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Real Estate News Roundup (August 2019)
Check out this month’s roundup of property news to keep yourself updated on the real estate scene!
By: Shanice Reyes | August 06, 2019
Stylish living gets easier and easier to achieve nowadays, as more property developers feature unique interior designs to attract more investors and residents. Livingsprings Communities in Quezon City is one such developer, highlighting a Pacific modern aesthetic in its 10 Acacia. Meanwhile, P.A. Properties partnered up with Hankyu, a Japan-based firm, to build two residential communities in Cavite. As for related news in real estate, the Insurance Commission has finally released the rules that allow insurance companies to invest in REITs. Read the rest for more information about the latest property news.
Project Announcements
10 Acacia: a Pacific modern-themed condo in Quezon City
10 Acacia, a ten-story residential building, is the ongoing development of Livingsprings Communities Realty and Development Corporation in Quezon City. The low-density condominium will open 184 units, ranging in size from 26.75 square meters to 56.70 square meters and in cost from PhP2.6 million to PhP7 million. 10 Acacia gives future residents an option to choose from a spacious studio, one-bedroom, two-bedroom, and premium two-bedroom unit.
The mid-rise residential development follows a modern Pacific theme. It will feature wood finishes that represent the identity of Filipinos as a tropical country and glass which shows a lot of light. A gym, a pool, a penthouse, a rooftop with a jogging path, and a tree-covered meditation area are the other amenities that can be used by unit owners. The building is also near schools, business hubs, and leisure centers. 10 Acacia held its groundbreaking ceremony last year and it is expected to rise completely in 2022 [1].
Two Residential Properties by Hankyu and P.A. Properties
Hankyu Hanshin Properties Corporation (HHPC), a Japan-based property firm, agreed to partner with Laguna-based P.A. Properties and Development Corporation (P.A. Properties) to pursue two residential projects in Dasmariñas, Cavite. A total of 948 residential units will be built, 648 units for Idesia Dasmariñas and 300 units for Idesia Heights.
60 % of the house units at Idesia Dasmariñas were already sold. The starting price of a unit costs PhP2 million, and the size of the units range from 42 square meters to 63 square meters. Idesia Dasmariñas and Idesia Heights are both scheduled to be completed in 2024. The joint venture has a total of PhP1.8 billion investment, PhP700 million from Hankyu and PhP1.1 billion from P.A. Properties [2].
Related News: Insurance companies can now invest in REITs
After a decade on hold, the Insurance Commission (IC) has finally released rules that will allow insurance companies to invest in Real Estate Investment Trusts (REITs) [3]. Insurance Commissioner Dennis Funa stated that REITs must first go through the Securities and Exchange Commission (SEC) to be approved. Also, only insurance companies that were publicly listed are allowed to invest in REITs.
The aggregate placement should not be more than 10 percent of the total admitted assets for life insurers and Mutual Benefit Associations (MBA). As for preened firms, placement cannot be over 15 percent of the total trust funds. Meanwhile, for non-life firms and professional re-insurers, placement cannot exceed 20 percent of net worth. Lastly, according to the revised RBC framework, all investments by insurers will be susceptible to a 25-percent risk-based capital charge.
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Sources:
[1] http://bit.ly/2M048AA
[2] http://bit.ly/2OERV6m
[3] http://bit.ly/2YqiTTG
About Shanice Reyes
Shanice Reyes writes to buy herself good coffee and bike parts. When she's not writing, you can find her playing Ultimate Frisbee, traveling to new places, or hanging out with her dogs and tarantulas. Though she has an irrational fear of heights, she'd love to try sky-diving one day.
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