Tuesday, February 8, 2011

Who gets FTI?

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According to its website, Food Terminal Incorporated (FTI) is one of the largest industrial complexes in Metro Manila. The Agro- Industrial-Commercial Estate was envisioned to trigger the entry of private entrepreneurs at the vast leaseable portions of the FTI site and to create a conducive business atmosphere essential to the development of the complex.

Last month, Robinson's Land Corporation (RLC) submitted an unsolicited proposal for the acquisition of 103 hectares of the FTI property. The reports did not specify the actual amount of the bid submitted by RLC. Today, it was reported that Andrew Tan's Empire East Land Holdings, Inc.  offered to acquire the same property for Php 14 Billion.

Will the other developers get into the act? Who will win? Wonder what kind of development the winning bidder will put up - I'm putting my money on a mixed-use development with residential and commercial components. Hey, anything which will lead to developments outside Fort Bonifacio would be very welcome.

Sunday, February 6, 2011

DMCI in Taguig

As you may well know, DMCI has a lot of projects all over Metro Manila. In Taguig, it has what it calls Acacia Estates - composed of 7 subdivisions: Rosewood Pointe, Royal Palm Residences and Cedar Crest, with mid-rise and high-rise buildings, Mahogany Place 1, 2 and 3 and Spring Lane Homes, with mostly single-detached homes and townhouses.

There are also other projects outside Acacia Estates which are located nearby.

DMCI projects have received generally good reviews from buyers and investors, specially with respect to build quality and timely turnover.  However, its biggest challenge appears to be in property management which the company does not have any experience or expertise in. As a result, homeowners have gone to the internet - with a host of threads in various message boards as well as Facebook pages  -  in a bid to gain a sense of community and to try to improve the services being rendered by current property managers. See, for example, the Facebook page put up by residents of  Riverfront Residences and Royal Palm Residences (both in Taguig) as well as threads dedicated to Dansalan Gardens and Tivoli Gardens (in Mandaluyong) over at skyscrapercity.com. This threads will give prospective buyers an idea of the frustrations currently being experienced by the residents of these communities.

In addition, unlike its competitors Ayala Land. and Megaworld, DMCI's project do not normally have a commercial areas built in and are purely residential. In Taguig, for example, DMCI has so far refrained from building a mini-mall (similar to SM's Hypermart or Waltermart) within or just outside Acacia Estates, to take advantage of the growing number of residents in the area.