Real Estate

Panama Hotel votes to drop Trump but his company won’t go

WASHINGTON — An attempt to oust President Donald Trump’s hotel business from managing a luxury hotel in Panama has turned bitter, with accusations of financial misconduct. Trump Hotels is contesting its firing, and its staff ran off a team of Marriott executives invited last month to visit the property during a search for a new …

IT-BPM resurgence seen in 2018

MANILA — The office property market is expected to continue expanding next year with a resurgence of the information technology-business process management (IT-BPM) and growth of the offshore online gaming industry. David Leechiu,  chief executive officer of Leechiu Property Consultants (LPC), anticipates a “dramatic resurgence” of the IT-BPM industry in 2018 resulting from reaffirmed relations …

Real estate market ‘rosier’ in 2018

MANILA — A real estate service provider sees a rosier property market in Metro Manila by 2018, saying outlook on office, retail, residential, and industrial sectors remains high as these continue to expand. Santos Knight Frank Chairman and Chief Executive Officer Rick Santos said outlook on Metro Manila’s real estate market is more optimistic next …

BOI approves P1.13-B tourism projects

MANILA — The Board of Investments (BOI) has approved three tourism projects worth PHP1.13 billion. Hotel and resort projects of Ayala Land Hotels and Resorts Corp., UC-1 Corp., and 888 Subic, Inc. got BOI’s nod under Special Law List on Tourism Facilities in the 2017 Investment Priorities Plan (IPP). Ayala Land Hotel and Resort’s PHP661.9-million Seda …

Estate tax tops proposed tax amnesty program: DOF

MANILA — Any tax amnesty measure of the Duterte government, eyed for implementation in 2018, will start with estate taxes. Department of Finance (DOF) Secretary Carlos Dominguez III said he agrees with Budget Secretary Benjamin Diokno’s timeline of tax amnesty implementation next year but clarified that “we haven’t discussed it yet”. The proposed tax amnesty program, …

Ayala Land net income up 18%

MANILA— Property giant Ayala Land Inc. (ALI) grew its profit by 18 percent in the first nine months of 2017, driven by strong residential sales. ALI told the local bourse its net income reached PHP17.8 billion in January to September from PHP15.08 billion during the same period last year. Consolidated revenues posted at PHP98.9 billion, up …

RECO freezes bank accounts of Toronto area brokerage, substantial sum missing

VANCOUVER — The bank accounts of a Toronto brokerage are frozen to protect consumer deposits after Ontario’s real estate professional regulatory body discovered “a substantial amount” missing. The Real Estate Council of Ontario issued a freeze order for the first time in about six years on Nov. 1 against RE/MAX Right Choice Inc. “This is …

Number of foreign homebuyers up slightly in Metro Vancouver

VICTORIA— The latest property transfer data released by the British Columbia government shows the percentage of sales involving foreign nationals in Metro Vancouver inched up between April and September. The data shows five per cent of the 6,105 property transfers in September involved foreign nationals, up from 2.5 per cent in April. That remains far …

Alberta to roll out new rules to better protect condo owners, buyers in 2018

EDMONTON— Alberta plans to roll out new rules next year that aim to better protect the owners and buyers of condominiums. The changes will require developers to provide realistic estimates of condo fees, firm move-in dates and hold buyer deposits in trust while units are being built. The Condominium Property Amendment Act also gives the …

Tap growing UHNWIs, developers told

MANILA — The country’s property developers are urged to look into the growing number of ultra-high net worth individuals (UHNWI) as these can be potential investors in the Philippines’ residential market. In a media briefing Wednesday, Victoria Garrett , Knight Frank head for Residential for Asia Pacific, said global population of UHNWI is expected to …