drbubb

Manila set to launch Residential Price Index The Philippine Central bank is set to introduce a residential property price index in the first half of the year ... as it intensifies monitoring of asset bubble risks. + The index would initially cover Manila and nearby provinces + Would use building permits and prices for construction materials + "No evidence of an asset bubble, but we need to monitor what is going on" + Not just the Big picture, but also its components + The Philippines economy expanded by 7.2% in 2013, after 6.8 percent in 2012 > Today's SCMP, Property Digest - P1 A useful and needed step towards greater transparency perhaps?

Dr.RAM's back home in Oregon - and appeared on yesterday's Mike Harris show MP3 : http://mediaarchives.gsradio.net/mike_harris/hr1022714.mp3 First: RAM heard there may be a false flag in London next week: "I heard... maybe a fire" He goes on to talk about his trip to Mexico and what he saw there. "There's a huge gap between Rich and Poor... no Middle Class.": "They are trying to do the same in the US... but here we no longer have Family farmers."

TWEETS from Mexico: / Paul Scheele : https://twitter.com/PaulScheele 1 Paul R. Scheele, PhD ‏@PaulScheele Feb 15 Join me in Puebla Mexico for an exciting conference February 21-22 2 Paul R. Scheele, PhD ‏@PaulScheele Feb 5 Just recorded a fun show with Marla Maples. Join us Friday on her show Awakenings with Marla http://ctrnetwork.com/profile/MarlaMaplesHOST … 3 Paul R. Scheele, PhD ‏@PaulScheele Feb 19 Hanging out with Dr. Richard Alan Miller, MD, Physicist, cosmic entity. Cool. Who is ... ? Paul Scheele: TheSecret of Reprograming 4 Law Of Attraction - Positive Affirmations 4 Wealth Creation = =

August 29, 2013 | Life On Earth Started On Mars, Say Scientists – As Discussed on USAPrepares.com with Dr. Richard Alan Miller Life On Earth Started On Mars, Say Scientists There is growing evidence we are really Martians and that “life started on Mars and came to Earth on a rock”. 8:29am UK, Thursday 29 August 2013 The Red Planet is where iit all began apparently Life on Earth may have started millions of miles away on […] > http://www.usaprepares.com/government-corruption-2/life-on-earth-started-on-mars-say-scientists-as-discussed-on-usaprepares-com-with-dr-richard-alan-miller

I forgot to post this Interview... (! ?) The first Dr.RAM in Depth interview, for the Guy FoX-Channel: Dr Richard Alan Miller : Food for Mars, and the Holographic Universe = = It is doing well, there with 441 views so far, and is the G.FoX's third most popular video (over the last month) That's pretty good, considering the poor sound quality. There should be a new In-Depth with dr.RAM when he is back from Mexico. SUGGESTIONS for subject material are most welcome

(Found this when looking for the Mexico interview): Mile-high Caverns in Antarctica, and Underground bases A short clip from Dr.Ram Richard Allen Miller - from Grants Pass = =

= as posted on DrB's Diary = Early this morning, I just had an interesting call from Mexico, from a man who will be meeting with the President of Mexico Mexico's new President - from the cover of TIME Magazine He is about to go on a LIVE radio show... You may want to listen to him LIVE here*: http://www.gcnlive.com/CMS/index.php/onair?show=22&type=onDem (in edit): *Rick must have had the time out by an hour or more - maybe his show was prerecorded. Vincent keeps mentioning he is coming on. But not until the "meet-up at Ziggys" (see below) Right now they are talking about gold ================================ DrRAM's Profile for the Mexican conference where he spoke last week (Here are the Event notes for the Meet-up later today - in Missouri ): "Ricky Rocket LIVE from Mexico" USAPrepares.com – Meetup Tonight with Dr. Richard Alan Miller Monday February 24, 2014 at 5:30 Free Seminar – Ziggie’s Restaurant – Sunshine and Glenstone, Springfield, MO 5:30PM Topics include our future, the misinformation, snipers killing the young in Kiev, our food supply, and what you need to know… I will be there – please consider joining us. / Info at www.USAPrepares.com – Thank you. == > http://www.usaprepares.com/on-air-radio-instructors/usaprepares-com-meetup-tonight-with-dr-richard-alan-miller-monday-february-24-2014-at-530

BIG GOLD DEMAND from China - a report quoted more fully in DrBubb's diary = This is very Bullish for Gold

TOP Property Developers in the Philippines (April 2014) # Company------- : Mkt.Cap : Brands, or Comment 1. Ayala Land ---- : $9.87Bn : Premier, Alveo, Avida, Amaia, BellaVita 2. SM Prime ------ : $9.55Bn : 47 Malls with 5.8mn sqm, 17 Condos 3. Megaworld ----- : $3.15Bn : Eastwood, Quezon City, McKinley Hill, etc 4. DMCI Homes -- : $4.19Bn : 53 Residential projects 5. Federal Land - : $3.27Bn : RE Arm of GT Capital 6. RobinsonsLand : $2.07Bn : 2nd lg.Mall operator, John Gokonwei-led 7. Vista/Lifescapes: $1.14Bn : Largest homebuilder, nationwide 8. Filinvest Land-- : $873 Mn : Middle Income housing 9. Shang Props. -- : $333 Mn : EDSA + Kuok Philippines 10 Century Props. : $320 Mn : Luxury Props., Trump Twr., etc == > http://www.zipmatch.com/real-estate-news-and-advice/philippine-real-estate-news/the-philippines-top-real-estate-developers === === === Philippines Expected to Sustain Growth in 2014 (Moody's gave the country an "Investment Grade" rating In October 2013.) Stable Regulatory Framework and Sound Policy Initiatives To Sustain Philippine Growth for 2014 In 2012, Hongkong Shanghai Banking Corporation (HSBC) published an update of ‘The World in 2050’ to draw ‘attention to the new emergers as the world undergoes a seismic shift.’ Barring any hiccup in how policymakers make their progress towards greater economic resilience and growth, one bold assumption is ‘the striking rise of the Philippines, which is set to become the world’s sixteenth-largest economy’ leapfrogging 27 places from its previous rank. Please see Figure 1. Also in the last Philippine Economic Briefing, recurring themes of quality institutions, resilient infrastructure, strong macroeconomic environment, education and health were noted, creating a framework for a country at the ‘cusp of investment grade rating.’ On October 2013, the country was finally awarded investment grade status by Moody’s and with the country’s new status, more foreign investments are expected to come in. Indeed, the Philippine year-end economic briefing’s theme “Investment Grade Philippines: Seizing Opportunities to Achieve Inclusive Growth” was quickly realized. == > http://www.pronovetai.com/research/stable-regulatory-framework-and-sound-policy-initiatives-expected-to-sustain-philippine-growth-for-2014/

PHILIPPINES ECONOMIC Data KMC MAG Group Research ( kmcmaggroup.com/research ) Metro Manila Statistics | H1 2013 ==================== YEAR---------------- : 2007 : '08 : '09 : '10 : '11 : '12 :'3-Q2 GDP---------------------: 6.6 : 4.2 : 1.1 : 7.6 : 3.9 : 6.6 : 7.5 : Private Consumption : 4.6 : 3.7 : 2.3 : 3.4 : 5.7 : 6.6 : 5.2 : Export-------------------: 6.7 :-2.7 :-7.8:21.0:-2.8 : 8.9 :-6.5 : Import------------------- : 1.7 : 1.6 :-8.1:22.5 :-1.0 : 5.3:-3.0 : Average Inflation rate-: 2.9 : 8.3 : 4.2 : 3.8 : 4.6 : 3.2 : 2.9* Unemployment rate--- : 7.3 : 7.4 : 7.5 : 7.3 : 7.0 : 7.0 : 7.1 : T-bill 91-days rates--- : 3.4 : 5.4 : 4.2 : 3.7 : 1.5 : 1.6 : 0.3* T-Bond 10-year rates : 8.6 : 7.7 : 7.9 : 7.2 : 6.3 : 5.2 : 4.0 : ==================== Sources: NSCB, BSP, Bureau of The Treasury *First Semester Average ==== ==== INTEREST RATES and repayment period - Important factors in Rising Manila prices Financing If there’s one thing investors can be thankful for the low interest rate environment, it’s the fact that they have democratized acquisition of properties more for buyers. Bobby Dy, Ayala Land senior vice president, observes how property amortization as a result of the low interest rate has become more accommodating. “Just a decade ago, a borrower has to pay a 12 percent interest for a 10 year loan,” says Dy. Today, one can apply for a property loan payable within 20 to 25 years with an interest rate at 10 percent, according to Dy. “This means that previous loans that had to be amortized at P17,000 a month is now amortized at P7,000 a month,” explains Dy. Caveat emptor As much as outlook is rosy for the property market, broker Edwardo Miguel Roldan says buyers still need to be discerning of what, where, and when to buy. “First and foremost, think of your finances. Never think of investing if you are not really ready financially. Just because the payment terms are attractive, you’ll grab the product immediately,” cautions Roldan. Second, in buying a property, make sure the developer has a good track record; though that is not to say that buyers should ignore small players, adds Roldan. Roldan said that if one is buying a property for cashflow considerations, buyers should make sure it is located in areas where there will be an ample demand for the unit. “In choosing a real estate development you should also make sure you like the building, and you are comfortable with the unit density per floor as well as the amenities. Make sure you are comfortable on the people density in your building because sooner or later it will also become your home,” recommends Roldan. == >2013: http://thefilipinoexpat.com/why-invest-in-real-estate-in-phl-why-not/ Monthly Headline inflation: == 2016 : 2017 : J. : 1.3% : 2.7% : F : 0.9% : M : 1.1% : A : 1.1% : M : 1.6% : J. : 1.9% : Jl : 1.9% : A : 1.8% : S : 2.3% : O : 2.3% : N : 2.5% : D : 2.6% :

The Fort Bonifacio Tug-of-war : Makati-city vs Taguig-city Tug : Larger Image The decades long territorial dispute of Makati and Taguig Cities over the Enlisted Men’s Barrio (EMBO) Barangays and Inner Fort Barangays or the “Disputed Area” filled the headline news mid this year when the Makati Local Government Unit (LGU) asserted its claim, following the Court of Appeals ruling that the same is within its territorial jurisdiction . The Disputed Area is bounded by the following landmarks: North and northeast: Pasig River and Mandaluyong City Northwest: Kalayaan Avenue and Barangays Pinagkaisahan and Guadalupe Nuevo, Makati City South: Manila American Cemetery East: Municipality of Pateros and Taguig City West: Manila Golf Club in Forbes Park, Makati City and includes the much coveted prime business district of Bonifacio Global City (BGC) and McKinley Hill, the EMBO residential districts and Inner Fort Barangays as shown in the map. This 18-year old redevelopment of the former military base is now home to approximately 700,000 sq.m. of completed prime office buildings and approximately 19,200 units of residential condominium towers among other locators which includes an international standard hospi-tel (hospital-hotel), high-end strip mall, the country’s first science museum and international schools. BGC also plays host to five (5) of the world’s largest Business or Knowledge Process Outsourcing (B/KPO) companies such as Deutsche Bank KPO, Logica Philippines, Hongkong Shanghai Banking Corporation (HSBC), Sutherland Global Services and JP Morgan Chase Bank. Over the past ten (10) years, the district has attracted numerable relocations from the Makati CBD as newer and more energy efficient buildings have been completed providing better options for tenants to choose from, at discounted rental rates over Makati. Major hotel investors including the Shangri-la Group and Grand Hyatt Hotel have poured in investments and are both undertaking massive construction in the area. By the end of July this year, the Court of Appeals (CA) dismissed the complaint of Taguig LGU against Makati LGU for lack of merit and confirmed that the Disputed Area is within the territorial jurisdiction of Makati City. It has also ordered Taguig City to immediately cease and desist from exercising jurisdiction within the disputed area and return the same to Makati City. == > http://www.pronovetai.com/research/the-fort-bonifacio-tug-of-war-makati-city-vs-taguig-city/

Makati North : "Entertainment District" , new Skywalks and Park Makati Masterplan (per above) > New-Makati / search: North Makati images http://static.rappler.com/images/Screen%20Shot%202012-03-23%20at%203.25.18%20PM.png http://photos-h.ak.instagram.com/hphotos-ak-xaf1/t51.2885-15/10948915_344745759062567_1674977493_n.jpg http://i273.photobucket.com/albums/jj235/jimolsen2/MakatiN-MasterPlan_zpsf90250ff.jpg : 2014-Plans-for-MakNor The Makati North area, is the young and creative hub of the city. This strip is home to universities, museums and theaters, art galleries and studios, BPO offices, and ad agencies. Here, the many forms of creative expression reign supreme, and the vibrant urban culture trickles up to the hip and cool corporate startups and the new generation of educational institutions. In this section, find an artists’ corner, exhibit schedules, and street events. > http://www.makeitmakati.com/makati-north The developer, Ayala Land's plans: / History of Makati area #1 Elevated walkways and pedestrian underpasses will be extended and updated. "The city of the future is not about cars, it's about pedestrianization," Meann Dy, head of strategic land banking told broadsheets at a press briefing on March 22. == Makati North - renamed "City Gate" in Aug. 2014 ( Behind the rest of Makati, the plan is to make it an alternative recreation area - to decongest the MCBD ) http://i273.photobucket.com/albums/jj235/jimolsen2/MakatiN-Story_zps5caa6691.jpg > source: http://www.skyscrapercity.com/showthread.php?t=1471414&page=9 : older N.Mak. image . . http://i273.photobucket.com/albums/jj235/jimolsen2/MakatiN-Parks_zpsb648280a.jpg TIMELINE : link to North Makati slides : pg-2 Retail (Mall, Dining, Performance Space, Park) : Open by Q4-2016 Kroma Tower ------ : 52 stories, 157 meter ------- : completed: Q4-2017 Offices, two BPO's : 84,569 sq.m. ----------------- : completed: Q4-2017 Hotel, 4-5 stars---- : approx. 300 rooms----------- : turnover : Q4-2018 Gateway 2 coming : Larger Tower? --------------- : after 2018 ?? http://1.bp.blogspot.com/-VMrRND2QdUE/ThVsX6zqSbI/AAAAAAAAD_c/5GYxBchCJFk/s1600/masterplan.jpg VENUES : MCBD North already benefits from a number of arts and culture-related establishments like : + the Reposo Art and Dining, + RCBC Theater, + The Collective Beginnings. + Tin-aw Art Gallery : Upper Ground Floor of Somerset Olympia Bldg., Makati Ave. Dance : Carlos P. Romulo Auditorium, RCBC Plaza, Ayala Avenue, Makati City ===== Event Highlights : http://www.makeitmakati.com/whats-on/highlights

(( SPACE held ))

Manila: Residential - Outlook for 2014 - per JLLS Vacancy increases on the back of record new supply Stable leasing demand buoys rental growth Sales performance remains solid due to optimistic investor sentiment Asset Performance Average rents maintained their growth momentum in 4Q13, increasing by 0.9% q-o-q to PHP 8,316 per sqm per annum. The sustained healthy leasing demand sourced from housing requirements by expatriate employees resulted in positive rental growth during the quarter. Increased investor appetite supported growth in capital values of luxury residential condominiums and average capital value growth outpaced that of rentals, registering an increase of 4.2% q-o-q to PHP 125,000 per sqm in 4Q13. Consequently, this robust rise led to a decline in investment yields to 6.7%. 12-Month Outlook The luxury residential market is projected to continue its stable growth in the next 12 months on the back of a forecast for sustained positive momentum in the Philippine economy and local O&O sector. Together, these are expected to provide support to healthy leasing and sales demand for the luxury condominium market in the Makati CBD and BGC moving forward. Consequently, this may encourage moderate growth in rentals and capital values of luxury residential condominiums in the succeeding quarters. Around 11,000 high-end condominium units are expected to complete in 2014, compared with the 6,300 units completed in 2013. This is likely to push average vacancy higher. == > http://www.joneslanglasallesites.com/appd/residential/manila

Singaporeans buying aggressively in Manila - Dec. 2013/ The Sunday Times "Earlier this year, local businessman Jonathan Lim Keng Hock led a group of wealthy investors who bought 300 condominum units and 100 parking spaces at a project along Manila Bay for almost $100 million. The development includes four casinos set to be completed 2016." == > http://www.makatipremier.com/uploads/2/3/6/9/23690716/5934589.jpg

The Rise of MEGA-MANILA / "Emergence of High Density Mixed Use Centres in Mega Manila" / SUMMARY: EMERGENCE OF MULTI-TIERED POLY-CENTRAL AGGLOMERATION Mega-Manila Map : larger version : source-wiki http://i273.photobucket.com/albums/jj235/jimolsen2/Mega_Manila_location_zps994fe8d5.png / Mega Manila, as a loose metropolitan area defined by the Philippine Information Agency (PIA),is divided into the national capital region (Metro Manila) and the suburbs of regions 3 (Central Luzon) and 4 (Calabarzon and Mimaropa). Mega Manila's 2010 population is projected at 35,607,000, or 37.8% of the country's population, and covers roughly half of Luzon, about 50,000 square kilometers, including many rural areas. / Regional Growth patterns. Metro-Manila, also referred to as the National Capital Region (NCR) of the Philippines, is composed of 16 cities and one municipality and is home to about 12 million residents. The conurbation Mega-Manila includes Metro-Manila and several provinces in its periphery. It has been the traditional focus of the national economy and is continuing to grow beyond 26 million, more than one fourth of the country's population. Its recent spatial development patterns can be described as: 1. Expansion at the peripheries mainly north and south due to topographical context, 2. Growth of higher density areas from the core out into the region and increases in densities of centre cities 3. Growth of regional cities skewed towards the direction of Manila, 4. Land use segregation and primarily horizontal developments at the periphery - but notably with heightened densities for the various typologies, 5. Expansion of urban centres with increasing compactness, densities and land use mix, 6. Emerging new centres and centre clusters at locations with preferential access. (For 1-3 compare: Corpuz, Art 2010). New, distributed compactness. Urban centres are increasing in density and expanding geographically, and high-density integrated clusters are starting to develop at transit stations. Pedestrian circulation and the acceptance of public transit, especially of the younger middle class, are increasingly significant. Despite high temperatures and tropical rains, outdoor activities for public gatherings, festivals, markets, concerts and daily activities such as al-fresco dining, taking a stroll along a shopping street and a park, children's play in parks and playgrounds, jogging etc. are becoming more visible... . . . Opportunity of alliances for planning? It seems that key challenges for Metro and Mega Manila are the coordination of fragmented plans of their constituent local governments and with implementation. Many local government units have limited financial resources to provide for relevant infrastructure. At the regional and national levels, enforcement of regulations, successful financing mechanisms, implementation of plans and cohesive decision-making through the various administrative levels and lining up budgets and financing of projects following integrated plans is severely constrained. And yet despite these challenges, there is a discernible trend within Mega Manila towards a consolidation of a multi-tiered spatial structure with higher densities, compact centres and public transit links. If inter-municipal cooperation as well as coordination among large private sector players and involved institutionals can be organized effectively, then the opportunities to build on and enhance this trend through more efficient planning, financing, implementation and enforcement are likely to produce even much greater results . . . MAIN DRIVERS FOR DENSITY AND COMPACTNESS: HIGH-RISE RESIDENTIAL AND OFFICE DEMAND The overall economic growth the country has been experiencing over the past decade has accelerated activities in urban and real estate development and private investments. Sectoral industry growth, especially the BPO industry, manufacturing of electronics for export, MICE, tourism and generally the service industry continues to create demand for space in various market segments: Demand for smaller condominium units by a growing young middle class with jobs in the BPO, manufacturing and services sectors. Demand for office space for BPO in lifestyle-themed places that are popular and accessible for young professionals; competition among BPO developers and locators have encouraged deconcentration even as the large metropolitan areas of Metro Manila and Cebu remain the preferred cities of address because of the availability of higher level services and transportation infrastructure. Demand for hotel rooms for a growing number of business travellers, MICE participants to Manila as well as recreational tourists visiting the country’s abundant and picturesque beach destinations. Demand for retail, f&b and entertainment space mostly in integrated locations with higher densities. OFWs have been sending remittances to their families at home, enhancing purchasing power for commodities and real estate products; Many OFWs directly invest in condominiums preferably in high rise mixed use developments similar to those in the foreign countries where they work. With savings and cash reserves increasing, well to-do families are buying luxury condominiums in premium locations as investments in light of property price appreciation as well as to add to their personal portfolios a downtown residence in parallel to suburban single family residences. 6 EMERGING MULTI-TIERED CENTRES STRUCTURE WITH NEW TRANSIT ORIENTED CLUSTERS IN METRO MANILA A differentiated centres hierarchy is emerging in Metro Manila following the general trend of increasing densities. Noticeably, the importance and relative weights among centres are shifting according to incremental developments and expansion of the core areas. .. === > http://www.corp.at/archive/CORP2012_185.pdf

How Local agents (in metro_Manila) look at the Buying Process (here's an example, from an agent's website): Buying a Home Whether you've spent years in preparing to buy a Home and you're unsure if you can afford it, the questions surrounding home buying could feel endless. Buying a home is Exciting and often can be an overwhelming experience, particulary if you are buying your first home. Connie Marciano can help you through the Home buying process and assure that you find the right home for you, at the right place. MLS Search / FOR SALE : FOR RENT : Pre-Sale : Land, etc. // Vivium_listings LIST your Properties :: SELLER'S Resources : BUYER'S Resources Setting a Time Frame There are lots of variables in the home-buying process, this includes the time it would take you to find and to buy your new Home as well. A typical home search process may take two to three months, including the mortgage approval process, comparing and evaluation properties, making an offer and the closing process. The loan process typically takes 30-45 days. The Mortgage Process Perhaps one of the most intimidating aspects of buying a Home is the mortgage approval process. Connie is here to help and guide you through this. There are many ways for you to prepare early and it could make the process smoother. Start by making sure your budget is under control. First make a list of all your monthly expenses. Compare this with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances . Start gathering documents you may need, such as 1702 forms, income tax returns for two years, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers will allow you to compare loans and get the best deal. Determining how much you can afford A general guideline to consider is that most Buyers typically purchase a Home that costs about 1.5x to 2.5x of their current annual income. For example, someone earning P2.150M/ $50,000 a year might purchase a home for 3.22M/ $75,000 to 5.375M/ $125,000. The mortgage should be about 28% to 30% percent of your gross monthly income (typo in paragraph above was corrected) > source: http://www.makaticondo.net/ ( Connie Marciano )

London's dirty little secret - rents have fallen for the last 21 months! Knight Frank: Rental yields dropped below ˜risk-free" government bond yield at end of 2013 Rents for London's best residential properties rose 0.2% in January, which was the highest monthly increase since September 2011. Rents fell 2% versus January 2013, which was the lowest annual decline since August 2012. Prime central London rental GROSS yields fell in January to 2.86%, the result of falling rents and strong investor demand. The full extent of this demand was demonstrated in December, when yields fell to 2.88%, dropping below the benchmark 10-year UK government bond yield of 3.02% recorded at the end of the month. Good job BOE can't see any bubbles. === > http://housepricecrash.co.uk/newsblog/2014/02/blog-londons-dirty-little-secret-rents-have-fallen-for-the-last-months-40839.php

I hope to do an interview with him soon - about this project (in his book, he talks about the changing investment scene) ... from one of the sample chapters: My clients were mostly retirees with investable assets in the mid-seven-figures—okay, that doesn’t mean anything now, granted, but what I mean to say is, these folks were fairly well-off at the time [mid-2014]; the equivalent today of between five and ten billion americans. Not mega-rich, no, but rich enough that they could afford a nice lifestyle without worrying too much. The entertainment industry [is where most of my clients came from]; a very few actors [on my client list], but a lot of retired cinematographers, film editors, sound designers. They were the kind of people whose careers had often been feast-or-famine, which was good, because as investors, they didn’t panic at the first sign of market turmoil. Their professional lives had had so many ups and downs, as investors, they trusted me when I said that whatever was going on in the stock market would pass. Because it did—it had. Usually. 2008 had been horrible, what with the Global Financial Crisis and the sub-prime mess. Everything crashed [in 2008], and was in the doldrums in 2009, stocks, bonds, everything. But in 2010 things started turning around, and by 2011, ‘12, ‘13, early 2014, everything was booming along: Record highs on the NASDAQ and Dow Jones [stock price indices]. All the ground lost in 2008 had been more than made up. Investing in those days wasn’t about buying some stock or bond and happily getting a steady dividend payment or coupon payment. The yield on investments was nothing—less than 6%, and after taxes, less than 3%. So in that environment, you made money by asset appreciation. You bought a bond or stock at say 100, and you let it go up to 120, when you sold it, then bought something else for 100, and watched that go up in price. That 20 of profit? That’s what a lot of my clients were counting on to live. That was their “yield”. . . . What everybody knows now is that those boom years—2010, ‘11, ‘12 and ‘13, and the first half of 2014—were booming because of QE [Quantitative Easing]. This was the Fed’s [Federal Reserve, the U.S.’s central bank] bond buying program. They literally came up with money out of thin air, and then used this new money to buy bonds on the open market, thereby putting a floor on the price of bonds, and driving up the prices of everything,

Philippine developer Ayala seeks to lure Hong Kong buyers for residential projects (2014) Firm opens office in Central to offer luxury villas and condominiums to wealthy investors 19 February, 2014 / Peggy Sito A condominium construction site of Ayala Land in suburban Manila. Photo: AFP Ayala Land, a major Philippine property developer, is beating a path to Hong Kong to sell its projects, despite the soured relationship that exists between the city and the Philippines. The developer has opened an office in Central as part of an expansion drive into international markets that began several years ago. It plans to launch residential projects for sale to Hong Kong buyers this year. Tom Mirasol, president of Ayala Land International Sales, said the expansion aimed to tap demand in Hong Kong for offshore property investments. Investor appetite for such deals had been on the rise since the Hong Kong government introduced successive measures to cool off the city's home prices, he said. Ayala's projects have also been well received in Singapore, encouraging it to open an office in Hong Kong. "When we opened up in the Singapore market in September last year we were quite surprised by the level of interest from Singaporean nationals," he said. "We think we will find a similar situation in Hong Kong." Ayala has embarked on a three-year plan to establish 10 offshore offices. Its Hong Kong office is the sixth and will allow the developer to serve both the Hong Kong and South China market, said Mirasol. It will target Hong Kong's high-net-worth individuals by launching luxury condominiums and villas. Ayala will also aim to attract Filipinos working in Hong Kong who seek to buy property at home as clients. The developer was not concerned about the current strained relationship between Hong Kong and the Philippines. While it was difficult to ignore, the situation was more "government to government", said Mirasol, and ordinary people in the two countries were not affected by it. Relations between Hong Kong and the Philippines have been strained since a hostage drama in Manila in 2010 resulted in seven Hong Kong tourists and their guide being killed in a bungled rescue attempt. While the Philippine government expressed regret at the incident it has not officially apologised. Because no apology has been received Hong Kong has embarked on the first phase of sanctions threatened last year, and from February 5 Philippine officials and holders of official Philippine government passports will no longer be allowed to visit the city without visas. Mirasol said Ayala was focused on selling the attractions of the Manila marketplace, which was ranked among the top real estate investment markets in Asia for 2014, according to a survey by the Urban Land Institute and PwC released at the end of last year. Overseas sales accounted for 20 to 21 per cent of Ayala's total sales last year. "We hope to increase that to 30 per cent," Mirasol said. == > http://www.scmp.com/property/international/article/1430443/philippine-developer-ayala-seeks-lure-hong-kong-buyers

13 NEW TRANSPORT Projects - Will they ease congestion in the CBD's ? > http://newsinfo.inquirer.net/568063/more-traffic-pain-before-gain EXCERPT: Up to 13 road and mass transport projects in the capital are in the pipeline in the next two years, the Metropolitan Manila Development Authority (MMDA) said Wednesday as it advised motorists and commuters to brace themselves for continued heavy traffic on major routes till 2016. In a meeting, the Metro Manila Regional Development Council (RDC)—a body composed of the MMDA and the 17 mayors of Metro Manila—approved the various projects proposed by the Department of Transportation and Communications (DoTC) and the Department of Public Works and Highways (DPWH). Speaking to reporters, MMDA Chair Francis Tolentino said the construction schedules of these projects might overlap and “there will be a point when they will happen simultaneously.” To prepare for this, the project proponents will meet again on the first week of February to draft a traffic management plan “for the whole metro.” Alternative routes and rerouting schemes will be discussed not just per project but based on their being “interconnected,” Tolentino added. . . . President Aquino made a similar forecast in a speech during the launch of Skyway 3, which would run from Buendia, Makati City, to Balintawak, Quezon City. Mr. Aquino said the project would serve as “an alternative highway linking southern and northern Luzon” and reduce traffic volume on Edsa and other primary roads by about 55,000 vehicles daily. == == Comments Offered / and Questions being asked: ========= + The 13 projects will be completed within 2-3 years, easing the congestion which has been described as "a problem during rush hour, and a 'real nightmare' in the rainy season" + Travel from Makati to airport terminal 3 can be easy, but can take an hour from t.3 to t.1 + EDSA traffic could ease, as traffic using the Skyway eases... and Buendia (Sen Gil Puyat) traffic could be greatly improved by the new tunnel - and that should greatly improve travel times from Makati to The Fort / Q's /: + Will this lower the attraction for people to live close to their offices? + Or will there just be more cars coming into Metro Manila?

MANILA Property Report - 2013 PHILIPPINES Real Estate market - Summary of 4Q 2013 - Market Overview + Economy: continues to surge, posting growth of 7.0% at 3Q-2013, yr-to-date: 7.4% And strong real estate has been a good part of that. Approved foreign investment continues to pour in + Office: 400,000 sqm of new office space was completed in 2013, 50% of that in Fort Bonifacio + More than 4,400 high-rise residential units were completed in the five major CBD's, while 19,700 units will be turned over to owners in the next three years. 75% of those units will be in Fort Bonifacio and Makati, and 85% will be classed Grade-A === === Land Values Land Values in the Makati CBD appreciated by 5.9% in 4Q-2103, with an average price of PHP341,505 /sqm. Fort Bonifacio land values increased by 2.3% QoQ. Colliers estimates appreciation of 8.0% and 9.7%, respectively next year (2014.) RESIDENTIAL Demand Residential vacancy in the Makati CBD increased by 90 basis points to 11.0% from 10.1% in the previous quarter. Vacancies of premium condos was slightly higher than the previous qtr. at 4.4%. Similarly, Grade A and B vacancies ticked upwards to 11.8%. In the next 12 months, vacancies in Makati are expected to decrease to 9.0%. In Ft.B. the vacancy rate fell to 5.0% this quarter, but is expected to increase to 7 to 8% level next year due to the influx of new supply, amounting to 2,800 units. FORECAST RESIDENTIAL NEW SUPPLY ===========end-2012 : -2013 : -2014 : 2015 : 2016 : Total MAKATI CBD - : 16,288 : 1,366 : 1,596 : 2,812 : 0,779 : 22,841 ROCKWELL--- : 03,718 : ------- : 0,441 : ------- : ------- : 04,159 FORT BONIF.- : 15,491 : 2,094 : 2,799 : 3,158 : 3,741 : 27,283 ORTIGAS ----- : 10,987 : 0,934 : 0,792 : 1,560 : 0,405 : 14,678 EASTWOOD - : 06,830 : -------- : 0,718 : ------- : 0,988 : 08,536 ===== TOTAL : 53,314 : 4,394 : 6,346 : 7,530 : 5,913 : 78,212 MAKATI CBD COMPARATIVE RESIDENTIAL VACANCY RATES (%) =========== 3Q 2013 : 4Q'13 : 4Q 2014F LUXURY------- : 03.5 % : 04.4 % : OTHERS ----- : 10.9 % : 11.8 % : ALL GRADES : 10.1 % : 11.0 % : 09.0 % Source: Colliers International Philippines Research Rents Premium 3BR rental rates grew by a modest 0.4% QoQ, with an average monthly rent of PHP805 /sqm. This translates to a monthly rent of Php201,250 for a 250-sq m unit. Ft.B rentals increased by 1.7% QoQ with an average of PHP808 /sqm. Rents in Makati are expected to accelerate by +6.8% in the next 12 months. Average rents in both the Makati CBD and BGC are expected to remain near parity +/- a PHP5-10 difference. COMPARATIVE LUXURY 3BR RENTAL RATES (PESOS / SQ M) =========== : 3Q 2013--- : 4Q'13 % - %- Chg. : 4Q'14F - %Chg (YOY) MAKATI CBD: 0,550-1,050 : 0,550 -1,060 / 0.36 : 0,590 -1,130 / +6.83% ROCKWELL- : 0,720-1,005 : 0,750 -1,020 / 1.20 : 0,760 -1,080 / +5.37% BONIFACIO-- : 0,600-0,990 : 0,610 -1,010 / 1.73 : 0,640 -1,070 / +5.94% METRO MANILA RESIDENTIAL CONDOMINIUMS COMPARATIVE LUXURY 3BR CAPITAL VALUES (PESOS / SQ M) ========== : 3Q 2013 ----------- : 4Q'13 % - % Chg (QoQ) : 4Q'14-F - %Change (YOY) MAKATI CBD : 88,895 - 175,200 : 090,675 -179,140 / 2.17 : 095,660 - 189,285 / +5.70% ROCKWELL : 107,175 - 162,300 : 109,315 -168,220 / 2.99 : 114,195 - 177,220 / +5.00% BONIFACIO- : 100,720 - 159,240 : 102,230 -161,290 / 1.37 : 107,675 - 169,160 / +5.05% Source: Colliers International Philippines Research Capital Values Average secondary capital values in the Makati CBD were approx. PHP3,000 /sqm higher than in Ft.B. Premium 3BR units in MK. grew by 2.2% QoQ, while Ft.B grew by 1.4% QoQ to an average of PHP131,760 /sqm. === > from: RealEstateMarketReport_4Q13.pdf

MANILA Property Report - 2012 - 4Q PHILIPPINES Real Estate market - Summary of 4Q 2012 - Market Overview + Full year economic growth of 6.8%, exceeding market expectations of 5.0-6.0%. Strong sectors included Real Estate (+18.9%) and Renting and Business Activities (+8.4%) + Office: Overall vacancy rate dropped to the sub-3% level driven by strong demand for Outsourcing and Offshoring. New Supply for 2013 and 2014 was expected to reach new records of over 500,000 sqm / year. + In Makati, three new condo projects were completed in Q4-2012, totalling 792 units. But demand was strong in the premium sector, and vacancy rates were pushed below 5%. Rents were expected to improve, up 6% in Makati. === === Demand In 4Q 2012, residential vacancy in the Makati CBD dropped by a marginal 0.3% QoQ to 10.01%. It has been tracking downwards over the last three quarters but is expected to flatten at these levels by 1Q 2013. Subsequently it will increase at most to 12% by 4Q 2013 due to the new supply to be introduced in the coming months, most of which are lower grade condominiums. On the other hand, demand for premium condominiums remained high, pushing vacancy levels below 5% over the last three quarters. FORECAST RESIDENTIAL NEW SUPPLY ===========end-2012 : 2013 : -2014 : 2015 : - 2016 : Total MAKATI CBD - : 16,288 : 2,825 : 0,875 : 2,169 : 0,779 : 22,936 ROCKWELL--- : 03,718 : ------- : 0,441 : ------- : ------- : 04,159 FORT BONIF.- : 15,491 : 3,726 : 3,450 : 1,276 : 2,721 : 26,664 ORTIGAS ----- : 10,987 : 0,934 : 0,792 : 1,560 : 0,405 : 14,678 EASTWOOD - : 06,830 : 0,440 : 0,278 : 0,988 : ------- : 08,536 ===== TOTAL : 53,314 : 7,925 : 5,836 : 5,993 : 3,905 : 76,973 MAKATI CBD COMPARATIVE RESIDENTIAL VACANCY RATES (%) ========= 4Q 2012F : 3Q'12 : 4Q 2013F LUXURY------ : 04.8 % : 04.6 % : OTHERS ---- : 10.7 % : 11.1 % : ALL GRADES : 10.0 % : 10.3 % : 11.8 % Source: Colliers International Philippines Research Rents In 4Q 2012, the average rent for luxury 3-BR units in the Makati CBD further increased by 1.6% QoQ to average PHP720 per sq m per month. This translates to a monthly rent of Php180,000 for a 250-sq m unit. Average rents in both the Makati CBD and BGC were virtually at parity since 2Q 2012. Meanwhile, Rockwell remains the most expensive area on a per sq m basis, at PHP800 monthly. As vacancies remain low across premium residences, rents are seen to further improve by more than 6% in BGC and the Makati CBD, and by over 7% in Rockwell Center by the end of 2013. METRO MANILA RESIDENTIAL CONDOMINIUMS COMPARATIVE LUXURY 3BR CAPITAL VALUES (PESOS / SQ M) ==========: 4Q 2012------------ : 3Q'12 % -%Chg (QoQ) : 4Q'13F - % Chg (YOY) MAKATI CBD: 080,050 - 155,850 : 78,950 - 153,150 / 1.6 : 087,782 - 162,710 / 6.2 ROCKWELL : 101,000 - 150,440 : 99,900 - 147,490 / 1.6 : 107,225 - 161,100 / 6.7 BONIFACIO- : 091,750 - 145,630 : 91,290 - 141,390 / 2.0 : 093,540 - 158,610 / 6.2 Source: Colliers International Philippines Research === > from: http://manilainvestmentproperty.com/MLAINVPROPERTY001/ColliersInternational.pdf

Escala Salcedo : "Parkside Living" : http://alveolandcondo.com/escala-salcedo/ http://ayalalandrealestate.com/wp-content/uploads/2013/01/Escala-Salcedo-banner-920x420.jpg Escala Salcedo is a residential condominium development that will occupy a rare location across the 7,000-square meter JaimeC.VelasquezPark (also known as SalcedoPark) in SalcedoVillage, MakatiCity. From a 1,864-square meter parcel, the tower will rise to 36 storeys, inclusive of a basement, penthouse floor and roof deck. (Circuit - Makati): http://i273.photobucket.com/albums/jj235/jimolsen2/Makati-Circuit_zps1cf3af2c.jpg[/url Solstice : http://alveolandcondo.com/solstice/ (in Circuit Makati) ... Circuit Render-1 : #2 Circuit / Sports & Entertainment concept :: Circuit Makati City - from ayalaland The planned look of Circuit, when finished: http://i273.photobucket.com/albums/jj235/jimolsen2/Makati-Circuit7b_zps9efd2553.png https://www.youtube.com/watch?v=mgfkARku2A4&feature=player_embedded http://i273.photobucket.com/albums/jj235/jimolsen2/Makati-solstice-tower_zpsbb013f91.jpg AlveoLand is trailblazing the First tower of the future vertical village to rise in MakatiCity. Solstice will be the first of 21 residential towers that will rise within Circuit Makati, a 21-hectare master planned, modern-day urban neighborhood envisioned to take shape as the city’s one-stop entertainment district. The development is bound to exude a multi-faceted, fun living, cultured and energized character as it emerges as the central piece of Circuit Makati, dubbed as “Makati’s lifestyle playground.” The district looks to become the first and only large-scale urban district development in the country that will host an iconic riverwalk, design studios, performing arts center and other forms of interactive entertainment. (Bonifacio Global City): Two Serendra : http://www.condo.com.ph/pro_images/act_13936.jpg High Street South - (not released yet) : http://ayalalandrealestate.com/high-street-south-corporate-plaza-at-bonifacio-global-city-near-serendra-and-high-street/ http://i273.photobucket.com/albums/jj235/jimolsen2/TheFort-HighSt-So_zps3f9178e6.jpg Some History of Makati, & Ayala Premier's Park Terraces project (Ortigas Center): Portico : http://alveocondo.weebly.com/portico-ortigas.html http://i273.photobucket.com/albums/jj235/jimolsen2/Portico_zps71f51a2d.jpg

EXAMPLES of Ayalaland Properties in Makati, Circuit-Makati, and Bonifacio Global City, etc (I have brochures on most of these - If you want one, or updated info on prices or availability, send me a PM.) ... PB : Lerato, Three Towers : http://ayalalandrealestate.com/sale/the-lerato/ Situated at the north of Ayala Avenue, right across Alveo’s maiden condo development, The Columns Ayala Ave. This is Makati’s quieter side, perfect for those who need to be in the bustling and active Central Business District but want a private and calmer personal retreat. North Makati, near the Medical Centre is now called: "City Gate" ... PB : ( NORTH is to the lower left in the Map above ) : Lerato presentation Kroma Tower : http://www.kromatower.com/ ... In the "thick of it" : Google-MAP : Kroma Amenities : Image : KRvsM "Prices... approx. Php 120,000 per sqm (and up!) inclusive of VAT" https://www.youtube.com/watch?v=o3X1GaKnUe4&list=HL1395530902 ( Top Reasons for buying at Kroma Tower): 1. PRIME LOCATION Makati CBD Financial Capital, 330K work force, exciting re-development Plans Prime Area – Dela Rosa St., Legazpi Village, Makati City Adjacent to 1000sqms park very near offices, malls, medical leisure, educational, religious, recreational institution == >Top Four reasons- : http://www.dayritproperties.com/2012/04/top-reasons-to-invest-in-alveo-kroma-tower-dela-rosa-makati/ >Makati, 10 reasons : http://www.sulit.com.ph/index.php/view+topic/id/110142/Top+10+reasons+Why+invest+in+Makati+City+Central+Business+District : article >Kroma,Skyscrp.City : http://www.skyscrapercity.com/showthread.php?t=1497582 kroma tower floorplan ... pb : == Mak-Prime's thread about City Gate and Kroma : http://www.greenenergyinvestors.com/index.php?showtopic=21029