Property developer Megaworld Corp. expects to develop more than five million square meters of residential, office, property and retail space over the next 10 years, replicating its scale of production during the last 25 years.

On its silver anniversary this 2014, Megaworld expects to grow its net income and revenues by a double-digit level, said company executive director Kingson Sian.

If the company were to grow by at least 10 percent this year, this suggests that Megaworld may end the year with a net profit breaching the P10-billion mark. Net profit in 2013 amounted to P9.04 billion, which included P763 million in non-recurring income from the acquisition of a subsidiary with a landbank whose values have increased even prior to development.

Reservation sales this year are seen breaching P70 billion from last years P68 billion.

Since the companys inception, Sian said the company had completed five million square meters of residential, office and retail space in various township projects. About the same amount of projects had been either launched or already under construction to date. What weve done in the last 25 years, well do in the next 10 years, Sian told stockholders.

In line with this, Sian said the company was on track to build up rental assets that would generate an annual recurring income of at least P10 billion by 2017 or 2018. This year, rental income was seen reaching P7 billion compared to about P6 billion last year, he said.

We pretty much add close to a billion (pesos) a year in rental income, Sian said, noting this would come from the development of new assets as well as in the escalation of leasing rates in the existing portfolio.

Megaworld has likewise ruled out tapping the equity market to cover the recently announced P230-billion capital spending for the next five years.

We have already mapped it out in terms of financial plan. Bulk of that P230 billion will go to residential, which is pre-sold so its self-funding. The remaining 35 percent will be funded by the rental revenue that were collecting and the P30 billion cash that were keeping in our balance sheet and potentially some debt. But definitely, (theres) no equity fund-raising, Sian said.

In a report to stockholders, Megaworld chair Andrew Tan said long-term value creation was at the core of his companys business. It is through this strategy that we have differentiated our real estate offerings from the competition and carved out a path toward the companys longevity and sustainability, he told stockholders.

Original post:
Megaworld sees net profit breaching P10B mark

Poole, Dorset (PRWEB UK) 19 June 2014

Nowadays, with online retailing becoming more popular than ever and costs of renting a shop space continuing to soar, business landlords are now under more pressure than ever to persuade retailers to sign new leases.

Introduced by cities across the world such as Tokyo, London, Los Angeles and New York City, the concept of a pop up store allows the retailer to use a temporary space to market their products, gaining recognition and generating a buzz for the company wherever they go.

Another reason that swayed retailers to go with this new solution is the insignificant difference in cost: launching pop-up store costs 80% less than renting out a traditional retail store.

Big brands such as Ebay, Adidas, Kate Spade and Lacoste are just some of the big names that have followed the pop-up shop trend and have taken their creativity one step further.

A great example of a system that can be used by retailers to set up their very own pop-up store is The Prestige System, which is a modular and portable solution that allows clients to re-configure their stand for different retail spaces.

The system is also ideal for all exhibitions, conferences and live marketing events.

Quadrant2Design, the sole UK suppliers of Prestige based in Poole in Dorset, have adapted the system into the World's first bespoke Pop-up Shop System.

The Swiss-designed Prestige Events System is constructed from lightweight, but extremely strong, aluminium pop-up frames which are ideal for easy transportation, as pop-up shops travel around frequently. This structure bestows on Prestige the twin benefits of easy and rapid construction, without any tools or special knowledge.

Graphics magnetise to the erected framework in seconds, rapidly forming stunning, and seamless-effect graphic walling, with the option of integrated, brightly lit product showcases and floating-effect digital screens.

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Introducing the new phenomenon: The Prestige System Pop-up shop

Design Collective Inc.

New renderings of the Blairs development in Silver Spring. The redevelopment consists of about 450,000 square feet for retail and commercial space and 3.4 million square feet for residential living.

First new building expected in 2017

by Aline Barros

Staff Writer

The Blairs Urban Redevelopment in Silver Spring will begin a 20-year transformation late this summer with the demolition of four mid-rise buildings constructed in 1959.

The redevelopment consists of about 450,000 square feet for retail and commercial space and 3.4 million square feet for residential living.

Twenty percent of the area for the project bounded by Colesville Road, East-West Highway, Blair Mill Road and Eastern Avenue is set aside for public space and urban parks.

On June 10, The Tower Companies and the Abramson family presented new renderings and talked about the future of the Blairs community.

We certainly have our own community on our own grounds, but at the same time, we are going to have an open green space, we are going to have dog parks and we will allow the community [non-Blairs residents] to come in and hopefully have community events, said Gary Abramson, a partner at The Tower Companies and son of the original developer, Albert Sonny Abramson.

Link:
$650 million Blairs project heading to first phase of redevelopment -- Gazette.Net

Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Submissions should be sent to dailyjournal@scbiznews.com.

Chad Yonce of Southeastern Management Group represented the tenant, E Cig South, in the lease of 1,027 square feet of retail space at Crowfield Plaza in Ladson from Crowfield Investors. Brandon Underwood of Victory Real Estate Investments represented the landlord.

Ryan Welch of Lee & Associates Charleston represented the buyer, Construction Equipment Solutions LLC, in the sale of a 13,057-square-foot industrial building at 2720 Midland Park Road in North Charleston from First Citizens Bank & Trust Co. Inc. for $280,000. Todd Garrett with Avison Young represented the seller.

Jeremy Willits and Gerry Schauer of Avison Young represented the landlord, First Point Properties LLC, in the lease extension of a 5,114-square-foot office space at 498 Wando Park Blvd. in Mount Pleasant to Weekley Homes L.P.

Thomas G. Buist Jr. of Lee & Associates Charleston represented the landlord, M&C of Charleston LLC, in the lease of a 10,000-square-foot industrial space at 7289 Spa Road in North Charleston to BeavEx Inc. Luke Denny with Fischer & Co. represented the tenant.

Chad Yonce of Southeastern Management Group represented the tenant, Surface Craft Gallery, in the lease of retail space at 49 John St. in Charleston from Patterson Smith Co. The landlord was represented by Patterson Smith.

Edward Robinson with The Beach Co. Beach Commercial represented the tenant, Joan Crosby Ladies Retail, in the lease of 1,500 square feet of retail space at 208 King St., Suite A, in Charleston from Fulton Lane Inn.

Carl Michael Harrison with The Beach Co. Beach Commercial represented the landlord, The Beach Co., in the lease of 3,730 square feet of office space in The Shoppes at Seaside Farms, 1952 Long Grove Drive, Suites 201 and 203, in Mount Pleasant to CMA Properties LLC. David Grubbs Jr. with NAI Avant Charleston LLC represented the tenant.

Gregg Legerton of Avison Young represented the landlord, Tobias LLC, in the lease extension of office space at 1483 Tobias Gadson Blvd. in Charleston to Roper St. Francis Physicians Network.

Vitre Stephens and Todd Garrett of Avison Young represented the landlord, Stanley Miles Properties LLC, in the lease of 1.1 acres of land at 2646 South Live Oak Drive in Moncks Corner to Hawkeye Buildings LLC, dba Premier Portable Buildings.

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Hot Properties for June 16, 2014

Former Springs Health Club demolished to make way for furniture store

3:14pm Tuesday 10th June 2014 in News

A DERELICT former health club has been demolished at Teesside Retail Park to make way for a 4.5m furniture store.

Springs Health Club, which has stood empty and decaying at the entrance to the Stockton shopping park since 2007, has been flattened to make way for a new Barker and Stonehouse store which will also house its head office.

The huge store, the size of a football pitch, will include an in-store cafe, two floors of retail space and a car park for almost 100 cars.

Site manager Dennis McLuckie, of contractors McLuckie Projects, said: "Its great to be on-site and able to get started with the project. Were hoping to begin the construction phase in early July and to be weather-tight by Christmas.

The store is planned to open for early 2015. Barker and Stonehouse was founded in Stockton in 1946 and following expansion it is now a national retailer, with showcase stores in London and across the country.

James Barker, managing director of Barker and Stonehouse, said: This is going to be a spectacular store and will be a great asset to the Teesside Retail Park and wider Teesside area.

"Building work is expected to create work for about 60 to 70 local tradesmen and the shop is expected to employ around 40 full-time staff.

"News that the Springs site will finally be regenerated and replaced with a new Barker and Stonehouse store is really welcome."

Link:
Former Springs Health Club demolished to make way for furniture store

FORT WAYNE Construction on the $98 million Skyline project has officially begun.

Officials from Ash Brokerage, developer Hanning & Bean and numerous city government entities held a groundbreaking Thursday to kick off work for a massive commercial, retail and residential project that will cover most of a city block between Wayne and Berry, Harrison and Webster streets downtown.

Ash Brokerage is planning an eight-story, 95,000-square-foot, $29 million headquarters on the site. The company will move its 200 employees to the new building and add 115 more.

Also in the project is a $30 million, 17-story residential tower of 100 townhomes, apartments and condos by Hanning & Bean Enterprises. Both projects will sit on top of a city-owned 1,200-space parking garage, which will be surrounded by street-level retail.

The Ash Brokerage office tower will be known as Ash Skyline Plaza, while the residential tower will be called Skyline Terrace.

Surrounded by a bulldozer, excavators and a crane armed with a wrecking ball, officials donned hard hats and turned ceremonial shovels of dirt to celebrate the start of construction.

Once again, its a great day in the city of Fort Wayne, Mayor Tom Henry said, beaming. I cant even put into words how much I appreciate all you have done.

Tim Ash, president and CEO of Ash Brokerage, said its hard to believe the project is really happening.

Its not about Ash Brokerage, its about our city. We hope others are inspired to want to do more, Ash said.

Were going to make this community proud.

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Ash project construction is underway

Credit: San Diego State University

Above: Construction of a new mixed-use student housing and retail project on the campus of San Diego State University will begin June 2014.

Things are going to be looking up on the south side of the San Diego State campus as construction is set to begin on a multi-story, mixed-used student housing and retail project.

The $143 million project will be between Hardy Avenue and Montezuma Road. Preliminary work on the site currently home to temporary classrooms begins in June. Major construction will start in September.

The complex eventually will be home to 600 SDSU students and consist of 225,000 square feet of residential and retail space. An additional 122,000 square feet will be used for a 340-space parking structure.

According to a statement from SDSU:

Upon completion, the residence halls will offer double-occupancy student rooms and apartments for residential education staff and visiting scholars. The buildings also will feature student learning spaces, multipurpose rooms, faculty offices, study areas, lounges and a community kitchen. Student amenities in the building will include a mail room, bicycle storage, laundry room and trash chutes.

The retail component of the first phase of South Campus Plaza will include a community market store, restaurants and other retail shops. Negotiations with future tenants are ongoing. Sundt Construction, Inc., is the design-build contractor. The project was designed by architecture firms MVEI and SGPA. Construction is estimated to be complete by fall 2016.

South Campus Plaza will be LEED Silver certified, and will incorporate a number of measures to reduce water use.

Funded by systemwide revenue bonds, no state funds, tuition or fees are being used to pay for construction.

See more here:
South Campus Plaza Construction Begins This Month At SDSU

Schenectady

The Metroplex board approved the second phase of the Lofts at Union Square on Wednesday.

The board approved the $1.3 million investment designed to create 10 loft apartments and 2,370 square feet of ground floor retail space in a new four-story building on lower Union Street in downtown Schenectady.

Construction will begin this summer. The first phase, already completed, included eight town home apartments at Union and Barrett streets.

Developers are Christopher Maddalone and Charles Rosenstein, who are also completing work on 11 new apartments at the former Spencer Business School at 200 State Street.

Financing for the project is being provided by Kinderhook Bank. Metroplex is providing a $90,000 grant toward facade and other construction costs, according to Metroplex officials.

The board also approved a contract with Dan's Hauling of Albany for $138,563 for the demolition of buildings on Eastern Avenue as part of a joint effort by Metroplex and Schenectady's Land Bank to improve the Eastern Avenue corridor. The four buildings to be demolished are at 722, 803, 821 and 870 Eastern Ave.

Original post:
2nd phase of loft project approved

Two real estate projects in the works will bring hundreds of new apartments, retail space and an office tower to Richardson.

Richardson already has North Texas largest development the $1.5 billion CityLine project on Bush Turnpike that is anchored by State Farm Insurances new campus.

Now, other major developments are planned nearby.

Property owners on the east side of North Central Expressway near Campbell Road plan to redevelop an old Richardson office complex into a mixed-use project.

The proposed development would include a new office high-rise plus more than 500 apartments to be constructed on a tract between Greenville Avenue and North Central.

The site now has about 145,000 square feet of aging office space in a handful of low-rise buildings.

Property owners Fobare Commercial and AGF have filed plans with the city of Richardson that show a 15-story office tower and two four-story apartment complexes that would replace the old office space on the east side of U.S. Highway 75.

Hunt Development Co. out of El Paso is our partner, developer Tod Fobare said Wednesday. We hope to start construction in the fourth quarter.

Hunt Development is already an apartment developer in North Texas. It has projects in Frisco and Allen.

The 13-acre Richardson project would be the second phase of the Eastside retail and apartment development that was built in 2007 at the southeast corner of North Central and Campbell.

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Two more mixed-use developments are on the way in Richardson

An ambitious $40 million retail, residential and public park project that has risen from the ground in the historically neglected Brooklyn neighborhood along Riverside Avenue is on track for completion by fall 2014 or early next year, developers said Wednesday.

The timeline for some pieces of the 220 Riverside development have been pushed back slightly because of a few routine construction delays. But Alex Coley, principal with Hallmark Partners, the lead developer, said the project is moving steadily forward and should be fully completed no later than early 2015.

220 Riverside will have 294 apartments, 18,000 feet of retail space, 397 parking spaces and Unity Plaza, a park that will circle and overlook the city pond at the corner of Riverside Avenue and Forest Street.

Pre-leasing has begun on the first batch of 220 Riversides 294 apartments, which will be delivered in September followed by the rest in November or later next year. Developers say interest has been high, thanks in part to a boom in activity along the road that represents the busiest development near downtown Jacksonville.

Were getting a lot of buzz here, said Tri Ball, the developments property manger.

Construction on Unity Plaza, a public park that serves as the spiritual centerpiece of the development, is to begin within 30 days and be complete late this year or early 2015.

In between the retail space on the ground floor and the pond will be the plaza, which will have an amphitheater and grassy area able to accommodate about 2,000 people. Coley hopes to program events more than 300 days each year. In December, the city provided $2.6 million for Unity Plaza construction.

Hallmark is very close to signing tenants for the retail space, he said.

The apartments will rent for $1,040 to $2,000 per month, Ball said. She said progress has been moving fast but would not disclose how many apartments have been pre-leased.

Two other major developments along Riverside Avenue are helping generate interest, Ball said.

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220 Riverside development, Unity Plaza on track for fall, early 2015 opening