Headlines!!!

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US interest rates left unchanged BBC News UK on 08/27/2008 at 9:01 am Uhr

The US Federal Reserve has kept its key interest rate unchanged at 2% as it grapples with the twin dangers of possible recession and high inflation. Explaining their decision, policymakers said economic growth was likely to remain weak for some time while the outlook for inflation was "uncertain". Consumer prices rose at their fastest monthly rate in 11 years in June but oil prices are currently falling. The Fed cut rates aggressively in late 2007, but have frozen them since April. 'Tight credit' The Fed's rate setting committee voted 10 to one to keep rates where they are, with Richard Fisher dissenting in favour of a rate hike. Experts say uncertainty over how severe and prolonged the economic slowdown will be is making the Fed cautious about any shift in policy. The continued slump in the housing market and its impact on consumer confidence has made any imminent rate rise unlikely despite signs of increasing inflationary pressures.

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Investors see Manhattan as a safe haven By Matthew Wells BBC News, New York on 08/15/2008 at 1:27 am Uhr

If you are a European investor worried about the security of your money at home, why not look for a bargain in Manhattan? In this era of bank-scares and crunching credit, that is exactly what hundreds of visitors are doing each week, fuelled by the historically weak dollar. Although house prices have risen sharply in the Big Apple in recent years, the strength of the Euro and the British pound, mean that a new two-bedroom flat costs significantly less than in London or Dublin. And while most of America's housing market is mired in the sub-prime mortgage crisis, New York has shown no sign of vulnerability - yet. Making money I wandered around a smart new condominium building on Manhattan's West End Avenue with real estate broker Anne Marie Moriarty, of the city's biggest agency, Corcoran. She specialises in selling to Irish clients, and has been a frequent visitor to Dublin and Belfast for several years now. As we looked around one just-completed apartment, with floor-to-ceiling views over the Hudson River, she told me that seven Irish investors had already bought in the development, with the prospect of more to come. "Many of my clients are really fearless - they believe in buying in property and knowing that they are always going to make money in New York City, they will buy multiple apartments at one time," she said. As we walked along the corridor, we bumped into engineer John Brooks and his wife, who were apartment hunting, with up to $1m (£500,000) to spend. A few years ago, it would have been unthinkable to buy in Manhattan, said the Englishman Place to be Not only are Europeans snapping up high value apartments, but their investing power is also shaping the direction of residential development. Richard Lebow is the sales and marketing director for a luxury high-rise on the Upper East Side. Already, 40% of the family apartments have been sold, though construction has only just begun. Each family-sized apartment costs in excess of $3m, and Europeans are showing a great deal of interest. "Everything's exceeded our expectation," he said. "New York City is a great place to be right now, and people want to own a piece of it. "Although they are benefiting from the exchange rate, they are also parking their money in a quality investment." Without local buyers doing their bit to boost property values, and with a series of layoffs on Wall Street possibly beckoning, the whole New York market could look very different in a year's time. For the time being at least, the Manhattan market, with its low exposure to sub-prime lending and robust local economy, is a safe bet, and with the dollar continuing its weak trend, there's no sign of the euro invasion abating anytime soon.

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BCDA may grant 10-year contract to winning SCTEX’s O&M bidder BERNIE CAHILES-MAGKILAT Manila Bulletin on 08/15/2008 at 1:17 am Uhr

The state-owned Bases Conversion and Development Authority (BCDA) may grant at least 10-year contract to the winning operation and maintenance service provider for the country’s longest toll road – the Subic-Clark-Tarlac Expressway (SCTEX). In a statement, the BCDA said it is now finalizing the terms of reference for the operation and maintenance (O&M) contract, which is scheduled for bidding before the end of the year. It is looking at a contract period of at least 10 years. It could be recalled that BCDA attempted twice last year to bid out the contract but failed. The failed bidding has paved the way for BCDA to go for a negotiated contract as allowed under the government procurement law. This resulted in the hiring of the First Philippine Holdings Corporation, Egis Road Operation and Tollways Management Corporation as interim service provider to operate the SCTEX for a period of six months renewable for another six months. The entire 94-km SCTEX is now open for commercial operations. The Subic-Clark segment was opened last April 28 this year followed by the opening of the Clark-Tarlac segment last July 25. With the opening of the entire SCTEX, motorists from Manila can now travel straight to Subic Bay via a seamless connection from the NLEX and the Subic Freeport Expressway in Tipo. Likewise, motorists can also exit at SCTEX interchanges in Dinalupihan, Bataan; Mabalalcat, Pampanga; and the municipalities of Concepcion, San Miguel, and Tarlac City in Tarlac. It would only take 40-minute travel from the SCTEX Clark Logistics Toll Plaza from NLEX exit and 25 minutes to Tarlac City. Travel time for the entire 94-km stretch from Tipo to Tarlac City or vice versa has been reduced to one hour from two hours

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A Perfect Lounge Experience Philippine Daily Inquirer (Property) on 08/14/2008 at 3:48 pm Uhr

A perfect hotel lounge experience was re-created at the Alta Vista de Boracay Manila Sales Pavilion in Taguig City for the special event which was held recently to introduce Brycl Resorts International, the newly-appointed hotel management operator of the biggest condominium-hotel development in Boracay Island by DMCI Homes. DMCI executives and special guests mixed and mingled with interested buyers and enthusiastic sellers at the special event where they enjoyed delectable cocktails and scrumptious pastries. The selection of cheeses went well with the Australian red and white wine, which flowed freely into the evening. The guests were entertained to the cool and soothing music of Pure Sound band, which dished out all-time favorites as well as jazz and contemporary pop songs. The venue's understated décor of white Japanese lanterns, white drapes, and tropical blooms in shallow vases underscored the overall mood of intimacy and relaxation. BRYCL Resorts representatives were on hand to entertain clients' queries on the leaseback program It was the perfect setting for the introduction of Alta Vista de Boracay's hotel operator and management firm, Brycl Resorts International. Created in 2000 and led by Chairman and CEO Glenn S. Nakamura, Brycl Resorts understands the nuances of hotel operations, condominium hotels, and serviced apartments with their extensive experience in managing hotels and resorts in the Philippines and Hawaii. As a working partner, it seeks to provide a synergistic and common sense approach to condominium hotel and property management. With five hundred forty well-appointed suites, Alta Vista de Boracay is envisioned to become the premier condotel on Boracay Island within the next five years, increasing revenue shares of all stakeholders by becoming known for total value based on unique price and memorable customer service. Alta Vista de Boracay is positioned to be a standard "AA" hotel providing attractive value-for-money packages with a reputation of offering competitive incentive programs to its business partners and generating revenue sharing returns. The soft-opening of Alta Vista de Boracay is scheduled in December 2007 with two buildings (Jade and Keira), the main pavilion housing the front office, spa, and recreational areas. The three-storey buildings offer a choice of hilltop or sea-view rooms, all with balconies and a kitchenette inside the rooms. Single-loaded corridors provide privacy, while security is ensured. Unit owners are assured of a place to stay in Boracay anytime of the year. And for those enrolled under the leaseback program, unit owners have the option of using their free room accommodations during peak seasons for two times within the contract period. With the option to enroll their unit in the leaseback program, they are also able to earn from their investment during those times when they are away. They can expect to receive regular rental revenues as their unit earns for them. They don't have to worry about maintenance, housekeeping and other problems such as repairs since the Brycl Resorts Int'l. hotel management team will be attending to these for them. The hotel services include a 24 hours concierge on call 365 days of the year. Organized activities can be arranged or guests can simply enjoy themselves at the infinity pool and pool bar, restaurants and function room, karaoke and video game rooms or billiards and lounge areas. They can call for room service, or be pampered at the spa. There is also a recreation space for children, BBQ area, as well as landscaped gardens and pathways for walking. David Consunji with his family together with DMCI Homes executives There is easy access to the private Puka beach as well as a world-class golf course nearby. The hotel's complimentary shuttle service can bring guests down to Boracay's world famous White Beach where they can go for a swim, rent a banca and go island hopping, kite boarding, windsurfing, rowing, snorkeling or ride a paraw. Or for those who'd rather stay dry, they can choose to go hiking, mountain biking, horseback riding or, go shopping at D'Mall or eat in any one of the many specialty restaurants that line the beach. There's never a dull moment in Boracay. Alta Vista de Boracay is DMCI Homes' first venture into the leisure-residential segment. DMCI is the country's first triple-A builder-developer. Backed by 50 years of experience in building prominent landmarks in the country such as the Cultural Center of the Philippines, Makati Shangri-la Hotel, Rockwell Center, and other important projects, DMCI Homes now applies the same expertise to provide premium quality, fully-serviced communities to Filipino families. For inquiries, please call 888-3333 or visit http://www.dmcihomes.com// today. ###

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