39-year-old man, who was accused of the illegal manufacture of guns, was arrested in a raid in his residence in Sitio Sapangdako, Barangay Matija, Danao City in northern Cebu, Tuesday dawn, March 26. In a report, the Cebu Police Provincial Office (CPPO) said that the raid was based on a.....»»
LCPO gets an acting city director
LAPU-LAPU CITY, Cebu — The Lapu-Lapu City Police Office (LCPO) has a new acting city director following the promotion and transfer of Police Colonel Elmer Lim to another region. This was confirmed by Police Lieutenant Colonel Christian Torres, spokesperson for the LCPO. Torres stated that Police Colonel Noel Flores, the current Deputy Regional Director for.....»»
Second graft case filed vs Magalong
Baguio Mayor Benjamin Magalong is facing another graft case before the Office of the Ombudsman in connection with the allegedly anomalous improvement and rehabilitation of a P50-million multipurpose building in Barangay Irisan......»»
LTO-7 on high alert for Holy Week
CEBU CITY, Philippines — The Land Transportation Office in Central Visayas (LTO-7) is on high alert starting March 24 to 31, for the Holy Week. The LTO-7 announced their “Oplan Biyaheng Ayos: Semana Santa and Summer Vacation 2024” in a press release last Friday. Director Glen Galario has instructed all LTO-7 district and extension offices.....»»
Over 40 defective weighing scales seized in Carbon Market
CEBU CITY, Philippines — The Office of the City Markets (OCM) of the Cebu City Government has confiscated over 40 defective weighing scales in Carbon Public Market as of March 21. Led by Market Administrator Robert Barquilla, the operation, dubbed “Operation Timbangan,” aims to ensure accurate measurements for customers. Barquilla, with assistance from Task Force.....»»
PRO-7 warns against use of marijuana-flavored vapes
CEBU CITY, Philippines — The Police Regional Office in Central Visayas (PRO-7) has issued a stern warning against the use and proliferation of marijuana-flavored vape products. Police Lieutenant Colonel Gerard Ace Pelare, the PRO-7 spokesperson, said that they will arrest individuals who sell vapes mixed with marijuana oil. The sale and use of marijuana remains.....»»
Extreme Heat as a ‘New Pandemic’: Thousands in PH Cancel Classes During ‘Hottest Year’
(Part 1 of 2) CEBU CITY, Philippines — The decades-old Gabaldon building of Leyte National High School in Tacloban City has narrow hallways, high and dark ceilings, and overcrowded classrooms. On hot and humid days, the rooms can feel stuffy and suffocating, prompting students like Dwight Lebrea, a 17-year-old Grade 12 student, to find ways.....»»
Balamban site is for road project, not Capitol bldg – Gwen
CEBU CITY, Philippines – The cleared site in Barangay Cambuhawe, Balamban, in western Cebu, is not for the new Capitol building, but for nationally funded road projects. Cebu Provincial Governor Gwen Garcia made this clarification after photos of a deforested mountain in Balamban, initially thought to be the site development of the new Capitol building,.....»»
Rama asks Malacañang to suspend Gwen over CBRT dispute
CEBU CITY, Philippines – Preventive Suspension. Cebu City Mayor Michael Rama is seeking the suspension of Governor Gwen Garcia over issues related to the Cebu Bus Rapid Transit (CBRT). Rama filed an administrative complaint before the Office of President Ferdinand Marcos Jr. against Garcia after the governor issued a cease and desist order to the.....»»
Gealon: Probe companies with colorum vehicles
CEBU CITY, Philippines – A citywide crackdown is being implemented against colorum vehicles or illegally operating public utility vehicles (PUVs). This after Cebu City Councilor Rey Gealon’s proposed a resolution was approved during the council’s regular session on March 20, requesting the Land Transportation Office (LTO) to conduct operations against colorum trucks operating in the.....»»
PDEA-7: No marijuana-flavored vapes in Central Visayas
CEBU CITY, Philippines – No marijuana-flavored vapes have been monitored so far in Central Visayas, the Philippine Drug Enforcement Agency in the region, said. This was according to Intelligence Agent IlI Jonar V. Cuayzon, chief of the Intelligence and Investigation Section of PDEA Regional Office 7. Cuayzon, however, said that they are not discounting the.....»»
Citicore Energy REIT doesn’t deny report of potential 30% stake sale
Citicore Energy REIT responded to a Biz Buzz article that claimed a “blue chip conglomerate” (BCC) was in negotiations to acquire “a little less than 30%” of CREIT in a deal that would be completed “in the coming days or weeks”......»»
Lapu-Lapu drug test: Tourism office JO positive for illegal drugs
LAPU-LAPU CITY, Cebu- One tested positive for using illegal drugs during a surprise drug test conducted by the City of Lapu-Lapu Office for Substance Abuse Prevention (CLOSAP) on Friday, March 15, for the occupants of the Tourism, Historical, and Cultural Affairs Commission (TCHAC) building. The government structure is occupied by tourism office personnel and employees.....»»
CPA issue: Cebu City to file cases for alleged violations, multiple illegal constructions
CEBU CITY, Philippines – The Office of the Building Official (OBO) in Cebu City has taken legal action against the Cebu Port Authority (CPA) for the alleged multiple violations related to unauthorized construction activities within the port area. This action comes after CPA persisted in building multiple buildings in the port area without the necessary.....»»
Rama stops CPA port project due to permit issues
CEBU CITY, Philippines – Cebu City Mayor Michael Rama ordered City Hall officials to stop the construction of a port at the back of the National Museum after the Cebu Port Authority (CPA) failed to secure a building permit. The mayor even slammed the CPA for the lack of “decency” and “courtesy” due to the.....»»