China Banking Corp. is seeking potential buyers for a 14-hectare property in Mactan, Cebu, the site of the unfinished Emerald Bay Resort, following the expiration of its leaseback agreement with PH Resorts Group Holdings Inc. The bank now holds full ownership of the land and plans to open it up to interested investors. Several parties have reportedly expressed preliminary interest in acquiring the property. The land was previously held by PH Resorts subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp., which had entered into a sale-and-leaseback deal with Chinabank in October 2023. The arrangement formed part of a debt restructuring…
Author: PropertyNews Philippines
Vista Land & Lifescapes Inc. (VLL), one of the Philippines’ largest integrated property developers, announced that its wholly owned offshore subsidiary, VLL International Inc. (VLLI), has secured a $150 million syndicated term loan facility. The loan carries an interest rate of 6.40509% per annum and will be used to support the VLL Group’s working capital requirements and general corporate purposes, the company said in a disclosure on Monday. The facility is guaranteed by VLL and several of its key subsidiaries, including Brittany Corporation, Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc., and Vista Residences Inc. Sumitomo…
The Philippine government has withdrawn draft legislation that would have raised taxes on property transactions after stronger-than-expected revenue collections in the first quarter, easing worries across the real-estate industry. Finance Secretary Ralph Recto told Congress in a letter that the Department of Finance is shelving the Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) bill, which would have lifted capital-gains, donor’s and estate taxes to 10% from 6% between 2025 and 2030. The reversal was welcomed by A Better Real Estate Philippines (ABREP), a group representing brokers, developers and allied professionals. “Raising taxes is not the solution,” ABREP President Anthony…
SM Prime Holdings Inc. has unveiled Pico Terraces, a mid-rise residential development within the Hamilo Coast estate in Batangas, positioning the project as a coastal retreat for families and individuals seeking a balanced lifestyle outside Metro Manila. Developed by SM Leisure Resort Residences, a unit of SM Prime, Pico Terraces will rise on a 2.3-hectare enclave at Pico de Loro Cove, with completion targeted by December 2027. The project allocates 80% of its land area to open spaces and green zones, offering 211 units across Ardea and Balea Suites in one-, two-, and three-bedroom configurations. “Pico Terraces is designed for…
Security Bank Corp. has extended PHP 3.52 billion in credit facilities to two property firms under the Investment & Capital Corp. of the Philippines (ICCP) Group to support their expansion plans. The bank granted PHP 2.56 billion to Science Park of the Philippines Inc. (SPPI) and PHP 960 million to Pueblo de Oro Development Corp. (PDO). The loan proceeds will be used to fund new and ongoing development projects. SPPI, a leading private industrial park developer in the country, has developed and is currently expanding nearly 1,500 hectares of industrial estates across the Philippines. The company plays a key role…
SM Offices, a unit of SM Prime Holdings, is reporting strong demand for its mall-based office spaces as companies prioritize mixed-use developments and expand into regional markets. As of January, occupancy across its 22 mall-integrated office sites in the Philippines reached 95%, supported by a growing preference for workspaces with convenient access to retail and recreational amenities. The company operates both standalone office towers near SM malls and office spaces within mall complexes, leveraging the broader SM ecosystem to attract tenants. Demand is being driven by firms seeking accessible locations that support employee convenience, particularly as in-person work continues to…
PROPTECH Philippines is hosting Hackestate: Hackathon 2025, a pioneering two-day event designed to harness the power of digital innovation in solving real-world challenges in the real estate and events industries. Happening on April 14–15, 2025 at the Sacred Heart Center in Cebu City, the hackathon is supported by Filipino Homes, the country’s largest real estate service network. The event invites student teams to develop web-based applications that tackle pressing industry issues, with a strong emphasis on creativity, user experience and practical impact. Proptech is an affiliate of Filipino Homes Group of Companies. “This is more than just a competition. It’s…
Cebu Landmasters Inc. (CLI) reported robust demand for its newly launched residential development, One Manresa Place, in Cagayan de Oro (CDO), reflecting continued strength in the Visayas and Mindanao (VisMin) real estate market. The company secured PHP 4 billion (USD 73.3 million) in sales during a two-day launch event and topped PHP 5 billion within just two weeks, selling 823 units and underscoring a sustained appetite for high-value residential offerings outside Metro Manila. Part of a 14.6-hectare township named Manresa Town, One Manresa Place is nearly 90% sold, illustrating market confidence in CLI’s growing portfolio. The company positions the project…
Philippine property giant SM Prime Holdings Inc. is set to expand its footprint in the premium residential sector, announcing plans to launch up to six upscale developments over the next five years. This strategic move follows a record performance in 2024 and aims to capitalize on the growing demand for high-end living spaces in key urban centers. The new premium residential line will target discerning buyers seeking exclusive and well-appointed homes. While specific project details and locations are yet to be fully disclosed, SM Prime indicated potential sites in the thriving provinces of Cebu and Luzon, alongside further expansion within…
Demand for office space in the Philippines rose by 7% year-on-year in the first quarter of 2025, defying concerns over the mandated departure of Philippine Offshore Gaming Operators (POGOs), real estate consultancy Leechiu Property Consultants (LPC). Net office space take-up reached 355,000 square meters, fueled primarily by the robust expansion of the Information Technology and Business Process Management (IT-BPM) sector, particularly global in-house centers. Despite the government’s push to remove POGOs, which previously occupied a significant portion of office stock, the resilient IT-BPM industry is absorbing available space. LPC noted increasing activity from traditional office tenants as well, contributing to…