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Ayala plans new CBD in Kawit, Cavite

Property giant Ayala Land Inc. unveiled on Thursday a 200-hectare new estate development called “Evo City” in Kawit, Cavite, groomed to be the next central business district (CBD) south of the metropolis that will benefit from robust economic growth and infrastructure-building.

The group will jumpstart development of this newest mixed-use project with a new gated village under Alveo Land called “The Residences at Evo City,” bringing P7.4 billion worth of new real estate inventory in the form of subdivision lots which will be turned over to buyers by 2020.

In a press briefing on Thursday, Alveo Land president Jennylle Tupaz, said The Residences would be the only subdivision development in this future CBD which is as big as the Makati CBD. The Residences will be to Evo City as Urdaneta Village is now to Makati, a prime subdivision within a thriving CBD, she noted.

Alveo will offer only a total of 760 lots in this subdivision development, which will occupy 41.4 hectares of Evo City. For the first phase, Alveo will bring to the market 395 lots with an average size of 236 square meters (sqms). Average selling price is P30,000/sqm while average contract price is P9.7 million.
Minimum lot cut will be 294 sqms while maximum will be 325 sqms.

“The Residences at Evo City will offer the ideal living experience in the South. With the seamless synergy of all the Ayala brands involved, Evo City will become a prime CBD that will drive growth and progress in Cavite. This will be an estate that delivers complete work and living experiences in a well-masterplanned and sustainable environment,” Tupaz said.

Amenities include a main park and smaller cluster parks situated around the subdivision. The clubhouse will have a function room and board room, a lap pool, lounge pool and a children’s pool.

Alveo had sounded of its newest residential enclave to prospective buyers and is confident that lots in the first phase will be nearly sold out in no time after the official launch in the next few days.

After The Residences, subsequent residential offerings in Evo City will be high-rise developments, making this subdivision project a much-sought development, especially for families seeking to live in a gated village accessible to people working in Metro Manila.

Evo City – which is bordered by the Centennial Road, Kalayaan Road and the soon-to-be developed Cavite-Laguna Expressway (CALAX) – was to be less than an hour away from the metropolis by road travel.

Based on its pricing level, Alveo’s The Residences is suitable for households with combined monthly income of about P300,000. Monthly amortization to purchase a lot is estimated starting at P160,000.

Aside from residential offerings by Alveo, Evo City will also feature a lifestyle mall by the Ayala Malls Group, a hotel by Ayala Hotels and Resorts Corp, office developments by Ayala Land Offices, and residential offerings by Alveo Land. Civic space for parks and plazas, a school, church, and hospital complete the estate. In addition, other Ayala companies such as Globe Telecom and Manila Water will be lending their expertise in developing the communication and water systems.

Later in the year, Tupaz said Alveo Land would also offer commercial lots for sale in Evo City.

About 40 percent of Evo City will be devoted to open space. Based on the masterplan, the entire CBD is anchored by a 5-hectare park for various outdoor activities. It will also have mini-parks and mini-plazas and a pedestrian-friendly road network with dedicated bike lanes.

The first phase of development in Evo City, which was previously idle land, covers 121 hectares. The estate is also envisioned to offer smart and efficient designs with multiple and interconnected services such as traffic management, public transport, emergency services and security systems managed through an integrated operations center. This seeks to ensure that everyday operations run seamlessly throughout the future CBD.

Tupaz said Evo City was derived from the word “evolution” as this project sought to bring the district and its outlying areas forward towards growth and progress.

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Group mounts campaign vs colorum real estate brokers

A group announced on Monday that it will soon be hunting down unlicensed real estate brokers.

The Philippine Association of Real Estate Boards Inc. (PAREB) was alarmed of the rising number of unlicensed land brokers who sell real estate properties illegally.

PAREB Vice President for Mindanao Roy C. Rabor, in a press conference, said the practice of selling land properties by “colorum” real estate agent was rampant in the region.

“Because of the rampant practice, 50 percent of the transactions go to unlicensed or colorum brokers,” he said.

He said that PAREB and the Registry of Deeds are set to sign a memorandum of agreement which aims to curb the problem. ‘

PAREB also mounted a campaign dubbed as YAKAP (Your Anti-Kolorum Advocacy) which aims to protect the public from fraudulent transactions done by unlicensed land agents.

“We are trying to educate not only the real estate practitioners but also the owners to deal with licensed real estate practitioners,” Rabar said.

According to Rabor, majority of the land or property owners are not aware of the R.A. 9646 or the Real Estate Service Act of the Philippines.

The Republic Act 9646 of 2009 is an act made to “regulate the practice of real estate service in the Philippines”. This requires the brokers to take the real estate management board exam for them to be certified licensed brokers.

PAREB is a national real estate service organization in the country. The group has 300 members in Davao City, he said.

Meanwhile, Davao Board of Realtors Foundation, Inc. President Hardinado V. Patnugot Jr. pointed out the campaign drive was not meant to demoralize the unlicensed land agents.

“Our approach will be to help [them to be] legal [land] brokers. We will embrace our fellow brokers who are not registered or licensed. We want to draw them in the organization so that they will have a chance to be professionalized,” he said.

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Developers urged to tap short term lease market

Real estate developers with large inventories of ready-for-occupancy (RFO) units are urged to tap the short term lease market to avoid the deterioration of the project’s value, a property consultancy firm said.

In its first quarter 2017 property market report, Colliers International noted of an oversupply of studio and one-bedroom units in the Metro Manila market, caused by the aggressive

launching of these unit types over the past three to five years.

“For companies that have significant ready-for-occupancy (RFO) units, Colliers believes that leasing out these units either individually or even as shared units makes sense, as long as the leasing schemes do not go against the market positioning of the properties and do not lead to a deterioration of the projects’ perceived value,” Colliers said.

At present, studio and one-bedroom units account for about 70 percent of the Metro Manila residential market supply, according to the property consultancy firm.

Colliers Deputy Managing Director Richard Raymundo said in a briefing Thursday, that about 20 to 25 percent of completed residential buildings remain unsold.

“In terms of inventory, when you look at the average of those that are finished already, they’re probably close to 75 percent sold to 80 percent sold.,” Raymundo said.

“So there’s this 20 percent that remains in the inventory– it’s still a problem for a developer particularly if it’s a big development,”he added.

To address this problem, Colliers suggests that developers offer their properties for short term lease, given the present demand in the said market.

Among factors driving demand for short term lease properties is the rise of both foreign and local tourists.

The property consultancy firm said about 60 percent of international visitors make a pit stop in Metro Manila before going to their respective destinations in the Philippines, while an average of 500,000 domestic tourists visit the country’s capital each year.

Colliers also mentioned the working millennial and OFWs on vacation as possible target markets for the short term lease market.

Moreover, Colliers cited the Century Properties Group as a developer that has already tapped the short term lease market, particularly with its Siglo Suites project, which helps owners effectively lease out units to short-,medium-, and long-term guests and tenants.

“The scheme also strengthens and enhances the security of owners and residents,” Colliers said.

Furthermore, the property consultancy firm recommends developers to offer RFO through rent-to-own schemes and be more aggressive in providing flexible and extended payment terms, to be able to entice more consumers to acquire these units.