DOTC, MWM Terminals ink deal for P3.3B Parañaque transpo hub

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MEGAWIDE CONSTRUCTION Corp. has allocated about P1.61 billion this year to finance the public-private partnership (PPP) contract it won to build, transfer, and operate an integrated transport terminal hub in southern Metro Manila, which is set to be signed this week, its executives said last Friday.

“For ITS-Southwest, the funding is ready. Since we partnered with Walter Mart, the share will be 51% Megawide, then 49% with Walter Mart (WM),” Megawide Chief Executive Officer Michael C. Cosiquien said on the sidelines of an inaugural ceremony in Bulacan on Friday, when asked about his company’s financing plan for the P3.15-billion transport terminal PPP deal.

Artists Sketch of proposed project

MWM Terminals, the consortium of Megawide and WM Properties, Inc., was awarded the 35-year concession agreement in January, after offering the lowest annual grantor payment of P100 million which the government will pay for the services of the winning bidder.

The only other bidder, Filinvest Land, Inc. offered P650 million.

“The project cost isn’t that big compared to other PPP projects wherein we need to borrow money. ITS Southwest is only P3.15 billion, so we are ready to finance the project,” Mr. Cosiquien explained.

He added that his consortium targets to sign this week the concession agreement for the PPP deal. “It looks like we are ready to sign next week; we’re just finalizing some minor details with DoTC (Department of Transportation and Communications),” he had said last Friday.

Signing for the deal to build, transfer to the government, and operate an integrated transport hub in southern Metro Manila was originally set for Feb. 25. But due to clarifications regarding the process of property titling for the 4.59-hectare project site in Parañaque City, the signing was held back.

“The 4.59-hectare property involves two titles: both aren’t secured yet,” Manuel Louie B. Ferrer, Megawide’s corporate information officer, told reporters early this month. He added that the DoTC negotiated with MWM Terminals’ legal team in March, “giving us comfort to get a permit to start the construction right after the signing.”

Both lands, Transportation Spokesperson Michael Arthur C. Sagcal said in a text message on early this month, belong “to PRA (Philippine Reclamation Authority).”

The Transportation department plans to bid out deals for Metro Manila’s two other integrated transport terminals.

The ITS-Southwest project that will be built on a 4.59-hectare area will connect passengers coming from Cavite to transport services that serve Metro Manila.

The project will include a passenger terminal building, arrival, and departure bays, public information systems, ticketing and baggage handling facilities and park-ride facilities.

The winning bidder will operate and maintain the facility for 35 years.

The terminal is expected to start operations in April 2017.

Mr. Cosiquien said last Friday that MWM Terminals is “still on schedule” in terms of the construction of the project.

The ITS-Southwest project is the fifth PPP deal won by Megawide. It also won the P34.44-billion contract for the Mactan-Cebu International Airport Passenger Terminal Building; P5.62-billion Modernization of Philippine Orthopedic Center; P16.28-billion first phase of the PPP for School Infrastructure Project; among others.

*courtesy of bworldonline.com By Chrisee Jalyssa V. Dela Paz, 2015

MANILA, Philippines – The Department of Transportation and Communications (DOTC) and MWM Terminals, led by Megawide Construction Corp., signed yesterday the concession agreement for the proposed P3.27-billion transportation hub in Parañaque City.

Transportation Secretary Joseph Emilio Abaya said the signing of the concession agreement would pave the way for the start of the construction of the Integrated Transport System – Southwest Terminal in Parañaque City.

This is the first Public Private Partnership (PPP) project awarded by the government this year. MWM Terminals is a partnership between Megawide and WM Property Management Inc.

 

DOTC spokesperson Michael Arthur Sagcal said MWM Terminals has to start construction eight months from the signing of the agreement and should be completed within a period of 18 months or until June 2017.

MWM Terminals representative Louie Ferrer said the terminal would accommodate provincial and metro buses as well as other public utility vehicles.

Ferrer said the mixed-use development would also feature a mall and office spaces for the convenience of passengers.

“We are proud to once again partner with DOTC on such a landmark project. With the Southwest Terminal, we are able to facilitate the faster and more efficient flow of traffic carrying people and goods to and from Metro Manila. It will benefit thousands of commuters daily. Our infrastructure is finally catching up to our growing economy,” Ferrer said.

According to Ferrer, the company visited a number of intermodal transport systems in foreign countries including Melbourne, Australia. “We were inspired by the advancements they have made in terms of facility and operation. We are hopeful that we can apply the same forward-thinking processes in our country,” he said.

The proposed terminal in Paranaque City would connect passengers coming from Cavite to other urban transport systems such as the future Light Rail Transit Line 1 (LRT) South Extension to Bacoor in Cavite, city bus, taxi, and other public utility vehicles plying Metro Manila.

*courtesy of By Lawrence Agcaoili (The Philippine Star) | Updated April 25, 2015

Ayala in Manila Bay Area

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MANILA, Philippines – Ayala Land Inc., the property development arm of the Ayala Group, has joined the action at the Pagcor Entertainment City in Parañaque with its plan to build a huge mall complex, a BPO center and a hotel within a nine-hectare property, according to documents filed with the Parañaque City government.

Ayala Land commercial business group head Jose Emmanuel Jalandoni said the project would have a mall, hotel, and office components. He said construction is set to start this year and completion is eyed by the second half of 2018. According to Jalandoni, about P12 billion is the project cost of the planned mixed-use development.

Parañaque Mayor Edwin Olivarez, in a statement, said the decision of Ayala Land to invest in the southern city is a huge vote of confidence for the city, which in 2014 was adjudged the country’s most competitive city in terms of economic dynamism and is now dubbed the Mega City by the Bay.

“This is another affirmation of Parañaque’s emergence as a new economic and business hub,” he said. “We welcome with open arms Ayala Land’s investment which we estimate should create at least 10,000 new jobs for our people and help sustain the country’s robust economic growth,” he said

Olivarez said Ayala Land filed an application for a locational clearance with the city’s Local Zoning Board of Adjustments and Appeals for its Entertainment City project, which is entirely within the jurisdiction of Barangay Tambo in Parañaque.

The application was approved by the board last week, he added.

The mayor said Ayala Land’s decision is in response to the city’s “Invest in Parañaque” program, which is aimed at attracting more long-term investments that create stable jobs.

He said more businesses have expressed similar interest in locating in Parañaque in the coming months.

Melanie S. Malaya, head of the city’s Business Permits and Licensing Office and a member of the board, said Ayala Land’s specific application is for the construction of a mall along Macapagal Ave. which would be bigger than the nearby SM Mall of Asia complex. The MOA is listed as having 407,000 sqm in gross floor area.

The BPLO chief said the mall would become Parañaque’s biggest mall and is seen to compete head on with the Mall of Asia.

She said the Ayala Group has secured a 45-year lease for the 9.2-hectare property from the Wenceslao group, owner of the Aseana Business Park complex, for the project. The property is located right across the new City of Dreams Manila, a casino and hotel complex also owned by the SM Group in partnership with the Melco Crown group of Macau.

Ayala Land would also develop a BPO center and a 12-storey hotel with at least 325 rooms within the leased property, Malaya added.

The entry of the Ayala group at the Entertainment City effectively brings together all the country’s biggest property developers in the area, which already has two casino complexes in operation: The City of Dreams of the SMgroup and the Solaire Resorts and Casino of port mogul Enrique Razon.

Two other casinos are also set to build at the entertainment city: the Bay shore City Resorts Worlds of Travellers International group, a joint venture between Filipino tycoon Andrew Tan’s Alliance Global Group Inc. and the Genting group of Malaysian, and Japanese billionaire Kazuo Okada’s Manila Bay Resorts project.

*courtesy of Philstar By Perseus Echeminada and Richmond Mercurio April 21, 2015

“By the end of 2018, Ayala Malls’ total leasable area will be two million sq m,” she said. “Expansion in 2018 will be in Bacolod, Cebu, Makati and in the Bay Area in Parañaque.”

*Philippine Inquirer Updated by Dorris Dumlao-Abadilla January 2017.

 

PLDT HOME equips NAIA Garden Residences (Bayport West) with fiber technology

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naia officersOne of the country’s top residential communication and multimedia services provider PLDT HOME recently signed a strategic partnership with Mega Pacific Holdings, developer of the NAIA Garden Residences – Bayport West  in Pasay City. The partnership allows PLDT HOME to install its fiber optic technology in the development, giving residents the strongest connections with speeds of up to 100 Mbps.

 

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PAGCOR Gaming Hub Final

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Good news to NAIA Residences investors! Our investment has a very good potential to appreciate in the market.

It was reported last December 12, 2012  that the Okada’s Universal Entertainment and Robinsons Land Corp. separately announced the signing of a basic agreement that would allow the latter to acquire a minority stake in its wholly owned Tiger Resorts, Leisure and Entertainment Inc. At the same time, RLC will acquire a majority stake in Eagle I Land Holdings Inc., the landowner of the project site.

RLC will be responsible for developing the commercial facilities, a budget hotel and residential facilities in the project. The final agreement shall be concluded by Jan. 31, 2013, according to the statement.

With other big projects pursued by Bloomberry and the Melco group in partnership with Belle Corp., Garcia said the Philippines would soon “be a fierce player” in the regional tourism gaming space.

The next gaming hub in Asia is soon to roll. Over the last few years, Singapore and Macau have emerged as formidable gaming hubs in the region.

The announcement did not say how much stake RLC will get in the gaming operations.

Universal Entertainment said the casino resort being developed by the Group would be called “Manila Bay Resorts.” Apart from a world-class casino, it said the major casino resort complex would feature luxurious hotels, upscale restaurants, commercial facilities, a budget hotel, residences, Vegas-style water fountains and an enormous indoor pool with real sand beach covered by a huge glass dome.

 

NAIA Garden Residences repatriation program for foreign and Filipino retirees

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FOREIGNERS CAN INVEST IN NAIA GARDEN RESIDENCES
following the guidelines set herein as part of the repatriation program for foreign and Filipino retirees

The NAIA GARDEN RESIDENCES is a joint venture project between the PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer.

The PHILIPPINE RETIREMENT AUTHORITY (PRA) pra.gov.ph, an agency under the supervision of the Department of Tourism has accredited PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer to realize this repatriation program of the government. The PRA is the government- owned and operated with the function of promoting the Philippines as a viable retirement haven with a network of real estate, healthcare and lifestyle and economic enterprise to especially designed to serve the foreign retiree community and boost the repatriation program for foreign and Filipino retirees

The visions behind this Project is to build an affordable residential community for foreign retirees and repatriating /retiring Filipino overseas workers looking for an investment property with rich potentials to appreciate in value while it serves their personal use.

The accreditation by the PRA of the NAIA Garden Residences is an added feature of the project and makes a distinction among other investment of the same nature.

With this accreditation, the Project aims to attract retirees from Korea, Japan, China, Taiwan, the United States, Canada and parts of Europe, as well as former Filipino citizens or balikbayans with dual citizenship or OFWs (overseas Filipino workers) that have become citizens of another country.

The main attraction of the retirement program of the PRA is the Special Resident Retiree’s Visa (SRRV), a special non-immigrant resident visa that provides its holder with multiple-entry and indefinite stay status in the Philippines by putting up an investment of US$20,000 to $50,000 in their name, with interest accrued in their favor. After the holding limit of one month, they can stay in this country already and can convert that deposit into an active investment.

In this program, a resident retiree can, without additional deposit, bring a spouse and an unmarried child below 21 years old or if the spouse is not joining, two (2) children (provided that they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit.

repatriation program for foreign and Filipino retirees

The SRRV also grants tax-free incentives and privileges, as well as value-added services and benefits that foreign retirees can avail of from establishments such as hotels, resorts, retirement facilities, and restaurants. Children of registered retirees are exempt from student visas.

“Another advantage the Philippines has over other countries in the retirement business is the worldwide reputation for its highly efficient and professional doctors, nurses and caregivers.”
As a general rule, anyone regardless of nationality may invest in the Philippines. However, foreign nationals enrolled in the Retirement Program are, under the Authority’s existing Implementing Investment Guidelines, permitted after holding period of 30 days from the issuance of the SRR Visa, to convert their time deposit/s into active investment/s in any or a combination of the following Alternative Investment areas:

A retiree who has converted his dollar deposit into an active investment may opt to substitute the same with another form of investment that is allowed under the PRA program. In case of substitution, the value of the substituted one must at least be equal to or higher than the amount of the retiree’s requisite deposit after conversion.This repatriation program for foreign and Filipino retirees gives NAIA Garden Residences an edge as the most viable real estate investment.

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Suburbanization in the City of Pasay and Paranaque

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NAIA Garden Residences, a parcel of suburbanization in the city of Pasay and Paranaque.

Suburbanization in the extended metropolitan area of Manila has produced new middle-class consumer landscapes of exclusive suburbs — alongside tower blocks, offices, residential estates, shopping malls, and golf courses — linked by freeways and flyovers. In the heart of Pasay and Paranaque is where the center of development in Metro Manila. sprouted condominium projects from major developers like SMDC, DMCI, Ayala land, Anchor Land, etc are there with completion as early as 2013. The Philippines economic growth, the emergence of a new and mobile middle class, and the lack of public planning have been emphasized in the recent regulations due to the past anomalous transactions of some real estate developers. Each developers showcase a unique resort type suburban projects to attract even middle income earner. These enclosed homogeneous suburbs designed and marketed as fragments of European a global era, enhance security, exclusivity, and isolation. Under the government regulation, suburban village associations regulate community life through private legal regimes and strengthen class divisions. Malls and freeways are further features.

Explore the production of the nightlife industry within a new urban entertainment economy in Manila Bay. Get your place at NAIA Garden Residences. Your home, your business.

 

Forms and Documentation

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NAIA Garden Residences specifically offers the project for retiree investors. To take advantage of the benefits for retirees, below are the guidelines. The marketing team will assist you during:

  1. Pre-processing & Evaluation of the application for the conversion of the dollar time deposit into an investment;
  2. Annotation of the PRA restriction on the title representing the investment with the Register of Deeds;
  3. Processing and Approval of the investment application within five (5) working days.

Provided below are the checklist provided by the Philippine Retirement Authority if you wish to apply as a retiree investor for condominium units.

  1. ____ Letter of Intent to convert investment.
  2. ____ Original of official receipt for the down payment and/or reservation deposit for the unit to be purchased;
  3. ____ License to Sell condominium units issued by the Housing and Land Use Regulatory Board (HLURB);
  4. ____ Certification (duly notarized) from the owner-developer of the condominium project on the following;
However, following the general law of corporation and under the Constitution, still the said benefit should not go beyond the 40% limitation for foreign investors. Please contact your agent if the said requirement has been reached for foreign investors.

As per mandate, the additional documents are required:

5. ____Certified true copy (by the Registry of Deeds) of the Condominium Certificate of Title of the unit and parking space, if available;

6. ____ Contract to Sell/Deed of Absolute Sale which must contain the following provision/annotation:

“The herein vendee of the above prescribed property is a participant in the Retirement Program of the Philippine Retirement Authority (PRA), a government corporation created under EO 1037, dated July 4, 1985 with office address at the 29th Floor, Citibank Tower, 8741 Paseo de Roxas, Makati City, Philippines, and as such the Condominium Certificate of Title to be issued in his name shall bear the following annotation.”

7. ____Master Deed with Declaration of Restrictions (certified true copy);

8.   ____ Certified true copies (by the SEC) of the Articles of Incorporation, By-Laws and SEC Certificate of Registration of the condominium developer or the condominium corporation (if existing).

9. ____ Undertaking from the developer/seller (notarized) to deliver /transfer the Condominium Certificate of Title with PRA restriction after ninety (90) days from date of full payment, failure to transfer the CCT to the retiree, the seller/developer will have to return all payments made by the retiree.

10. ____ Latest Annual Tax Return of the Developer (1702)

11.  ____ Condominium Certificate of Title, which must contain the following annotation:

“ The sale, transfer, or encumbrance of this property is subject to the approval of the Philippine Retirement Authority (PRA), the owner named herein being a holder of a Special Resident Retiree’s Visa (SRRV), and is therefore, subject to the provision of Executive Order No. 1037 and its Implementing Rules and Regulations.”

12 ____ Tax Declaration and real estate tax receipts.

The following documents are required from a prospective retiree, to enroll in the Philippine Retirement Authority Retiree Program to be granted a Special Resident Retiree Visa ( for more inquiries, check the website of PRA – pra.gov.ph):

  • Accomplish PRA application form.
  • Original passport with valid entry status;
  • Medical Examination Clearance – can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop.
  • Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks.
  • Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above (Age requirement of 18 is for purpose of NBI Clearance only.
  • Photographs 6 pieces 1”x1” and 6 pieces 2”x2”;
  • If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicants residence if the marriage was contra ted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
  • If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependents/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicants residence abroad.

Worry no more! these documents will be provided by the developer. Please contact your agent for more information.

Initial Forms to be accomplished:

Please complete the form, scan and submit to sales@naiagarden-residences.com

NAIA Garden Client’s Information Sheet

NAIA Garden Residences Reservation Form

NAIA Garden Payment Sheet

 

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NAIA Garden turn-over date and things to do before move in

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The construction of the NAIA Garden Residences shall be completed, and the condominium units shall be delivered, not later than December of 2013

as per mandated by the license to sell issued by the HLURB with a grace period of eight (8) months, barring delays due to fire, earthquakes, acts of God, war, civil disturbances, strikes or other labor disturbances, government and economic controls making it, among others, impossible or difficult to obtain the necessary materials, permits and licenses, acts of third persons, including any legal or judicial actions initiated by third persons or any other cause or conditions beyond the control of NAIA Garden Residences. In the event of the latter, the completion and delivery of Subject Property shall be deemed extended accordingly without liability on the part of NAIA Garden Residences. The foregoing notwithstanding, NAIA Garden reserves the right to withdraw from this transaction and refund to BUYER without interest the amounts received from BUYER under this Contract if for any reason not attributable to NAIA Garden, such as but not limited to fire, storms, floods, earthquakes, rebellion, insurrection, wars, coup de ‘etat, civil disturbances or for other reasons beyond its control, the Project may not be completed or it can only be completed at a financial loss to NAIA Garden Residences. In any event, all construction structures on the Project shall remain the property of NAIA Garden Residences.

Upon completion of the UNIT, as evidence by the issuance of certificate of occupancy, the NAIA Garden Residences shall so notify the BUYER in writing. The delivery of such notice shall constitute notice for occupancy/turnover of the UNIT to the BUYER, and henceforth, notwithstanding failure of the BUYER to take actual possession of the UNIT, all risks, loss or damage to the UNIT including, but not limited to, the pro-rata assessments, real estate taxes, thereon, shall be for the account of the BUYER irrespective of the fact that the title to the UNIT may have been withheld by the NAIA Garden Residences pending full payment or compliance by the BUYER of his/her/its obligation herein stipulated. The presence of on-going construction of minors details, rectification/s, and repairs of common area/s, or other unit/s, and the existence of defect/s in the construction of the UNIT, shall not be a ground for the BUYER to refuse acceptance of turnover of the UNIT, to withhold payments, to demand reduction in the PURCHASE PRICE, or to delay loan take out from the bank. The NAIA Garden Residences undertakes to coordinate with its contractor/s and/or supplier/s in the rectification/repair of defect/s of the construction of the UNIT.

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