Property

seminar, class room, school

Leechiu: Pogos are coming back

The exodus Philippine Offshore Gaming Operator (Pogo) companies that characterized the woes of the Metro Manila office sector in 2020 has ended and demand for new space is returning, property veteran David Leechiu said on Tuesday. This reversal was partly due to new legislation addressing tax compliance by Pogos, whose operations mainly target gamblers in …

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Rebuilding the economy through the essentials

Megawide is no stranger to crises. Since we started operations more than two decades ago, we have developed key insights that have helped us navigate through the different cycles and thrive amid the most difficult times in our company’s—and country’s—unfolding history. We were born during the 1997 Asian financial crisis and started out as a …

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reception, woman, secretary

BPOs fuel resurgence of office property market

The business process outsourcing (BPO) sector has regained ground amid the disruptions brought about by the COVID-19 pandemic since 2020, fueling what appears to be the start of the office property segment’s rebound. Thanks to these BPOs, the Philippine office property market now “appears ready to take off and resume its prepandemic growth trajectory,” based …

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storm, squall line, dark

Rockwell roars back, H1 earnings beat 2020 level

Upscale property developer Rockwell Land has seen earnings in the first six months exceed full 2020 level, riding on a resilient high-end residential property market during this prolonged COVID-19 pandemic. Building on this momentum, Rockwell is set to bring to the property market about P21 billion worth of fresh property inventory this year, including two …

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CLI builds 100-unit Cebu City condo for informal settlers

Property developer Cebu Landmasters Inc. (CLI) will donate to the government of Cebu City a 100-unit medium-rise socialized residential condominium complex to shelter informal settlers who need to be evacuated from calamity-prone areas. The five-story residential project, valued at P115 million, will serve as transition housing for informal settlers near rivers, creeks, seas and other …

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building, exterior, office building

Megaworld seeks P27.3B in Philippines’ largest REIT listing

Tycoon Andrew Tan-led Megaworld Corp. plans to raise as much as P27.3 billion from the sale of a 49-percent stake in a business process outsourcing industry (BPO)-focused real estate investment trust (REIT) called MREIT Inc., which the group is grooming to become Southeast Asia’s largest REIT in terms of portfolio scale. At the maximum size, …

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condominium, buildings, exteriors

CLI back on growth path, Q1 profit up 25% to P714M

Property developer Cebu Landmasters Inc. (CLI) returned to a positive earnings growth path in the first quarter, outperforming the year-ago level even as the impact of the COVID-19 pandemic had yet to be fully felt in the comparative period. CLI, a leading developer in Visayas and Mindanao (Vis-Min) area, grew its attributable first quarter net …

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electricity, power poles, power lines

AEV profit jumps 276% as businesses pick up

Conglomerate Aboitiz Equity Ventures (AEV) saw a 276-percent year-on-year first quarter net profit growth to P7.6 billion, driven by the sharp earnings rebound across its power, banking, food, real estate and infrastructure businesses. Excluding non-recurring items, AEV’s core net income for the first three months of 2021 amounted to P7.8 billion, up by 243 percent …

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vaccine, vaccination, covid-19

Ayala extended P13.1-B help so far in COVID-19 battle

The country’s oldest conglomerate Ayala Corp. has contributed a total of P13.1 billion so far in the intervention efforts against the COVID-19 pandemic, more than half of which were from its property crown jewel Ayala Land Inc. (ALI) “With the steady rollout of our ambitious national vaccination program, of which the Ayala group and especially …

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