By Doris Dumlao
Philippine Daily Inquirer

THE PHILIPPINE property sector may be close to hitting the peak of a post-Asian-crisis cycle, as analysts expect robust demand to extend for about two to three more years.

Analysts and bankers said low interest rates and big demand from end-users were supporting appetite for real estate — the exact opposite of the situation 10 years ago when people were buying real estate on speculation that prices would rise further.

“I think we’re closer to the top” of the cycle, said Michael Manuel, chief investment officer of Sun Life of Canada (Philippines) Inc. “A lot of things are going on in the property market, but if you look at the supply that’s being built now, I think come 2009 and 2010, we’ll probably see some kind of peaking.”

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By Philippine Daily Inquirer

PROPERTY developer Vista Land & Lifescapes Inc. hopes to generate as much as P50 billion in sales this year with the launch of 40 projects, company president Benjamarie Serrano said.

“We are seeing a pre-1997 [property] boom without the speculation,” Serrano said.

She expected sales to continue to come from overseas Filipino workers, who account for more than half of Vista Land’s buyers.

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By Suzzane Salva-Alueta
Cebu Daily News

CEBU CITY, Philippines–Cebu Governor Gwendolyn Garcia said it was time the Capitol updated its schedule of fair market values of land in the province — the basis for computing real property taxes.

She said taxes collected by the provincial government were based on the 2002 schedule of fair market values. With three Cebu towns recently upgraded to cities, exempting them from sharing their real property taxes with the provincial government, Garcia said the Capitol has to make up for the lost revenue.

“As much as possible, we do not want to burden the people. But now, our peso is strong, our economy is good. We have not amended the market schedule for a long, long time. So I hope they (constituents) will understand,” she said.

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By Nestor P. Burgos Jr.
Inquirer Visayas Bureau

ILOILO CITY–Megaworld Corp. will pour an initial investment of P1.5 billion into its newly acquired 54-hectare property, where the old Iloilo airport used to stand.

Megaworld, which acquired the property in Mandurriao District for P1.2 billion, plans to build a business park here.

“This is our first major investment outside of Manila,” said Kingson Sian of Megaworld Corp. during Friday’s turnover ceremony at the Sarabia Manor Hotel and Convention Center. “This shows how much we are bullish and committed to Iloilo.”

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By Elizabeth Sanchez-Lacson
Inquirer

SM Investments Corp., the publicly listed holding firm of the mall magnate Henry Sy, said it would merge all its property interests under Shoemart Inc., a privately held investment company of the Sy family.

Inquirer sources said the SM group could be preparing for an initial public offering (IPO) of Shoemart stock, but they stressed that a decision on this had yet to be made.

In a disclosure to the stock exchange, SM Investment said the consolidation would be done through a share swap.

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