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Zalora PHL targeting 50% annual sales growth

By Arra B. Francia, Senior Reporter

ONLINE fashion retailer Zalora Philippines (ZPH) is projecting a 50% annual growth in sales for the next five years as it sees more Filipinos shifting to online shopping.

“We will end the year with more than 50% growth year on year, and we expect that trajectory to continue,” Zalora Group Chief Executive Officer Gunjan Soni told BusinessWorld on the sidelines of a company event last week, referring to the group’s operations in the Philippines.

Aside from the Philippines, Zalora also has operations in Singapore, Malaysia, Thailand, Vietnam, Taiwan, and Hong Kong.

ZPH President and Chief Executive Officer Paolo L. Campos III expressed confidence the growth will continue for the next five years, given Filipinos’ increasing preference for online shopping.

“We actually see that trend continuing in terms of very high double-digit growth for at least the next five years. We don’t see growth tapering, we see it sustaining at the very high double-digit level,” Mr. Campos said in a separate interview.

The ZPH top executive added that sales events, such as the 11/11 shopping event in November and 12/12 sale in December, helped boost volumes by five to 10 times compared to a normal day.

E-commerce adoption is also seen to accelerate. Ms. Soni said that e-commerce adoption in the Philippines is currently at two percent, much lower compared to the United States which is already at 25%.

“We think that the Philippines is going to get there in a far more accelerated way because already the Philippines is number one when it comes to time spent on social media,” she said.

On the other hand, the group is also looking to introduce what it calls a country-agnostic shipping strategy, which will allow customers to choose products from both local and international players.

“One of the propositions we expect to be able to bring is that we will be able to allow them (retailers) to enlist with us, it will not just be listed for the Philippines but listed for all markets. This will allow them to market there, and we will support that growth and expansion,” Ms. Soni explained.

This strategy will also promote new talent and designers in the platform, as they will be able to export their creations to other countries as well.

ZPH recently broke ground for its newest fulfillment center on a 3.7-hectare property in Muntinlupa City. The facility will have 40,000 square meters of racking space and a 7.2-million item storage capacity, on top of 5,000 sq.m of office space for its customer service and e-production teams.

NEX Tower bags ULI Asia Pacific Award for Excellence

NEX TOWER recently received the Asia Pacific Award for Excellence from the Urban Land Institute (ULI), the only project in the Philippines to receive such an honor.

Besting over 50 projects from the region’s leading developers, the 28-storey structure was developed by the Nova Group.

The ULI Award for Excellence is widely regarded as the property industry’s most prestigious awards program, recognizing projects that showcase best land use practice across Asia Pacific.

According to Ricardo C. Cuerva, managing director of Nova Group, NEX Tower, which has over 38,400 square meters (sq.m.) of premium grade A office space, is envisioned to be a model of urban regeneration.

“We envisioned to build a state-of-the-art office tower using the highest standards in design, performance, and sustainability… We hope that with NEX Tower, we can inspire others to build innovative structures that are well-attuned to today’s and tomorrow’s needs and improve the quality of life in the city,” Mr. Cuerva said during a recent press conference.

Designed by the acclaimed international architectural and engineering firm Skidmore, Owings & Merrill (SOM), NEX Tower integrates form and function and meets international standards.

Standing boldly along Ayala Avenue, Makati City with its “striking crystalline form,” NEX Tower has a very distinct shape that allows for diagonal fins that reduce solar flare and heat in the building.

The building’s green spaces show its biophilic design, aimed at creating an environment wherein the health and wellness of tenants are addressed.

“(Tenants) like that there is always green spaces inside the building, which is kind of unique,” Mr. Cuerva said.

NEX Tower has also received confirmation of its Leadership in Energy and Environmental Design (LEED) Platinum Certification by the US Green Building Council. This certification is the highest rating for environmentally responsible and sustainable design, and efficient resources management granted by the said organization.

With leasable space of 34,500 sq.m. and an occupancy rate of 72% to date, NEX Tower currently houses the headquarters of an insurance company, an auction house, and several multinationals.

From its beginnings in the 1980’s developing small- and medium-scale projects, Nova Group has made its presence around the bustling areas of Metro Manila. Co-developing with Century Properties Group, Inc., Nova Group is behind projects such as Essensa, Century City, Gramercy Residences, Azure Urban Residences, Commonwealth by Century, and Acqua Private Residences. NEX Tower is Nova Group’s first foray into the premium commercial market. — Adrian Paul B. Conoza

ICTSI inks P10-B deal for Brazil’s Libra Rio

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) has completed a P10-billion deal to acquire a Brazil-based firm, which holds the concession to operate a container terminal in the Port of Rio de Janeiro.

In a disclosure to the stock exchange Monday, the Razon-led port operator said its wholly owned subsidiary ICTSI Americas B.V. inked last Friday the share purchase agreement with Boreal Empreendimentos e Participacoes S.A. (Boreal) to acquire 100% of Libra Terminal Rio S.A. (Libra Rio).

Under the deal, ICTSI will acquire 272,058,824 shares of Libra Rio, priced at 2.72 Brazilian Reais (about P37.09) per share or a total of 740 million Brazilian Reais (around P10.1 billion).

“The amount of the consideration was negotiated and determined on a ‘cash-free, debt-free’ basis through a discounted cash flow method… The purchase price will be entirely paid in cash on closing,” it said.

Libra Rio holds the concession to operate, manage and develop Terminal de Conteineres 1 (T1Rio) in Rio de Janeiro, Brazil. Boreal is a wholly owned subsidiary of the Libra Group, under which is Libra Rio.

“The Share Purchase Agreement…was executed after a public auction of Libra Rio, held on 17 July 2019 and won by ICTSI, required as part of Libra Group’s Judicial Reorganization process led by the 2nd Special Lower Court for Business Restructuring and Insolvency in Sao Paulo, Brazil,” the company said.

“Under Brazilian bankruptcy law, ICTSI (acquired) Libra Rio as an isolated operation unit, free and clear of any liabilities or contingencies of any other entities of Libra Group,” it added.

With the acquisition, ICTSI is set to continue the concession of Libra Rio over T1Rio, which will expire on 2048.

“Transfer of the facilities to ICTSI management is expected to take place late 2019, once all conditions precedent and all required regulatory approvals have been obtained,” the listed firm said.

Once ICTSI completes the takeover of T1Rio, it will be the second terminal the Razon-led firm will operate in Brazil, the other being Suape Container Terminal at the Port of Suape.

Its footprint in Latin America also covers operations in terminals at the Port of Guayaquil in Ecuador, Port of La Plata in Buenos Aires, Argentina; Port of Manzanillo and Port of Tuxpan in Mexico; Port of Buenaventura in Colombia and Puerto Cortes in Honduras.

ICTSI booked an attributable net income of $72.4 million in the first quarter, up 77% on the back of higher operating income and lower financing charges during the period.

It is allocating $380 million for capital expenditures in 2019 to fund its acquisition of new equipment, maintenance work and expansion in Manila, Mexico and Iraq. — Denise A. Valdez

Soon, you can buy a property using tokens

START-UP real estate company C Estates Inc. is set to launch an online platform which would allow investors to purchase part of or an entire property through a platform using tokens.

Elixes F. Becislao, chief operating officer of C Estates, said the platform will allow anyone to buy and sell properties in an instant just like in a stock market. The platform is targeted to be launched by November.

“Everyone now can participate in real estate, regardless if you are a buyer or a seller, you’re a developer because this is an open platform… There will be a technology now, a marketplace wherein these parties will meet and these parties will satisfy each and everyone’s need,” he said during the media briefing in Makati City on July 15.

Founded in 2018, C Estates, Inc. developed the Tokenized Real Estate Platform, which would make real estate transactions easy and accessible for anyone.

C Estates CEO Teru Sumida conceptualized the platform, which was previously owned by Capitarise Corp., a property management and consulting company.

Tokenization is the process of protecting sensitive data by replacing it with an algorithm called token. The platform will serve as a place where people can “trade” fractions of a property, providing liquidity to property owners. This platform also incorporates blockchain technology.

“With blockchain technology, we can actually help the government itself to produce a more transparent, more secure and more efficient way of doing recordings of property documentation… it can prevent human errors, it can also make the documentation be tamper-proof,” Mr. Becislao said.

This will also lessen friction costs incurred during the traditional way of purchasing properties to 2%. A user could just sign up, be verified, and have a minimum of $100 in his account. Payments can made using credit cards, cryptocurrency and the like.

“There will be bidding… until you get the match… so regardless if physically your property is priced at say P10 million, but someone in the platform is offering you P8 million, and then somehow you agreed… That’s the true market value… (These bids) it’s not speculative because we’re talking about property, so it’s the real value itself,” he explained.

Properties to be sold in the platform are those under the Condominium Certificate of Title (CCT). The company is currently targeting foreigners, specifically Chinese, Japanese, and Korean, who are keen on buying property in the Philippines.

Mr. Becislao also noted that the company has partnered with several developers and brokers, but declined to identify them.

The company is also targeting to cater to Transfer Certificate of Title (TCT) which are properties that can only be owned by Filipino nationals, but this may take time as there are no government regulations on this yet. — Vincent Mariel P. Galang

Avengers: Endgame to beat Avatar at box office

SAN DIEGO — Marvel Studios superhero movie Avengers: Endgame will claim the top of the global box office charts by Sunday, distributor Walt Disney Co. said.

Endgame ticket sales will overtake the $2.789 billion collected worldwide by James Cameron’s 2009 science-fiction epic Avatar, Disney said in a statement released on Saturday as it presented a new slate of films to fans at San Diego Comic-Con.

Endgame, released in theaters in April, is the culmination of a story told in 22 Marvel films that have drawn crowds to cinemas for a decade.

The movie stars Robert Downey Jr., Chris Hemsworth, Scarlett Johansson and others as a group of superheroes battling the villain Thanos, played by Josh Brolin.

Marvel Studios President Kevin Feige told fans at Comic-Con that Endgame was poised to reach the box office milestone. He also said Endgame probably would eventually lose the title to Cameron’s next film.

Cameron is scheduled to release four Avatar sequels starting in December 2021. Disney this year acquired the Avatar franchise with its purchase of film and TV assets from Rupert Murdoch’s 21st Century Fox. — Reuters

Angelina Jolie in Eternals, Mahershala Ali in Blade highlight Marvel’s star-studded slate of movies

SAN DIEGO — Walt Disney Co.’s Marvel Studios on Saturday unveiled a star-packed slate of superhero films for the next two years that includes Angelina Jolie in The Eternals, Mahershala Ali in a remake of Blade, and Natalie Portman as a female Thor.

The announcements at San Diego Comic-Con charts Marvel’s course following mega-blockbuster Avengers: Endgame, which Disney said was set to top 2009 film Avatar by Sunday as the highest-grossing movie of all time.

Ms. Jolie appeared on stage in front of 6,500 cheering fans, along with other Eternals cast members including Richard Madden, Kumail Nanjiani, and Salma Hayek. The story about a group of immortal aliens will debut in November 2020.

“I’m going to work 10 times harder,” Ms. Jolie said when asked how she would approach her role of Thena. “We all know what the task is ahead, and we know what you deserve, and so we are all going to be working very hard.

“So I am in training and thrilled,” she added.

Disney also revealed it will release Thor: Love and Thunder, the fourth Thor movie, in November 2021. Ms. Portman, who starred in earlier films as the girlfriend to Chris Hemsworth’s Thor, will take up the superhero’s hammer as a female goddess of thunder.

“It feels pretty good,” Ms. Portman said on stage. “I’ve always had a little hammer envy.”

Mr. Ali, who recently won Oscars for Moonlight and Green Book, surprised the audience by walking on stage and putting on a baseball hat with the logo for Blade, a character played on film in 1998 by Wesley Snipes. No details were given but the crowed erupted in applause.

The films will be part of Phase 4 of the Marvel Cinematic Universe (MCU) that started with 2008’s Iron Man and has generated more than $22 billion at box offices worldwide.

Other coming movies include Doctor Strange in the Multiverse of Madness, which director Scott Derrickson described as “the first scary MCU movie,” and Shang-Chi and The Legend of the Ten Rings starring Chinese actor Tony Leung, Awkwafina, and newcomer Simu Liu, who said he was just cast in the lead role on Tuesday.

Scarlett Johansson introduced an action-heavy trailer for Black Widow. In an interview, the actress said having a stand-alone film for the Avengers character was “mind-blowing.”

“I hope it adds a gritty kind of groundedness, that’s like a good punch in the gut, and a literal punch in the gut too,” she said. “We all get the crap beaten out of us!”

Marvel Studios President Kevin Feige confirmed a forthcoming Fantastic Four film and sequels to Black Panther and Captain America.

Mr. Feige also previewed Marvel series being made for the Disney+ streaming TV service that will debut in November. They include Loki, Hawkeye, and animated What If.

The stories told on Disney+ will weave into Marvel’s movie, Mr. Feige said. For example, Elizabeth Olsen’s Wanda will star in the WandaVision series and in the new Doctor Strange film.

“The same teams that work on the movies are going to be working on these mega-event limited series,” Feige said in an interview. “They are completely intertwined.” — Reuters

Uniqlo maker sorry for remarks on Korea boycott

JAPAN’S largest clothing maker Fast Retailing Co. issued an apology on its Korean website for remarks that angered Korean customers amid the trade spat between Japan and South Korea.

At its earnings press conference on July 11, the Uniqlo owner’s CFO Takeshi Okazaki said he “thinks” that the impact of a boycott of Japanese goods wouldn’t last long.

In its statement, Fast Retailing clarified that the remarks were intended to mean that the company “hoped” the impact wouldn’t be long-lasting, and apologized for upsetting Korean customers.

The remarks were “insufficient,” it said, and unintentionally conveyed the impression that the company expected the boycott movement wouldn’t last long. It also posted the remarks on its Japanese website.

Credit-card purchases at Uniqlo stores in South Korea dropped 26% recently, according to an analysis by a credit card company cited by the JoongAng Ilbo newspaper. — Bloomberg

New DMCI Homes condo to rise in Quezon City

DMCI Project Developers, Inc. continued to expand its portfolio of residential projects with the launch of Cameron Residences in Quezon City.

The Consunji-led property developer is anticipating a surge in demand for residential spaces in Quezon City, where several government infrastructure projects are underway.

“Quezon City more than ever is shaping up to be a real estate hotspot with the government’s aggressive infrastructure push in the area. We hope to help address the increasing demand by launching more projects in the city in the coming months,” DMCI Homes Assistant Vice-President for Project Development Dennis Yap was quoted as saying in a statement.

The Cameron Residences is a 45-level residential tower located along Mapalad Street and Roosevelt Avenue.

The project is a few minutes away from the Skyway extension project, which is expected to cut travel time from Quezon City to Makati to just 30 minutes.

It is also seen to benefit from the Metro Manila Subway Project, which will have seven stations in Quezon City namely Mindanao Avenue, Tandang Sora, North Avenue, Quezon Avenue, East Avenue, Anonas, and Katipunan.

The Metro Rail Transit Line 7 system, which runs from San Jose del Monte, Bulacan to North Avenue, is also seen to provide convenient public transportation in the area.

“We will aim to maximize the property’s excellent proximity to future infrastructure projects to create a working resident’s haven in Northern Metro Manila,” Mr. Yap said.

Cameron Residences’ outdoor amenities include a garden area, lap and leisure pools, kiddie pool, kids’ play area, and gazebo.

Indoor amenities such as snack bars, game area, lounge area, fitness gym, and a sky lounge are also available.

The tower will have eight high-speed elevators, laundry station, convenience store, water refilling station, and mailroom.

Cameron Residences offers units with one to three bedrooms, with sizes ranging from 26 to 83 square meters (sq.m.). Unit prices are pegged between P3.94 million to P9.74 million.

The residential project is targeted for completion by March 2025.

DMCI Homes is the country’s first Quadruple A real estate developer.

WeWork opens 2nd PHL location

WEWORK recently opened its second location in the Philippines in RCBC Plaza along Ayala Avenue in Makati City.

“Following the success of our first WeWork space in Bonifacio Global City, our Makati CBD location is testament to our commitment to supporting local companies to be able to tap onto our global network,” Turochas “T” Fuad, managing director of WeWork Southeast Asia, said in a statement.

“Through culture, design, collaboration, and technology, we are committed to promoting growth and innovation that will enable local enterprises, freelancers, start-ups, and MSMEs to collaborate locally, regionally and globally,” he added.

In Southeast Asia, WeWork is present in Singapore, Indonesia (Jakarta), Vietnam (Ho Chi Minh City), Malaysia (Kuala Lumpur) and Thailand (Bangkok).

WeWork RCBC Plaza features common areas, phone booths, community bars, and breakout areas.

Members include Monster.com, Ninja Van, social advertising solutions provider Strike Social, fintech start-up Bukas and Villgro Philippines.

Makati council clears subway deal with Philippine Infradev

PHILIPPINE Infradev Holdings, Inc. expects to sign the joint venture agreement (JVA) with the Makati City government for the subway project on July 29.

In a disclosure to the stock exchange on Monday, the listed company said the Makati City Council has approved an ordinance which cleared the terms and conditions for the agreement.

“Execution of the JVA is scheduled on 29 July 2019 at 10:00 am at the 21st floor of the Makati City Hall, subject to compliance by the company of certain conditions such as performance security, list and role of final members of the Private Proponent’s consortium that shall undertake the project, company registration documents, and copies of the resolutions adopted by the Board of Directors,” Philippine Infradev said.

Philippine Infradev leads the consortium which is undertaking the $3.7-billion Makati City Subway Project. The consortium also includes Chinese firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd.

The 10-kilometer intracity railway system will have eight stations, and scheduled to be completed by 2025.

The proposed alignment would begin at Ayala Avenue, and ending near Ospital ng Makati. Travel time would be around 15 minutes from the two points. This will cater to about 700,000 passengers a day. — Vincent Mariel P. Galang

Martin sticks to Solaire

SINGER Martin Nievera is continuing as Solaire Resort and Casino’s celebrity endorser for two more years after a “great last two years” according to a property executive.

“What we’re planning to do this year is spending a little bit more time with some of our VIP guests. That seems to be the most fun [event]… we had some great feedback from the guests,” Cyrus Sherafat, executive vice-president for casino marketing at Solaire, told the media during a press conference on July 17.

Mr. Nievera, dubbed as the country’s “Concert King,” has been in the music industry for over 35 years. He first signed off as the integrated casino resort’s endorser in the latter half of 2017 and hosted eight VIP dinners since that time.

“[The VIP clients] love spending time with him,” Mr. Sherafat said.

Mr. Nievera also said that he loves doing those dinners and was surprised that many of the property’s VIPs were Filipinos.

“I sing when they want me to sing. Just hand me the mic. And they love hearing gossip about other artists [and those are] the best conversations we had,” Mr. Nievera said.

“You’ll be surprised how much they love to gossip, I only hope that I have all the answers. What’s fun [about] these VIP dinners’ is being able to share their concerns and some of them even have critiques that I throw [the management’s] way.

Two years ago, Mr. Sherafat said they wanted Mr. Nievera as their endorser because “he’s a very funny guy and he likes to entertain people and engage with guests.”

Looking back to when he started endorsing Solaire, Mr. Nievera admitted that at first, he had reservations about having his name being attached to a casino-resort.

“I don’t gamble, drink or smoke… [but] what I love is being part of the history of Solaire [that] people from all over the world come here and this place is built on dreams,” he explained.

During his first two years in Solaire, Mr. Nievera added his own burger recipe to the property’s menu and has a Baccarat table with his face on it.

Now, he said that he wants to take a shot at being a wedding singer in Solaire.

“Outside of Solaire, I do a lot of weddings and I want to be the wedding singer of Solaire, either as a surprise performance or as part of the deal,” he said.

He is also thinking about writing songs for Solaire so the property has its own soundtrack for any and all events. He previously wrote, “Follow the Sun” together with the CompanY’s Moy Ortiz which is Solaire’s current theme song. — ZBC

TLDC named Best Boutique Developer

TORRE LORENZO Development Corp. (TLDC) took home four awards at the PropertyGuru Philippines Property Awards, including Best Boutique Developer.

The company’s Dusit Thani Residence Davao was named Best Condo in the Philippines and Best High-End Condo in Davao, while dusitD2 Davao Hotel received the award for Best Hotel Interior Design.

“It is an honor to be part of this prestigious event and receive these recognitions in our pursuit to become a world-class real estate developer as we widen our reach and continue to understand the needs of the communities we serve to upgrade their living experience,” TLDC Chief Executive Officer Tomas P. Lorenzo said in a statement.

TLDC partnered with Thai hospitality company, Dusit International, to establish the Dusit Thani Residence Davao and dusitD2 Hotel, the first five-star luxury complex in Davao.

As a main category winner for Best Condo in the Philippines, TLDC also qualifies to compete at the Asia Property Awards Grand Final ceremony in Bangkok in November.

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