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Bela (Single-detached)

If you survey the popular residential design themes in the country, many homes today have adapted the so-called Asian contemporary style. Following the design sensibilities of Chinese taipans, the look is one of modern eclecticism marrying the clean lines of contemporary architecture to the traditional lifestyles many Chinese families still follow.

DMCI Homes Project Development Manager Renz Raule says the unique look of the Asian contemporary style was adopted for Mahogany Place 3, the premiere horizontal residential development by DMCI Homes in Township Central in Taguig City, since it suits perfectly the needs of mostly top-level executives, the project’s target market.

Mahogany Place 3 offers residents a quality pedestrian-friendly community and landscaped spaces for affluent families with sophisticated taste in search of a nature-rich setting offering a fully secured environment and concierge services. The development has themed gardens and an amenities center with resort-like facilities in an eco-friendly environment. The property boasts tree-lined strips that are conducive to leisurely afternoon walks.

Raule described homes following the Asian contemporary style to be “patrician” residences, a nod to its popularity among rich Chinese businessmen.

“The design was called Asian contemporary because the style is pervasive in different Asian countries, whether you are a Chinese in Singapore or a Chinese in China or Hong Kong,” Raule explains.

This particular style emerged during the eighties after Chinese businessmen slowly started leaving Mainland China to pursue their businesses abroad. Their exposure to Western culture and education gave them a new way of seeing the world, which was often reflected in the homes they built.

“It is not really a formal architectural movement, but just a tendency that many Chinese businessmen soon adopted,” Raule admits. “Their problem was fusing together traditional Chinese design with a modern-day one. Their education and contact with Westerners has slowly refined their taste in design.”

In the Philippines, the Asian contemporary style was seen in the design of the rest houses many successful Chinese businessmen built during this time. While their homes may follow the clean, simple lines of modern architecture, their taste in decoration was still traditional. There is also an emphasis on brighter colors and rounder shapes. The use of traditional materials and crafts contribute a vibrant look. This hodge-podge of style decisions governs the look of the whole house.

Raule says homes following the Asian contemporary style still share similarities with traditional Asian homes. At Mahogany Place 3, the homes have broad roofs that are common in Asian walls, as well as the use of natural stones as cladding on the façade. There are also wooden brackets in the exterior design, which reflect the wooden poles used in many traditional Filipino to prop up a window or ventilation opening.

More than the exterior, Asian contemporary design gives homeowners more leeway when it comes to decor. There is an emphasis on high-quality materials like hand-painted silk, teak, rosewood, copper, ceramic, and porcelain to convey a feeling of exclusivity. There are lesser rules when it comes to personalizing one’s space. Homeowners can follow their own design inspirations since they are freer to exploit more options.

Raule explains the décor as eclectic. “Since these businessmen travel a lot, they also collect artifacts on their trips,” he says. “Priceless Chinese antiques sit beside memorabilia collected in travels around the world in the same curio cabinet. This mix of styles typifies the Asian contemporary style.”

Apart from the eclectic collection, the general color palette of homes is neutral with splashes of vibrant and pulsating colors for accent. The use of neutral colors also provides a sense of serenity, something busy businessmen look forward at the end of the day. Warm colors like copper, amber, honey and even black appear in the color scheme. Among the Chinese, bold red is used as accent; among the Japanese, gold and yellow provide the contrast to unify neutral tones such as brown, gray and tan.

Furniture in rich fabrics often serves multiple purposes. Futons can be used as seats or stretched out in the evening as a convenient bed. Among the Chinese, wooden trunks double as drawer storage and tabletop. Floor coverings and window treatments serve as a statement on color and textures. A room with a vivid rug carpet will have a simple window treatment in neutral colors; if the floor is bare, the windows provide the color accent in a room. The overall look is subtle yet dramatic, creating a peaceful ambience.

Outdoors, the green provided by plants and cuttings contrast with the neutral color of exteriors. In Chinese homes, small bamboo plants adorned with red and gold tassels provide a fresh look and good luck, while in Japanese homes the bonsai take pride of place. There will also be a water feature outdoors, either a water flute or a burbling mini fountain to provide relaxing sounds.

Raule says the Asian contemporary design suits the homes at Mahogany Place 3. The use of natural materials and specific design decisions take into consideration the weather.

The homes at Mahogany Place were specifically designed with the Filipino family in mind. There are enough bedrooms to meet the needs of the extended Filipino family, including lolo and lola and other relatives who may decide to drop in unannounced.

There are four unit types available for Mahogany Place III: Tamara, a 120-square meter, three-storey duplex unit; Bela, a 240-square meter, two-storey single-detached unit; Helena, a 120-square meter, three-storey duplex unit; and Ariana, a 240-square meter, three-storey single-detached unit. Tamara and Bela offer fixed designs, while homeowners have the option to customize the Helena and Ariana units to suit their needs.

Both the Tamara and Bela units are appointed with large windows and door openings, a landscaped frontage, wide hallways on the upper floors and dining rooms that extend to a garden. However, in the Bela unit, the upper hallway can be transformed into a study area, and the master’s bedroom is provided with a separate balcony. Its kitchen also has a center island that functions as a preparation area and snack bar, giving homeowners flexibility when entertaining guests.

Meanwhile, the Ariana and Helena homes offer a modern and timeless style through the use of neutral earth tones and stone cladding.  Homeowners can also enjoy easy access to the outdoors from almost any part of the house, through strategically-placed sliding doors and panoramic windows. Options for upgrades offer further design possibilities in Ariana and Helena, among them the conversion of the lanai area into a plunge pool, bedrooms into a family room (or vice versa), and the installation of a bathtub in the master’s T&B. 

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WASHINGTON (AP) – Construction of new US homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November for first-time buyers to take advantage of a special tax break.

The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.

It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.

Homebuyers are being attracted by lower prices, and first-time buyers can also take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, which was included in Obama’s stimulus package.

“The largest spark...has been the looming deadline,” said David Crowe, chief economist for the National Association of Home Builders. His trade group said Thursday that the confidence level of builders has risen to the highest level in nearly a year.

Shares of major homebuilders rose on the news, with KB Home and Hovnanian Enterprises up about five percent in late morning trading.

“This was the most positive housing report in ages,” wrote Patrick Newport, an economist with IHS Global Insight.

Over the past three years, the collapse in the housing market led to soaring loan losses, a severe banking system crisis and the longest recession since World War II. Even with the better-than-expected figures, the pace was still 46 percent below last year, and analysts don’t expect a quick rebound. That’s because companies are still shedding jobs and home prices are falling, making people hesitant to commit to buying a new home.

“There’s still a long way to go before one wants to declare anything that begins to look like a strong recovery or success,” said Rebecca Blank, undersecretary of commerce for economic affairs.

The jump in housing starts reflected a more than 14 percent rise in construction of single-family homes, the largest monthly increase since December 2004. Construction of multifamily units – a particularly volatile part of the market – fell nearly 26 percent from a month earlier.

Meanwhile, applications for building permits, seen as a good indicator of future activity, rose almost nine percent in June.

Ayala Group has turned more upbeat on the high-end property market given a recent resurgence in demand from discerning buyers, encouraging the rollout of upscale projects for the rest of this year.

“Confidence in the market has returned. [There’s] a realization that the valuations in the local property market are based on fundamentals, not speculation. Consequently, current prices reflect the true worth of property assets—which are good stores of long-term value,” Ayala Land Premier sales head Tom Mirasol said in a briefing yesterday.

“A recovery in the property market appears to have already started as early as February this year,” Mirasol said. This, he said, had been factored in by the stock market with stock prices of major publicly listed developers now going up sharply.

“All out metrics are up starting the second quarter,” he said. “The worst seems to have passed, and the markets have responded.”

As such, he said ALI was now considering raising the prices of its property units.

“They (high-end buyers) are coming back and they’re coming back in a big way,” said Bernard Vincent Dy, vice president and group head of Ayala Land Premier.

Ayala Land Premier, which sells residential units worth between P4 million and P20 million to households with a combined monthly income of P200,000 and up, has breached the P1-billion mark in reservation sales for June, up from only P400 million in January. The turnout in July is also expected to be robust, Mirasol said.

The group will begin the development of new phases of its existing projects, such as Phase 6 of Ayala Greenfield and neighborhood 7 of Anvaya Cove.

“Ayala Land’s outlook for the rest of the year is good. Continued buyer confidence combined with exciting new launches will see the company through the rest of 2009. We expect to see significant growth in the second quarter and the second half of the year. New projects continue to be planned for projects going well into 2010 and the next five years,” Mirasol said.

ALI president Antonino Aquino said of ALI’s budget for P17 billion for this year, about half will go to residential property development, a third of which will in turn go to Ayala Land Premier.

The high-end property segment accounts for 40-45 percent of ALI’s residential property sales, while the rest was split between middle-income and affordable segments under the “Alveo” and “Avida” brands, respectively.

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MANILA, Philippines—Amid a difficult economic environment, business process outsourcing firms based in the country are still expanding their operations and hiring more people.

A survey conducted by the Business Processing Association of the Philippines and Outsource2Philippines (O2P) revealed that 49 percent of BPO companies were still keen on expanding their headcount by up to 200 percent this year.

Only 6 percent said they would reduce their employee numbers, while the balance said they would either expand headcount conservatively—up to 10 percent of current total—or just retain their existing employee base.

Of the 160 survey respondents, 23 percent said their companies would boost recruitment efforts, while 20 percent said their firms would moderate recruitment activities.

A third of respondents said they were accelerating expansion, while another 26 percent said they were shelving such plans.

“It’s encouraging that, although the industry has been growing rapidly for several years, almost 40 percent of respondents indicated that their firms will still grow between 16 percent and 200 percent this year,’’ BPAP chief executive Oscar Sanez said in a statement.

He added that it was interesting to note that the global recession was not drastically slowing down BPO expansion in the country.

While the survey results were predominantly positive, 36 percent of those polled said their companies would reduce capital investments this year. A mere 9 percent said their firms would boost capital spending.

Most of the BPO firms, or as many as 66 percent, said the impact of the economic crisis was being felt primarily in the demand for services.

To counter this negative impact, 60 percent of respondents said their companies had expanded their range of services. Only 2 percent said they actually reduced the number of their service offerings.

Instead of focusing on traditional back-office services, O2P chief executive Frank Holz said BPO companies were increasingly offering high or very high value-added services.

“The fact that 69 percent of respondents said their firms are providing high and very high value-added services is actually staggering,” he said.

Thomson Reuters recently established in the country a team to support global legal content initiatives, an example of a high-value service.

“The Philippines is providing increasingly complex services for Thomson Reuters customers worldwide,” senior site officer Raoul Teh said.

Legal content is Thomson Reuters’ most profitable division. From the Philippines, the company already provides services in other operations areas, including investment and advisory.

Steep, gable roofs that slope daintily, perched on clustered structures shaded in organic tones and accented with ornate carvings, nestled in lush landscaping and water elements – the qualities of contemporary Thai architecture exude modern elegance while still maintaining old world charm. 

Yet such attractive and enduring aesthetics don’t need to be confined in a tropical beach destination. In fact, this type of architecture can blend effortlessly in a similar tropical setting like the Philippines, where residential developments for the past few years have seen a proliferation of Asian-inspired architecture.   Pretty soon, the unique and versatile Thai design will define a condominium community and set the benchmark for infusing Asian aesthetics with modern practicability. 

Royal Palm Residences is set to emerge in the coming months as a Thai-tropical resort village where wellness is valued along with modern day requirements for an idyllic urban address.  Developed by DMCI Homes, this distinct theme will stand out as a fresh and extraordinary residential community within Township Central – DMCI Homes’ residential enclave in Taguig City characterized by Asian-themed villages.   

“Architecture is influenced by way of life,” said Renz S. Raule, DMCI Homes’ Project Development Manager.   “As meditation is to Zen, while tropical resort is to Bali, health and wellness are terms often associated with the Thais.  Digging into this concept, we then associated the design intent with distinctively Thai elements, such as the traditional Thai house and its qualities, which eventually served as the central architectural inspiration for Royal Palm Residences.”

He also identified the characteristics of a classic Thai-inspired establishment.  He referred to the graceful slope of the gable roof and interesting roof elements such as finials and pediments as elements that are distinctively Thai in origin.  Doors and windows are characterized by carved ornamental wood panels that also help with ventilation. All the structures open into a verandah leading to a central terrace that is used for family activities or events such as weddings. The terraces are bordered by balustrades and railings which give a sense of enclosure but still admit the free flow of natural breeze.

“For the interiors, there are, traditionally, no suspended ceiling panels. This reduces the roof load and gives a feeling of openness.  This is further enhanced by the use of low furniture.  In terms of landscaping, Thais use floral and natural arrangements. There is a predominance of ceramic vats containing fish and lilies in addition to potted plants.  Bird cages are kept close by as well as wind chimes,” Raule added.

Exquisite wood carvings, gold accents, stilts over water elements, complemented by splashes of purple and gold, shades associated with Thai royalty, are likewise utilized to evoke classic Thai appeal.  Soothing light and dark earth tones dominate the development, while numerous water features create an environment truly enveloped by nature, Raule noted.

For Royal Palm Residences, these design influences were liberally used to simulate Thai aesthetics and sensibilities.   The characteristically graceful roofs will punctuate each building entrance and is the main character of the Grand Clubhouse.  Another traditional feature is the Entrance Pavilion which will readily impress guests who enter the development.   

“Royal Palm Residences’ buildings will reflect one of the most enduring forms of Thai architecture – the traditional Thai house.   It is a house on stilts standing above a water element with its distinctively steep roof, punctuated by its curved fascia descending to a flame-like accent.  Wooden ornamental brackets provide contrast and balance to the steep roof,” Raule said.  

Raule also explained that the exotic ambience that is associated with resort destinations like Bangkok has emerged as a strong influence for property design that is also applicable in the Philippines.  “We have the same weather conditions.  This means that architectural details can also be applied here” he said. 

This means that aside from its aesthetic value, Thai architecture is quite functional, adapting to weather and environment – something which the Filipinos will appreciate.  Throughout the four-hectare prime property of Royal Palm Residences, additional applications of Thai architecture will include organic elements that are in harmony with nature, along with relaxing Thai colors and landscaping elements.

Royal Palm Residences offers 8 mid-rise and 2 hi-rise buildings whose names convey further allusions to Thailand – Karon, Kata, Phuket, Yanoi, Nui, Pansea, Railay, Samui, Kamala and Rawai – derived from its famous beaches and island resort destinations.  Unit buyers can choose from a variety of unit types to suit their lifestyle needs: from the 38.5 sqm studio and 1-bedroom unit, 49.5 sqm 2-bedroom unit, 66.0 sqm 3-bedroom end unit, 74.5 sqm 3-bedroom inner unit and 99.0 sqm 3-bedroom tandem unit.

This medium-density development boasts of residential buildings with first-rate features and a whole plethora of active and passive amenities set amidst one-hectare of open spaces.  All these Thai-tropical resort features are combined with modern conveniences like Wi-fi access at the Grand Clubhouse, electrified security fence and professional property management services for a balance of traditional and modern cosmopolitan lifestyle. 

For inquiry, pls visit our site at www.philippinelisting.com or contact Edwin Gumba at +639195720179

MANILA, Philippines – The country’s foreign exchange reserves (GIR) would reach a record high of $39.5 billion in May as portfolio investments recovered slightly and triggered foreign exchange inflows.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said in an interview that the BSP expects the gross international reserves to rise from the revised level of $39.3 billion in April to a new record high of $39.5 billion.

“Foreign exchange inflows were strong in May, especially if you look at portfolio investments,” Tetangco said. “There was one week when inflows amounted to around $500 million.”

According to Tetangco, portfolio investments into stocks and bonds were up, indicating an improvement in the risk appetite of investors who have been staying away from emerging markets for nearly a year.

The recovery of the stock and bond markets, however, could just as easily be attributed to the so-called dead cat bounce phenomenon when markets crash so badly that there would be no other way but up.

These bear market rallies, however, are notoriously unsustainable and normally serve as a prelude to more declines in the financial market.

Asked whether he thought this could be the case, Tetangco said much of investor sentiments would depend on whether the initial positive signs in the real economy could also be sustained.

“In a down market, you would usually see the improvement in the financial market first,” Tetangco said. “Then whether or not that can be sustained depends on whether the improvement in the real economy can be sustained also.”

At this point, Tetangco said there were “encouraging signs” that – while not indicating a dependable trend towards recovery just yet – could still spur positive sentiments towards the Philippine economy.

“Look at new home sales – they’re up,” Tetangco said, adding that while existing home sales remained depressed, the decline has slowed down. “Consumer confidence is up, the services sector is up and these are positive signs,” he said.

“If these positive indications in the real economy would continue, then the improvement in the financial market would also continue and we would see inflows,” Tetangco said.

But Tetangco said the BSP could not say whether the expected record high in May would be the peak or whether the reserve level could still go up even higher this year.

“We will have to see,” Tetangco said, recalling that the BSP is expecting reserves to reach $38.5 billion this year, with the balance of payments position at $700 million.

In April, however, the GIR was already at $39.3 billion, as a result of inflows from government borrowings and investments, as well as the BSP’s net foreign exchange operations and income from its investments abroad.

At the April level, Tetangco said the GIR could cover 6.3 months of imports of goods and payments of services and income. It was also equivalent to 5.6 times the country’s short-term external debt based on original maturity and three times based on residual maturity.

The gross international reserve (GIR) is the sum of all foreign exchange flowing into the country and the balance of payment (BOP) position is the remaining balance net of all external payments for debt servicing and imports.

Foreign exchange projections have been generally bleak for 2009 with the BSP expecting a zero growth in remittance inflows while market analysts and credit rating agencies projected a decline.

Despite weaker foreign exchange inflows, Tetangco said the country’s relatively robust external position would allow the economy to tolerate inflationary pressures while supporting sustainable growth trajectory.

The BOP is keenly watched by both credit rating agencies and investors since it was one of the major determinants of the country’s ability to continue servicing its external debt and other payments.

Source: Phillippine Star

MANILA, Philippines—If there is one single factor to which we can attribute the relative resilience of the Philippine economy through the different economic turbulences it has undergone since the 1990s, it must be remittances.

The Bangko Sentral announced last week that monthly remittances in March reached an all-time high of $1.47 billion, 3.1-percent higher than last year’s figure for the same month, and 11-percent higher than that for the previous month. With the current global economic turmoil, the common expectation has been for a dramatic slowdown and possible downturn in this valuable source of foreign exchange inflows. And yet the dreaded reversal has not happened, eight months after the Lehman Brothers collapse, widely regarded as the key trigger for the financial meltdown. Have the naysayers been wrong all along, and the “prophets of boom” been right on this one?

Half right

Actually, both sides have been half right, so far. Compared to the 14-percent annual increase posted for the full year in 2008, the March figure brings the cumulative 2009 growth to a mere 2.7 percent. Still, these inflows from overseas Filipinos increased significantly, indicating some degree of resilience in the face of global economic challenges. And this is in spite of the fact that the traditional host economies to our OFWs have actually been hit harder. A recent paper by the Migration and Remittances Team of the World Bank cites five reasons why global remittance flows have historically been resilient during economic downturns in host countries.

First, remittances do not just come from new migrants, but from the cumulated flows of migrants over the years. Thus, they argue, remittances will continue to increase as long as migration flows continue. However, this seems to presuppose that most migrants stay on a long-term basis. But OFWs are still mostly contract workers under time-bound contracts. It would thus be useful to examine how the proportion of our permanent vs. temporary migrants has been changing through the years, as half of our remittances now come from the US, where Filipino migrants tend to stay put, unlike in, say, the Middle East. In any case, what matters is whether net migration (new deployments minus returnees) continues to grow, especially lately—and available data are not very clear or up-to-date on this.

One-shot rise?

Another reason cited is related to the above: Because of rising anti-immigration sentiments and tighter border controls, especially in the US and Europe, migrant workers appear to stay longer—and they are likely to continue sending remittances.

A third reason given is that migrants continue to send remittances even when hit by income shocks, inasmuch as remittances are a small part of migrants’ incomes. This may be true in the case of permanent Filipino migrants, especially in the US and Europe. But OFWs on contracts and separated from their families probably send the bulk of their incomes home, making their remittances much more sensitive to income shocks. Again, the net outcome would depend on the relative proportions of permanent vs. temporary Filipino migrants.

The fourth reason cited is that when migrants are in fact forced to return due to economic difficulties in their host countries, they take back their accumulated savings, leading to a one-shot rise in remittances. The authors believe this to have been the case in India during the Gulf war of 1990-91 which forced a large number of Indian workers there to return home. And even when they stay on, the “safe haven” or “home-bias” factor can lead them to send home more remittances for investment purposes during an economic downturn in the host country. This is a plausible explanation for permanent Filipino migrants, who have in fact been buying up more condos and other real properties lately, explaining why the real estate industry continues to boom.

Fiscal stimulus

This raises the question on whether the surge in March (uncharacteristic for this time of year, by the way, as March has traditionally been a seasonally slow month for remittances) may simply be the effect of repatriated savings of returning displaced Filipino migrant workers. If true, it would be premature to rule out a fall in remittances based on the positive March figures. Thus, the outlook for the year remains highly uncertain.

Finally, the paper argues that the large fiscal stimulus packages being undertaken by several high-income host countries in response to the financial crisis could actually benefit migrant workers along with native ones. The BSP cites data indicating that 756,000 job orders had been placed with POEA in the first two months of the year alone. Others point to the special attractiveness of Filipino workers abroad compared to other nationalities, as an argument why Filipino jobs abroad are not likely to be hit as hard as those of migrant workers from other countries.

So where does all this lead us, in terms of outlook for the year? I’d say it remains up in the air, and as I keep saying lately, the best we can do is be prepared for the worst while praying for the best.

Source: Inquirer May 17, 2009