MANILA -- Office space demand from offshore gaming firms remains "strong," notwithstanding new regulations and increasing scrutiny of the sector that is dominated by Chinese workers, a property firm said Thursday. Establishing Philippine Offshore Gaming Operations or POGO hubs is a "good idea" since it will encourage the construction of larger facilities while allowing the government to enforce regulations, said JLL Philippines country head Christophe Vicic. "The demand is still strong, today there is no reduction in POGO demand, the issue is to find them space because of the lack of space for them or the new regulation," Vicic told ANC's Market Edge. Developers will continue to find space for offshore gaming as long as they’re allowed to operate in the country, he said. Philippine gaming firm Oriental is currently building 2 POGO hubs in Luzon. … [Read more...] about ‘Strong’ office space demand from POGOs remain: property firm
Property firms
Property firm Kepwealth secures approvals for IPO
MANILA - The Philippine Stock Exchange and the Securities and Exchange Commission have cleared the application of property firm Kepwealth Property Philippines Inc for its initial public offering, the exchange said Thursday. Kepwealth's will list more than 67 million common shares priced at up to P5.74 per share. The company expects to raise P384.8 million from the sale, which will bring its total market capitalization to P1.15 billion. It will be first IPO at the PSE this year. The offer period will be from Aug. 5 to 9. Kepwealth, which will use the stock symbol "KPPI", will be listed on the SME Board. "It may have taken some time before we had our first IPO but I am pleased that KPPI is embarking on its maiden share sale. I hope that this move will encourage other companies that pushed back their IPOs to revisit their plans and consider the stock market as an avenue for capital raising," PSE president and CEO Ramon Monzon said in a statement. Kepwealth plans to use the proceeds from … [Read more...] about Property firm Kepwealth secures approvals for IPO
Local property firms pick up on ‘green’ trend
For example, TCC Asset’s One Bangkok is the first project in Thailand to have received a Platinum certification for neighbourhood development from LEED (Leadership in Energy & Environmental Design). Its architecture and landscape design was recognised for responding to the tropical climate and ecology by utilising sustainable approaches and technologies to significantly reduce energy expenditure and water consumption. Sansiri Plc has also joined in by announcing its goal to be a “green” property firm by reducing CO2 emissions by up to 10 per cent by 2022. “We are trying to find ways to reduce our construction waste to zero as soon as possible, because we have a responsibility to society to minimise building waste in the environment,” Sansiri Plc’s president, Srettha Thavisin, said in a recent interview with The Nation. He said his company would move towards being a green property firm in 2019. The company is learning how to manage … [Read more...] about Local property firms pick up on ‘green’ trend
Property firms see strong first quarter, hopes for continuing
Pruksa Holding Plc achieved total revenue of Bt11.9 billion and Bt1.68 billion in net profit for the first quarter of this year, up 43.7 per cent and 95.6 per cent from the same period of last year. Right behind them was AP (Thailand) Plc with total revenue of Bt7.79 billion and Bt1.07 billion in net profit for the quarter, up 41.2 per cent and 24.6 per cent respectively from last year. Meanwhile, Land and Houses Plc shows total quarterly revenue of Bt5.69 billion and net profit of Bt1.82 billion, a drop of 28.54 per cent and 25.95 per cent respectively from the same period last year. (For other results, see graphic.) “Our total revenue and net profit dropped in the first quarter of this year when the number of condominium units that were able to be transferred to customers in the first quarter were lower than the same period of last year. Some of our customers were rejected [by banks] to transfer some of our condominium units,” read a management report … [Read more...] about Property firms see strong first quarter, hopes for continuing
Listed property firms see bright first quarter
Listed property firms have continued to show presales growth in the first quarter of this year, according to a survey by The Nation. The trend was confirmed by a property analysis that forecasts listed property firms will see their total revenue grow in the first quarter of this year when compared with the same period of last year, due to most of their customers speeding up property transfers before the Bank of Thailand’s landtovalue (LTV) measure came into effect on April 1. According to announcements by listed property firms for their presales in the first quarter of this year, AP (Thailand) recorded high presales of Bt12.58 billion in the period, pushing the company above 30 per cent of projected presales of Bt41.8 billion for the whole of 2019. Sansiri Plc recorded presales of Bt6.6 billion in the first quarter, or 18.33 per cent of its presale target of Bt36 billion for the year (for other firms, see graphic). AP (Thailand) Plc’s chief for corporate … [Read more...] about Listed property firms see bright first quarter