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NSCR / North-South Commuter Rail > Source: SSC: http://www.skyscrapercity.com/showthread.php?t=1580013&page=198 BCDA sees Northrail completed by 2022 Quote: THE Bases Conversion and Development Authority (BCDA) expects to have the Northrail project done before the end of the government’s term in 2022, an official said.Vivencio B. Dizon, president and CEO of state-owned BCDA, told reporters in a briefing that the government is seeking partners to finish the long delayed project which would connect Metro Manila with Central Luzon. He said that Japan, Germany, and Russia have expressed interest in the project, but companies belonging to the Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development (JOIN) have submitted a proposal to do the feasibility study for the project. “Our plan is to finish the railway… all the way to Clark by 2022,” he said yesterday. “For now, our Japanese partners have submitted a proposal for them to do the feasibility study for the Malolos to Clark segment,” he said. The planned 80-kilometer project would connect Tutuban to Malolos, then leading up eventually to Clark. Japan International Cooperation Agency has provided a grant for the construction of the segment connecting Tutuban to Malolos. Mr. Dizon said that the segment connecting Tutuban to Malolos is in the “detailed engineering design phase,” which is expected to work out the specifics of the project by the second quarter of next year. This will be followed by a bidding process. BCDA used to be the lead implementing agency of the project. To do so, it created a subsidiary named North Luzon Railways Corp. However, the Department of Transportation is now in charged with implementing both segments of the project, Mr. Dizon said. “The interest of BCDA is in the Malolos to Clark segment because Clark is BCDA property. There is still no detailed design there,” he said, while adding that BCDA will support the transportation department for implementation of the Northrail. The BCDA head also said that the agency is now considering the possibility of dissolving Northrail. == > Post #8252, SSC: http://www.skyscrapercity.com/showthread.php?t=1580013&page=413

Manila-Clark Rail : Just 1-Hour? It's a Go! For the Manila-Clark railway project - BCDA The government is proceeding with a railway project that will aim to cut transit time between Manila and Clark Freeport Zone in Pampanga to one hour + The Japanese partners (of BCDA and DOTC?) have submitted a proposal to do the feasibility study for the Manolos, Bulacan to Clark segment, initially, there was a cost estimate of P 117 billion for that section + The project is now being looked at to cover the entire distance from Tutaban (Binondo)* to Clark + The Clark-Manila rail project is now intended to link to the P 288 billion North-South Commuter Rail (NSCR) project, already approved in Feb.2015 - page B4, of today's Manila Times === * see Tutaban / Chinatown thread: http://www.greenenergyinvestors.com/index.php?showtopic=20725

TLT/Bonds Rose (+0.51%) on a day when Gold Fell (-1.37%)... and GDX fell more (-4.52%) This is unusually. Typically, the move together, helped or hurt by rate changes ---: --SPY- : Chg : volume/ VIX : GDX: +-chg: -GLD- : Chg: volume: x10.?? WTI.Cr: -DXY- -Chg : --TLT- : Chg : Posts/Views cum'l: 12: 226.25 - 0.26: 79.6M: 12.64 : 20.75 +0.08: 110.82 +0.42 6.01M: 1165.8 : $52.83* 101.00 - 0.57 : 117.72 +0.22 / 00. 32 : 000, 1040 13: 227.65 +1.51: 99.1M: 12.72 : 21.04 +0.29: 110.45 - 0.37 7.57M: 1159.0 : $52.98* 100.85 - 0.15 : 118.14 +0.42 / 01, 33 : 100, 1140 14: 225.88 - 1.88: 132.M: 13.19 : 19.89 - 1.15: 108.83 - 1.62 12.7M: 1163.4 : $51.04* 102.29 +1.44 : 116.82 -1.32 / 03, 35 : 110, 1250 15: 226.81 +0.93: 110.M: 12.79 : 18.99 - 0.90: 107.34 - 1.49 13.7M: 1129.8 : $50.90* 103.04 +0.75 : 117.41 +0.59 / 11, 46 : 250, 1500 CHANGE : 12/14>12/15-----------------> -4.52%: -------> -1.37% : -----------------------------------> +0.73% -----> +0.51% Update: I DID buy calls on GLD (Jan.2018!) and calls on NUGT (Feb.2017)... as I had suggested TLT-versus-GLD ... 6-mos : 10-d 10d

Hang Lung is falling again HK10 ... 5-years // Last: $28.60 -$0.95, -3.21% / HK-101: $16.82 -$0.54, -3.11%

Russians Flock To U.S. Real Estate After Trump Victory. . Wealthy Russians are looking to spend big on U.S. real estate in the wake of Donald Trump's election victory. The number of Russians who have expressed interest in buying luxury properties in the U.S. has spiked by 35% over the previous year following the billionaire's win. === === (Check out an INDUSTRIAL REIT): Don’t write off REITs, especially this unsexy sector Diana Olick | 8 Dec 2016 | PLD / Prologis Inc : 5yr-chart - not cheap... shows 3.25% yield "I think in the last couple of years, there's been this fascination with the Fed and interest rates, and every time there is a rate tantrum, REITs get hit. But they all come back because fundamentally REITs house businesses," said Hamid Moghadam, CEO of Prologis, the largest industrial REIT in the nation. "When business is doing better, which is why yields are going up and everybody's so excited about infrastructure and higher levels of economic activity, well, that aspect of REITs is going to be very attractive. There is going to be higher growth as a result of that." While e-commerce represents just under 10 percent of Prologis' industrial real estate portfolio, it accounts for about 30 percent of the REIT's new development activity, according to Moghadam. New development includes projects closer in to metropolitan areas, as e-commerce companies now seek to deliver goods to consumers in hours rather than days. Prologis is also developing some of the first multistory warehouses in denser neighborhoods. FedEx Ground and Amazon, shipping smaller packages, are big tenants. == > MORE: http://www.cnbc.com/2016/12/08/dont-write-off-reits-especially-this-unsexy-sector.html

THE AREA AROUND Matters, according to this SSC poster: Ob---- , Proud Citizen This area isn't an extension of the CBD its an isolated enclave because of the surrounding properties. BGC is a self contained new CBD with close access to Forbes park an affluent area. Rockwell and Century City Mall area are bordered by Bel Air. It's not just the core Ayala Ave CBD that matter it's also the area adjacent and the development size which will dictate the rental rate and the yield will be determined by the cost of construction so value engineering it so they can get similar percentage returns as they can on all their investments means it's never going to be the same quality as core CBD projects. This project will improve the area but it won't transform it as no other significant land plots are available near by to expand it or for a another developer to build a similar project near by so it changes the area. I suspect over time if it works out the open space such as the football pitch and concert area will be built on to increase the density. == > ssc: http://www.skyscrapercity.com/showthread.php?t=1838492&page=3

Ortigas & Shaw area residential buildings should be helped by expanded MRT capacity MRT3 capacity (to be) doubled next year - Manila Times + Capacity will double next year, as new trains are delivered + MRT3 ridership is up 25% since January, hitting 500,000 passengers in late Nov. + This month, 38 light rail vehicles (LRV's) arrived from China, with 32 assembled and ready to go + New power system will allow deployment + System should be able to accommodate 800,000 within 2017 > see RAIL thread: http://www.greenenergyinvestors.com/index.php?showtopic=20586&page=2&do=findComment&comment=341966

INFRASTRUCTURE: Ideas from Ayala, Money from China, MRT-3 Doubling capacity 1/ Ayala to subsmit plans to decongest Manila Traffic: + (Unsolicited) suggestions to come from Ayala Infrastructure; focused on "hot spots" + New bridge(s) to cross Pasig River; could help a Ayala/ Lucio Tan CBD project + New airport needed, but NAIA must be expanded since any new airport is many years away (10 or more?) + LRT-2 operation and maintenance, Extension of LRT-6 from Bacoor to Dasmarinas, Cavite 2/ "Chinese firms to play big role in PH infra", as part of AIIB - The Manila Times + PH to become member of AIIB, was ratified by 20-1 vote in PH senate + Expects to raise $200 to $500 million in loans from the bank annually + Priorities: EDSA Bus rapid Transit project, Metro Manila flood control 3/ MRT3 capacity doubled next year - Manila Times + Capacity will double next year, as new trains are delivered + MRT3 ridership is up 25% since January, hitting 500,000 passengers in late Nov. + This month, 38 light rail vehicles (LRV's) arrived from China, with 32 assembled and ready to go + New power system will allow deployment + System should be able to accommodate 800,000 within 2017 === === Link to this page: http://tinyurl.com/Rail-Clark / see maps, below /

IF BRAVE enough, Buy some Calls on Gold shares Gold could break down here, or it might be a terrific buying opportunity. It might be worth a gamble GDX / Gold Mining etf ... Two years / 10-d It could be breaking down - but maybe this is just the last gasp of Selling... after the Rate rise. A Call option allows you to play this opportunity, with limited risk

Best Co-working spaces in Makati ====== Acceler8 : Map : = 1. Acceler8, 7f Finman Bldg., 131 Tordesillas St., Salcedo Village : www.acceler8.ph "for a bigger group, Acceler8 has private offices perfect for group meetings & group projects" 2. A Space Manila, 110 Legazpi St., Makati (biggest in manila) : www.aspacemanila.com "perfect for events and parties for its rentable gallery and kitchen" 3. MyOffice, 3rd fl. Builder's Ctr., 170 Salcedo St., Legaspi Village : www.myoffice.com.ph 4. O2 Space, unit 330 Milelong Bldg., Amorsolo cor. Rufino St. : www.manila.coconuts.co "for commuters, 02 Space is easily accessible by public transport and serves in-house food" 5. Penbrothers, 100 C Palanca, Legazpi Village, Makati : www.penbrothers.com "workspace you can rent however long you may need, has admin services & unlimited coffee" *(comments in italics, per Adobo Mag.) === > selected by : http://www.madmonkeyhostels.com/?h2o_blog=best-co-working-spaces-manila Other co-working spaces, per Adobo magazine (Issue #65, Sep-Oct. 2016) ===== + Warehouse Eight - (visit, post #8) Warehouse 8-A, La Fuerza, Piaza Makati "besides their in-house cafe, their grass room (no shoes), is perfect for meetings" + Mozilla Community - Molave Bldg., Chino Roces Ave, Makati "starting out... doesn't charge anything for their services yet" & Palet Express - Roof deck, Molave Bldg., Chino Roces Ave, Makati "work better when you are active; has its own gym" + Impact Hub Manila - 5th fl. Green Sun, 2285 Chino Roces, Makati "if you work better in a team - encourages a tight-knit community of collaborative work"

"Hitler had an obsession with Tunnels" Steve Quayle Discusses Fantastic 'Empire Beneath the Ice' Part 1 "The Black Sun relates to the world ruled by Lucifer, and the Inner (Earth) world of Hell" / 2 / PART 2 -- Steve Quayle Discusses Fantastic "Empire Beneath the Ice" Published on Jul 27, 2016 Did the Nazis actually win World War II? Steve Quayle, author of the new book 'Empire Beneath the Ice', says yes, and discusses the evidence for a secret Nazi base in Antarctica that was the target of a top secret US military mission in 1946-47. American leadership "sold the collective souls" of their countrymen, to get (ET? Nazi?) techniology. Is he talking about Project Paperclip

Is there an "Empire beneath the Ice" in Antarctica? Who rules there? Trailer : Empire Beneath The Ice - How The Nazis Won The War - Trailer This podcast is an interview with Steve Quayle, an author of a book by that name: Antarctica to Fallujah, Nazis to USN SEALs Streamed live 4 hours ago After World War Two, Winston Churchill stated History is written by the victors. Tonight at 7:00pm EST, father/son investigative team and hosts of The Hagmann and Hagmann Report, Doug and Joe Hagmann bust Monday wide open with our dearest friend and front line investigator, Steve Quayle. The Topic? What is going on in Antarctica? Why are world leaders making a seemingly preposterous trek to the icy hinterland of the globe? What (if anything) is down there that even remotely lends geopolitical relevance to a forgotten, froze chunk of ice and rock? (First hour only) / 2 / John Kerry in Antarctica - on the Eve of the November election Here he is in Christchurch, New Zealand with two officials, of the International Antarctica Center + John Kerry lands in Antarctica becoming the highest US official to visit the continent Mr Kerry's aides described the Antarctic trip as a learning opportunity for the Secretary of State. He planned to receive briefings from scientists working to understand the effects of climate change on the continent. Mr Kerry has made climate change an intensive focus of American diplomacy during his term, and had previously spent decades working on the issue as a US senator. + John Kerry Antarctica Visit and the Wikileaks Antarctica Images (Project Avalon) + The John Kerry Antarctica Visit and the Wikileaks Antarctica Images + John Kerry wanted to see how Antarctica was changing. When he returned, the entire world had. / 3 / Freeman Fly has a recent interview with someone who had info about Antarctica / jump to 49 minutes / BINGO! At 49 minutes, Freeman asks about John Kerry and Buzz Aldrin in Antarctica Bill put up HAARP stations "for no purpose other than to monitor what was going on in Antarctica" and has been following news about the place for many years. The US, the UK, Russia, China etc have stations all over Antarctica, because there is something there. Elana mentions about "Operation Deepfreeze", and how New Zealand is the jumping off point for visits to Antarctica. (John Keye was PM of NZ and met with Kerry, and now he has recently resigned.) She thinks this could be "one huge drama also involving the Earthquakes around the ring of fire". Space War | The Planetary Lockdown - Elana Freeland - Billy Hayes Hmm. I think there is some actual truth to the Story of Hollow Earth, and that there are huge caverns under Antarctica. This is the access point for an ancient race of beings who lives inside the Earth (or at least in those caverns), and has technology which is ahead of what we humans know about. The Nazis had access with those beings, and so did the Vikings centuries earlier. The revelations from Antarctica may one of the big, big stories of the next few years. And it may lead to, or be a key part of the disclosure story ============== More is coming out all the time, on sites like these: Wilcock's Site : http://DivineCosmos.com J.Church Site : http://FadeToBlack.com Tabloid-like -- : http://www.express.co.uk/ Fulford's Site : http://BenjaminFulford.net Antarctica Secrets : http://www.bibliotecapleyades.net/esp_antartica.htm#menu ===============

JLL MILDLY BULLISH on Residential, Not Bearish (Yet) The vertical segment of the residential market is expected to continue growing “in the next few quarters” although the upcoming supply should keep prices from increasing, according to the report, titled “Persistent Growth Despite Large New Supply.” The JLL Report for Q3-2016 is Mildly Bullish, with stats more positive than those in the Colliers Report for the same quarter. For instance, they show Capital Values for Luxury properties in BGC and Makati RISING by +1.6% from the previous quarter. Historical-: Colliers : Mak. / - JLL : : ======= : Mak-Mid: Rent/ AveFour= Mak.Mid : Mak. Hi. / BGC.Mid : BGC.Hi. : Mid-R : Q4-2015 : 151,300 : 883 / 153,875 = 125,000 : 197,500 / 128,500 : 164,500 : P925 : Q1-2016 : 152,000 : 865 / 158,500 = 127,500 : 200,000 / 137,500 : 169,000 : P900 : Q2-2016 : 147,575 : 855 / 160,000 = 125,000 : 210,000 / 138,500 : 166,500 : P960 : Q3-2016 : 146,485 : 840 / 163,375 = 129,500 : 215,000 / 142,500 : 166,500 : P988 Summary Q3-16 ============= Low - High : Rent /L/ Low- High : CapVal. /Yield% : Vac.% Makati midrge.: P600-1000 : P800 /M/ 105k-154k : P129.5k/ 7.41% : " " high-end----- : P710-1760 : 1235 /M/ 170k-260k : P215.0k / 6.89% : 4.0% BGC--------------- : P600-1000 : P800 /B/ 105k-180k : P142.5k / 6.74% : " " high-end---- : P710-1760 : 1235 /B/ 145k-188k : P166.5k / 8.90% : Ortigas /Man. : P360-P680: P520 /O/ P82k-145k : P113.5k / 5.50% : Alabang -------- : P520-P910: P715 /A/ P86k-115k : P100.5k / 8.54% : Quezon City--- : P420-P690: P555 /Q/ P78k-120k : P 99.0k / 6.72% : Change Q2>Q3 BGC/Makati : CapV-Lux: 187.8>190.8k*: + 1.6% / Vac. 6.3%>4.0% > MORE, post#44 : http://www.greenenergyinvestors.com/index.php?showtopic=20877&page=3

JLL MILDLY BULLISH on Residential, Not Bearish (yet) The vertical segment of the residential market is expected to continue growing “in the next few quarters” although the upcoming supply should keep prices from increasing, according to the report, titled “Persistent Growth Despite Large New Supply.” The JLL Report for Q3-2016 is Mildly Bullish, with stats more positive than those in the Colliers Report for the same quarter. For instance, they show Capital Values for Luxury properties in BGC and Makati RISING by +1.6% from the previous quarter. Historical-: Colliers : Mak. / - JLL : : ======= : Mak-Mid: Rent/ AveFour= Mak.Mid : Mak.Hi. / BGC.Mid : BGC.Hi. : Mid-R Q4-2015 : 151,300 : 883 / 153,875 = 125,000 : 197,500 / 128,500 : 164,500 : P925 : Q1-2016 : 152,000 : 865 / 158,500 = 127,500 : 200,000 / 137,500 : 169,000 : P900 : Q2-2016 : 147,575 : 855 / 160,000 = 125,000 : 210,000 / 138,500 : 166,500 : P960 : Q3-2016 : 146,485 : 840 / 163,375 = 129,500 : 215,000 / 142,500 : 166,500 : P988 : Summary Q3-16 ============ Low -High : Rent /L/ Low- High: CapVal. / Yield% : Vac.% BGC----------- : P600-1000 : P800 /B/ 105k-180k : P142.5k / 6.74% : " " high-end-- : P710-1760 : 1235 /B/ 145k-188k : P166.5k / 8.90% : 4.0% Makati -------- : P600-1000 : P800 /M/ 105k-154k: P129.5k / 7.41% : " " high-end-- : P710-1760 : 1235 /M/ 170k-260k : P215.0k / 6.89% : 4.0% Ortigas /Man. : P360-P680 : P520 /O/ P82k-145k: P113.5k / 5.50% : Alabang ------ : P520-P910 : P715 /A/ P86k-115k : P100.5k / 8.54% : Quezon City- : P420-P690 : P555 /Q/ P78k-120k : P 99.0k / 6.72% : Change Q2>Q3 BGC/Makati : CapV-Lux: 187.8>190.8k*: + 1.6% / Vac. 6.3%>4.0% Condo Units : Q3-16: 252,600 +4,500 / 4G16>2020: 140k, +55.4% AverageChg : 140k / 4.25 = 32.94k : +13.0% p.a. : 8.2k per Qtr ============ *P190.8k psm is the average of BGC (xx) and Makati (xx) mean prices for Luxury Condos, per JLL, see above Meanwhile, capital value growth outpaced rent growth. Average capital values of luxury condominiums in Makati CBD and BGC in 3Q16 increased 1.6% q-o-q. BGC and Makati CBD continued to command the highest selling prices in Metro Manila, with capital values in BGC ranging from PHP 105,000 to PHP 180,000 per sqm for mid-range developments and from PHP 145,000 to PHP 188,000 per sqm for high-end developments. Meanwhile, Makati CBD prices ranged from PHP 105,000 to PHP 154,000 per sqm for mid-range developments and from PHP 170,000 to PHP 260,000 per sqm for high-end developments... == > http://www.ap.jll.com/asia-pacific/en-gb/Research/Philippine-Property-Digest-3Q16.pdf

WHY SUPPLY KEEPS RISING : Expats related to BPO's are buying, says JLL === BPO expat demand driving residential market despite supply concerns -- JLL Posted on December 02, 2016 EXPATRIATES are helping drive interest toward residential investment amid the continued expansion of the business process outsourcing industry, according to property consultancy Jones Lang LaSalle. “Interest in residential investment is expected to increase steadily from expatriate employees as O&O (offshoring and outsourcing) firms continue to expand operations in the Philippines,” JLL said in a report released on Thursday. The vertical segment of the residential market is expected to continue growing “in the next few quarters” although the upcoming supply should keep prices from increasing, according to the report, titled “Persistent Growth Despite Large New Supply.” From the current quarter toward 2020, about 140,000 housing units will become available in Metro Manila alone. The developments are concentrated in central business districts in Makati, Pasig and Taguig, among others. “The substantial number of development launches in Metro Manila for the quarter is proof of the maintained pre-selling activity, although expected total launches for the year are expected to be lower than the past few years,” JLL said. In third quarter, properties in the Bonifacio Global City and Makati Central Business District continued to fetch the highest selling prices in the National Capital Region. In Bonifacio Global City, capital values ranged from P105,000 to P180,000 per square meter for mid-range development and from P145,000 to P188,000 for high-end developments. In the Makati Central Business District, prices ranged from P105,000 to P154,0000 for mid-range developments and from P170,000 to P260,000 for high-end developments. Monthly rents, meanwhile, ranged from P600 to P930 per square meter in Makati City, the same level registered in the preceding quarter. The range narrowed in Taguig City to P700-P1,000 from P680-P1,000. “Demand for residential property remained healthy in the third quarter of 2016, primarily driven by economic activity, the sustained growth in over Filipino remittances and the continuous expansion of firms in the O&O sector,” JLL said. By the end of 2017, the property consultancy expects about 1 million square meters of office space becoming available in the metropolis. The new supply has the potential to expand vacancy rates. == > More: http://www.bworldonline.com/content.php?section=Economy&title=bpo-expat-demand-driving-residential-market-despite-supply-concerns----jll&id=137218

2017 Office Market: Still Good, but a Big Jump in supply is just ahead in 2017, says JLL Rents seen to rise amid growing demand from outsourcing firms, low vacancies ... “The vacancy rate dropped to 2.2 percent in the third quarter of 2016 ..." Philippine Daily Inquirer / Nov. 26, 2016 The Philippine office property market may see a continued rise in rental rates over the short term despite the growing demand from outsourcing and offshoring companies. This was based on the latest Asia Pacific Property Digest of JLL, a global professional services and investment management firm. According to the report, 10 office developments are expected to add 348,000 sqm to total stock in the next two quarters. This will likely push rent growth rates down as the large incoming supply comes on stream, the JLL report added. Rising rents However, the market is expected to likely “remain tilted in favor of landlords with rents expected to continue to increase amid ongoing demand from the outsourcing and offshoring sector and a low vacancy environment. Many upcoming projects in Makati central business district (CBD) and Bonifacio Global City (BGC) have high pre-commitments,” it further said. Based on JLL’s latest report, leasing activity remained robust in the third quarter, pushing rents to rise by 2 percent to P965 per sqm per month, compared to the previous quarter. Capital values posted an increase of 2.2 percent quarter on quarter to P126,115 per sqm from the July to September period, up from the P123,400 per sqm in the previous quarter. “The Philippines remains a popular FDI destination in the region, on the back of firm economic fundamentals and robust domestic consumption,” the report stated. Net absorption The JLL property digest further reported that the net absorption in the Makati CBD and Bonifacio Global City* remained high in the third quarter at 43,000 sqm. However, the net take-up slid from the 59,800 sqm recorded in the second quarter due to increased occupancy levels in the existing and newly completed developments. . . . Developments slated for completion for the said period faced delays. The office developments that are expected to be completed in the last quarter of 2016 included the Inoza Tower, Ore Central, Vista Hub and W City, all of which are located within the BGC. == Read more: https://business.inquirer.net/220242/rents-seen-rise-amid-growing-demand-outsourcing-firms-low-vacancies#ixzz4SOW8tkD6 From above: Forecast New Office Supply (NUA, in sq m) Location: Makati- : -Ortigas- : FtBonifacio: Alabang : Man.Bay : +? TOTAL : Mak+BGC end'15 : 2,853,034 : 1,380,282 : 1,170,503: .. 389,701: . 257,422 : : 7,504,365 :2016 F : . . 13,250 : . . 14,503 : .. 177,845 : . . 35,562 : . . 61,536 : ? . . 450,385 : 201,095 :2017 F : . . 16,465 : . . 60,617 : .. 385,695 : . . 86,658 : . . 73,755 : ? . . 817,968 : 402,160 >> Biggest year! 2017 :2018 F : . . 41,326 : . . 45,673 : .. 173,114 : . . . .- 00 - : ..142,351 : ? . . 756,754 : 214,440 :2019 F : . . 50,362 : . . . .- 00 - : .. 250,401 : . . 58,277 : ..123,452 : ? . . 881,965 : 290,763 :2020 F : . 183,453 : .. 278,445 : . . 29,634 : . . 35,010 : ..105,572 : ? . . 840,096 : 213,087 :5 Years: . 304,857 : .. 399,238 : 1,016,689 : . 216,506 : . 506,667 : ? 3,747,168: 1,321,545 TOTAL : 3,157,891 : 1,779,520 : 2,187,192 : . 605,207 : . 764,089 : : 11,251,533: +change : + 10.7% : .. + 28.9% : .. + 86.9% : .. + 55.3% : . +196.8% : . . + 49.9%: Total for Makati + BGC for 2017-2020 = 1,120,450 / 4 years = 280,113 pa, or 70,028 sqm per Qtr. Up from about 50,000 per Qtr in 2016, but 2017 will be heaviest at about 100,000 per Qtr. "10 office developments are expected to add 348,000 sqm to total stock in the next two quarters" - is that for Greater Manila?? From 4Q16 to 2020, the estimated office space to be added to the existing stock is 2.8 million sqm. Notable developments expected to complete include World Commerce Plaza by MEG in BGC, SM Three E-com Center by SM Prime Holdings in Bay City, Megablock BPO I and Megablock BPO II by Filinvest Land Inc (FLI) in Alabang, Alveo Financial Tower by Alveo Land, a subsidiary of ALI, in Makati CBD, and Robinsons Cyberscape Gamma by Robinsons Land Corporation in Ortigas CBD. == > http://www.ap.jll.com/asia-pacific/en-gb/Research/Philippine-Property-Digest-3Q16.pdf

FLATS available FOR RENT at Trevi, on Chino Roces Avenue Laureano di Trevi Towers Location we have a number of units in Laureano di Trevi Towers located along Chino Roces Avenue (formerly Pasong Tamo) between Wilcon and Mitsubishi in front of Don Bosco near Waltermart Makati. It is also near Magallanes MRT/EDSA, near Skyway/SLEX exit and PNR. The Makati CBD is also a short distance away. Our units are brand new (never been used), with new appliances and furnishings as well. The expected monthly rent is 19K per month* (negotiable) inclusive of association dues. Minimum stay is 3 months. I'd be glad to show you around the area, and we can even have coffee at Starbucks at the ground level of Laureano di Trevi Towers so we can talk more about these. Thank you, John Prado contact@pradojohn.com +63 917 566 8332 (Globe/Viber/WhatsApp) +63 998 5544 718 (SMART) +63 2 504 5008 (Landline) ===== * Subject to change

'Runway Manila' on track to open first half of 2017 The new pedestrian bridge will connect NAIA terminal #3 with Newport City, and will be operational in the first half of 2017 + 220 meter elevated bridge stands 17.8 meters above Andrews Ave. + It is enclosed, and will be air conditioned, and is suitable for Persons With Disabilities (PWD) + Can accommodate 2,000 persons at a time, and 216,000 persons per day + Free for the public + 13 million passengers annually use terminal #3 Newport City combines a residential block, hotels - Marriott and Maxims - a themed entertainment and commercial hub, a cyberpark, and an institutional center. Walking time to the airport: just ten minutes

Horsefeathers spreader called out Condodoc Although rental rates cannot be predicted for the Rise, there is something that I can predict with a good degree of certainty: the price of the unit in the area. As i Mentioned before, there are 2 income streams for a condo. Rental is volatile, but price appreciation is less so. Unless there is a war, or an earthquake...there is almost sure appreciation of the property within the next 5 years. This is supported by the increasing population with increasing number of middle class, and the housing backlog that we have in the philippines. Although there will be a spillover to the north and south of manila, Makati will remain, at least in the next 5 years, the crown jewel of the property market. But yes, make sure that you will be ready for interest rate increases and for possibility of vacancy. The more properties I have, the more I realised that I am not late for investments...something always crops up, better designed and better value than the last... TooFrankCan you do it better than Colliers? They are predicting a price drop of about 5% over the next 12 months for Makati as a whole. Perhaps if you are better than their analysts, they should offer you a job. Also, if you are WRONG - which often happens with such forecasts - what sort of guarantee can you provide to those who might buy property based on your forecasts? My thinking is, no one knows exactly where the market will be in 1-3 or 5 years. As the saying goes: "You pay your money, and you take your chance." Colliers doesn't like predicting a rental decline, and a price decline. It is bad for their business, I reckon. But they do it, because they can see an oversupply emerging. The interesting question is: how long will it last. I hope not too many years, and that the excess supply will be absorbed many months before The Rise is completed. But I am not going to claim to be as certain as you seem to think you are. > SSC:

Good News, bad news... ========== + PH Headline inflation accelerated to 2.5 in November, beating Central bank forecasts, and giving the highest rate in 2 years. That's UP from 2.3 percent in Oct., and 1.1 percent in Nov.2015. The highest since 2.7 percent in Dec. 2014. (Manila Times, 12/7/16) + HK Traders no longer fear to invest in PH. The Duterte administration has erased the lingering effects of the deadly 2010 hostage crisis... HK Chamber of commerce president, Antony Chan, says that entrepreneurs from HK are now looking to invest in tourism and manufacturing industries. Duterte is considering lifting the 40-60 restriction (40% to foreigners) on foreign investments, but not in property. HK imports from PH increased by 10.3% in 2015 to US$7.3 billion. (Manila Times, 12/7/16) + CBRE sees slow rise in (commercial) rental rise. Metro Manila rents are poised to increase just 3-5% over the next two to three years, because of the new office stock of 1.2 million sqm which will be added in 2017. (That's enough to accommodate perhaps 240k new office jobs, at 5sqm per job.) Job growth and office demand is being drive by new BPO outsourcing. (Business Insight, 12/7/16) + PH could raise P10-25B for infra. The Philippines could raise between $200-500 million (P10-25B) in new loans from the Asian Infrastructure Investment Bank (AIIB) for infrastructure investments. But this is only a drop in the bucket, since the new administration has been talking about a need for as much as P8trllion ($161 billion) "to fill the infrastructure backlog, decongest the cities and build new urban centers by the end of his term in 2022." The PH seems to be decades behind other Asian countries in building its infrastructure, says Carlos Dominquez, Finance Secty, who continues: "We need everything from new airport capacity, a cheaper and more efficient power structure, actually functioning rail systems, and even new digital pathways."

AN AWARD may be due to Megaworld For guts in possible defiance of reality (haha!) For making THIS announcement today: ANNOUNCEMENT: 5% PRICE INCREASE IN ALL MEGAWORLD PROJECT If only they could simultaneously raise rents all around Makati and Manila, then their investors might really have something to celebrate

MARKET Comment: Rents falling, while prices go on rising Capturing these from SSC's The Rise thread, before they are deleted or moved + Too Frank "6-7M condo and rent it out for 35k a month" The market is now "out of joint" Rents are falling, and developers are asking more and more money for their projects. As investors, we need to learn to just say No to these higher prices. Collier's report has these figures for the market QUARTER-- : Cap.Values: Rent psm: Yield-- : Q3-2016-Act.: P 146.5 K : P 840 --- : 6.87% Q3-2017-For. : P 138.8 K : P 795 --- : 6.87% - Forecast for 12 mos. from now I usually seek a minimum yield of 8-10%, so these numbers are stretched and getting worse, quarter-by-quarter as Rents drift lower. But what is really stretched are the prices on NEW projects, which are pushing up to P 165k, 170K and even higher for new projects. An agent I met this week was asking P190k psm for a project in Makati that was priced at P 150k psm about 18 months ago. And that asking price rose even when Rents were falling ! (When i asked who is buying these expensive properties, I was told most buyers these days are "from China" or maybe Korea.) Maybe we should Tell the agents that they must buy a calculator and learn how to run Yields, else they are just wasting our time! (At least the time of Investors.) == == If you pay P 6.5 Million for a property, and Rent it at P35,000 monthly, your Gross Yield is only: 6.46% + MDS Investors Agree with TooFrank – I wrote a couple of posts on this a some months ago (so no worries, I ll keep this one short) and I would add the following "details": - Prices: For 3Q17, Colliers has noted price declines (!) in Makati CBD despite only 1 project effectively being turned over out of the 7 projects scheduled i.e the supply hit hasn’t come through yet but prices are already falling. - Tracking the right thing: Colliers tracks “luxury 3BR unit” prices and rents.. these are a lot less oversupplied compared to studios and 1BR. Unfortunately, the supply of nearby of the Rise (Lerato, Air, Kroma, Eaton, etc) is mostly studio and 1br.. - Delays: There are delays across the board due to shortages in skilled labour. Brace yourself for more delays given all the announced infrastructure investments coming next year.. Your ROI may start 12-18m later. - Interest rates: Borrowing costs are (very) likely to rise: Inflation is picking up, banks’ loan books are growing rapidly and funding for banks is getting more expensive. If we start seeing defaults rise in 12-18m, then credit conditions will tighten even further. So for those expecting to loan money, make sure you can afford this also with 100-200bps more expensive loans. Interesting article yesterday: http://www.manilatimes.net/lighting-...t-bomb/299682/ - Given delays.. how easy it is to get a bank loan for an unfinished project? Will one have to go through the (very) expensive in-house financing? What will the right rental price be in 2020.. Frankly I have no clue at all. But I would recommend to each buyer to properly do his risk management and consider some extreme scenarios like 1) what if I can’t rent it out for several months, 2) what if the right rent for a studio suddenly falls to 25k (studio is at the bottom of the “food chain” after 1br) 3) Can I afford 1-2% higher interest rate on a bank loan, 4) what’s the ROI from having interior design in such an environment? I d be patient and buy from rush sales in the secondary market in 1-2y. There is no reason to do pre-selling anymore since prices are unlikely to go up much further from here. Relax, save – you’re not too late, you’re too early for the good opportunities == > http://www.skyscrapercity.com/showthread.php?t=1723515&page=67

PROPERTY section / today's Philippine Daily Inquirer, Dec. 3, 2016 What Millennials Want from the Housing Market (excerpt): Avida CityFlex Towers BGC has been thoughtfully planned to enable future residents to enjoy the flexibility of designing their space to truly fit their needs. Buyers have the choice to buy the project's SoHo (small office home office) units for an affordable work-from-home lifestyle. Located at the corner of 7th Avenue and Lane T at BGC, the Avida CityFlex Towers offers these SoHo units (ranging from 36.49sqm to 61.79sqm) from P4.6 million (xx psm) to P7.7 million (xx psm) In OLX, we see: Last 2 SoHo Units in Avida Cityflex BGC ₱ 7,280,000 / 45.44sqm = P 160.2k psm - that's from the developer, Avida 2/ P 8,595k / 47.08sqm = P 182.6k psm P 8,595k x 96%: 8,251 - 80k = 8,171k / P 173.6k psm, based on the following: 4% Discount for all CASH Offers : on or before Dec 10, 2016 entitled to a an additional 80K Discount. SOHO or Small Office Home Office are units that can be converted to either residential or small office such as small enterprises, clinics, brokerage firms, ad agencies and the like. If you provide a professional service, e.g Accountant, Lawyer, Doctors and Dentist, etc. then this may be the perfect fit as the location is just right behind St. Luke's Medical Center and right beside the The Grand Hyatt. In Zipmatch, we see: xx

OFFICE DEFINITIONS: similar around the world, but not rigidly applied / BOMA Definitions: (used in USA): A, B, C: Metropolitan Base Definitions Class A Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Class B Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price. Class C Buildings competing for tenants requiring functional space at rents below the average for the area. / What is the definition of Grade A office in Singapore? From Yahoo Answersto be considered as a grade a office they must fulfill the following condition 1) Internet and broadband ready 2) building achieving conquas grade of over 75% 3) located in prime business district 4) have raised flooring to enable cable tracking 5) fully aircondition (centralised) 6) parking ...7) many other condition but cannot remember too tired as i need to go to bed Definitions in the PH: https://www.hoppler.com.ph/blog/design-and-architecture/different-grades-classes-of-office-spaces-in-the-philippines "Essentially, there are no established definitions for office space grades. However, there are general classifications..." "These definitions solely depend on the criteria set by a particular real estate firm. It may include: location, floor area, design, building specifications, environmental performance, security, and other services and amenities." Prime (Premium): Buildings included in this cluster generally feature high quality interior and exterior finishing. They have large floor plates of not less than 1,000 square meters. Parking space and elevator service is very sufficient. There is also 100% back-up power. These are centrally located in business districts. For final touches, they have a variety of exceptional and state-of-the-art amenities aside from the usual, basic building facilities. Grade A: This type of building share very similar attributes with that of Prime buildings. The main difference is the lack of extra amenities that are featured above. Grade B and C buildings: The architectural structure and facilities of Grade B and C buildings are of lower quality compared to Grade A buildings. Floor plates are much smaller. In addition, back-up power and parking is normally limited. Compared with other office grades, rents are lower. And the same article had these, simplified definitions: Grade A: High quality building located within the CBD, building age, professionally managed, 100% back-up power, building specification, good tenant mix/profile. Grade B: Good quality building located within or near the CBD, building age, not professionally managed, 50% back-up power, average handover condition, average tenant mix. There once were only SIX PREMIUM BUILDINGS in Makati - but that is increasing with AFT, etc Six buildings in Makati City fulfill these requirements, namely – Alphaland Tower, Enterprise Centre, Philam Life Tower, RCBC Plaza, Tower 1 and Exchange Plaza, and the Zuellig Building. In Bonifacio Global City, Sun Life Centre and Net Lima showcase the magnificent features of a premium grade building.

OFFICE Pricing examples in the Makati area Lepanto Building: Grade-B : these are high rents for gr-B, but the location helps justify them : High (?) priced Serviced offices in this Grade-B (older design) building: Over 3,000 Peso psm. Wow ! No Cost/Mo Pax Per Pax/ Size PerSM/ M/px Note------- 2 : P60,000 : 08 : P7,500 / 18M : 3,333 / 2.25 : Internal office B : P65,000 : 04 : 16,250 / 20M : 3,250 / 5.00 : Window office C : P60,000 : 04 : 15,000 / 19M : 3,158 / 4.75 : Window office D : P55,000 : 03 : 18,300 / 16M : 3,438 / 5.33 : Window office E : P65,000 : 04 : 16,250 / 19M : 3,421 / 4.75 : Internal office F : 400,000 : 30 : 13,333 / 130. : 3,077 / 4.33 : Window office 4 : Average- : == : 15,208 / ==> : 3,291 / 4.71 > Kicked out hi/lo == Seat Rental Seat leasing is a popular option for companies setting up business in Makati, as it is not only cost effective but it also allows companies to start up operations immediately, without having to worry about additional set-up expenses. Our seat rentals include the following services: Fibre optic leased line, call centre grade 130% Backup Power in case of power outage Multiple Redundant Internet connections with multiple gateways VOIP PBX Available for local and international calls (additional charges would apply) 4 hours per month complimentary access to conference rooms Lepanto Building (gr. - Bank of America Lepanto Tower, Paseo De Roxas, (20 floors, 78.31m) Located on Paseo de Roxas, BA Lepanto is a grade-B commercial building. Located opposite the Ayala Triangle and within 2 minutes walk of Ayala Avenue and Makati Avenue, this commercial building is situated in a highly accessible location. With a floor plate of 1025sqm, 2 basement parking levels and 8 elevators, the building has 24/7 security, a coffee shop and bank on the ground floor. On the penthouse of the building is home to the newest cocktail bar which boasts panoramic views of Makati city. > source, Lepanto Bldg. : http://newwaveoffices.com/serviced-offices/available-offices/?gclid=CPbSicDX09ACFdiIaAodrasHsg > More choices, Lamudi : http://www.lamudi.com.ph/commercial/makati/rent/?gclid=Cj0KEQiAsf_BBRDMpoOHw4aSq4QBEiQAPm7DL2ftwpVfqJjpVTCw0YemltWEQjAsPWuOp52TfPFfVIsaAgcR8P8HAQ MANILA AREA RENTS Office Rents & Vacancies - Q3-2016 CBD are--- : Rent psm : Vacancy Makati ------ : P 1,115 : 1.3 % : Prime------- : P 1,433 : 2.7 % : Grade A---- : P 1,006 : 0.1 % Fort Bonifacio: P 909 : 0.9 % Alabang------ : P 653 : 5.2 % Quezon City- : P 692 : 2.2 % Ortigas------- : P 635 : 1.1 % Bay Area----- : P 682 : 0.0 % ======== Q3-2016 : http://www.cbre.com.ph/wp-content/uploads/2016/12/Q3-2016-Metro-Manila-Market-View.pdf