Conglomerate Lopez Holdings reversed in the second quarter the net loss it incurred in the same period last year at the peak of pandemic-induced restrictions that choked businesses. Lopez delivered a second quarter net profit of , a turnaround from the net loss of P881 million seen last year. Compared to the first quarter’s net…
Face-to-face meetings and paperwork had been synonymous with homeownership until COVID-19 made human contact a risky behavior. Like retail, banking, food and other industries, real estate was forced to adapt to this tectonic shift. AboitizLand, the real estate arm of the Aboitiz Group of Companies, was among the first developers to recalibrate its systems. Embracing…
The Philippine chapter of the Paris-based International Real Estate Federation (FIABCI) remains upbeat on the property sector’s recovery from the market slump beginning in the fourth quarter this year despite the surge of the delta variant. Reghis Romero II, former chair and now president of FIABCI-Philippines, cited the country’s continued infrastructure buildup, low interest rate…
CEBU CITY—Not even the COVID-19 pandemic can stop this new “city” from rising at the South Road Properties, a 300-hectare reclaimed area in the southern part of Cebu City. The construction of the South Coast City is in full swing—while strictly complying with health protocols—to meet its target completion by the second quarter of 2022.…
SM Hotels and Conventions Corp. (SMHCC) has expressed its support for the United Nations Environment Program campaign to phase out single-use plastics in the tourism sector. It has partnered with the Philippine Center for Environmental Protection and Sustainable Development, Inc. (PCEPSDI) under the Transforming Tourism Value Chains (TVC) Project and the Department of Tourism through…
A year after debuting on the local stock exchange, real estate investment trust (REIT) first-mover AREIT Inc. announced that it was on track to achieve carbon neutrality by the end of the year as it committed to attain net zero greenhouse gas emission by end-2022. From an initial public offering (IPO) price of P27 per…
The protracted COVID-19 pandemic has radically shifted Filipinos’ preferences and priorities—perhaps even permanently—as they struggled to cope with the forced lockdowns and the realization that the COVID-19 disease is likely here to stay and cause sporadic outbreaks. This helps explain the marked increase in the demand since March of last year for real estate projects…
The COVID-19 pandemic showcased the resilience, flexibility and adaptability of the Philippines’ property sector, putting it in a good position to emerge stronger from the health crisis. Although the “landscape” might, or would, change, panelists at a recent Inquirer Project Rebound webinar all expressed optimism that the industry would recover and, to use US President…
Consunji-led DMCI Holdings sees a return to pre-pandemic earnings level this year as it sustained a triple-digit growth in second quarter earnings on the back of robust coal, property and nickel mining businesses. DMCI’s second quarter net profit surged by 269 percent year-on-year to and likewise topped first quarter’s bottom line by 23 percent. Excluding…
Gokongwei-led Robinsons Land Corp. (RLC) saw a 394-percent year-on-year increase in second quarter net profit to P2.56 billion as earnings from property development, rental portfolio and hotel operations bounced off a low base seen last year at the height of pandemic lockdowns. Amid the reimposition of tight restrictions through early April this year, RLC’s second…