Region 10 has become the largest economy in Mindanao contributing about 28 percent to the annual gross domestic product of the island.


READ MORE HERE.

The rendering of the 10-storey Tune Hotel is finally out. The hotel will rise soon along CM Recto Avenue at the former fuel refilling station beside the old Coca-Cola Bottling Plant.

Per info, it will have 162 rooms with a gross floor area of 4,452 sq.m. with a 275 sq.m. retail component at the ground floor. As shown below, target opening will be in October 2012.

The entry of Tune Hotel is the second foreign-owned hotel investment in Cagayan de Oro, the first being the Korean-owned Hotel Koresco.

Cebu-based Ocean Fast Ferries, Inc. or OceanJet is now serving the direct Cagayan de Oro-Camiguin route and vice-versa.

READ MORE HERE.

Sterling Bank of Asia, a savings bank established in March 2007 by successful businessmen and entrepreneurs, and Philippine Rural Banking Corp. (PR Bank), an Isabela-based bank has opened their respective branches in Cagayan de Oro City.

Sterling Bank of Asia inaugurated their branch yesterday located at the ground floor of VIP Hotel at the corner of Don Apolinar Velez and JR Borja Streets while PR Bank opened their branch located at the ground floor of Royale Business Club Building at the corner of T. Chavez and Velez Street.

Sterling Bank of Asia is principally owned by the JTKC Group of Companies, Surewell Equities, and Star Equities. JTKC Group of Companies and Star Equities are involved in a wide range of industries, ranging from logistics to finance, real estate, manufacturing, hotel and resort properties. Some of these companies include I-Remit Inc., TKC Steel Corp., Discovery Leisure Company (Discovery Suites, Discovery Country Suites-Tagaytay and Discovery Shores-Boracay), The Mansion Group (Amorsolo Mansion, Gilarmi Apartments, Mabini Mansion, Boulevard Mansion), JTKC Land, Discovery Primea, and Kent Vinyl Tiles. Surewell Equities, on the other hand, is a holding company engaged in various interests, among which are, Confed Properties, Inc., I-Remit Inc., Flexi-Woods, Inc., Banwood Construction Center and Six Alps Corp.

On the other hand, PR Bank began in the 1977 in the small town of Naguilian, Isabela. Small and struggling, yet committed, determined, aggressive and hardworking, the rural bank has grown to be the biggest rural bank in Region 2 and one of the largest in the Philippines. The rural bank transformed from a single branch to a 22-branch operation (and still counting), and reaping honors and commendations that are of national prestige and prominence, and metamorphosing from a very traditional banking to electronic banking.

The two banks are just the latest of many new financial institutions which have opened in Cagayan de Oro City, just a proof of their trust and confidence in doing their business in this part of country.

The Philippine Ports Authority is set to modernize the Cagayan de Oro Port at Macabalan after the City Council recently endorsed the Port Manager Advisory Council (PMAC) request for a resolution for the construction of a P500-million modern roll-on roll-off (Ro-Ro) facility at the said port.

Accordingly, the Ro-Ro facilities will be constructed at berths 1-5 near the passenger terminal complex and will be committed to Manila, Cebu, Bohol and Bacolod destinations. Construction of the pre-departure area at the passenger terminal building will also start in late 2011.

Among the proposals are elevated boarding bridges to berths 4 and 5 and along the quay of berths 1-3 for the convenience, safety and security of disembarking or embarking passengers

With the modern facility, passengers will have to use the elevated bridges.

For the record, Cagayan de Oro Port has thirteen (13) common uses berthing spaces, having a total length of about 1,152 meters.

• Berths 1-2 are utilized for 100m foreign cargo vessels.
• Berths 3-5 are utilized for Cebu-run passenger vessels at Mediterranean docking.
• Berths 6-9 are utilized for Manila-run passenger/cargo vessels.
• Berths 10-11 are utilized for domestic and foreign container vessels.
• Berths 12-13 are utilized for deep draft foreign vessels.

It also has a 15,400-sq.m. Passenger Terminal Complex. But with the proposal, expect a new system in embarking and disembarking passengers at the port.

KITROL Holdings Inc. recently held the groundbreaking of its P200-million worth fuel storage facility inside the Phividec Industrial Authority area in Baluarte, Tagoloan, Misamis Oriental.

The facility will include state-of-the art receiving lines for heavy fuel oil (HFO) and light fuel oil (LFO), loading gantry, warehouse, office, genset room, cargo berth, water/oil separator, fire pump and product pump to cater to the logical needs of small to medium size independent petroleum marketers.

Accordingly, the project which will be situated within a six hectare area, will be the biggest facility in Northern Mindanao.

The project will initially operate with a capacity of 20 million liters to be distributed in five storage tanks that will be for lease to prospective clients. The project will primarily supply the fuel requirements of industries within the Phividec area and the whole of Mindanao.

The complex is said to be environmentally-compliant with all the necessary safety and security ancillaries, which will give employment to local residents during its construction and eventual operation.

The project is targeted to be finished by the third quarter of this year.

by Nicole J. Managbanag of SSC

Whether this city’s name comes from the Malayo-Polynesian word ag (water) or from the ancient local word karayan (river), locals takes pride in having Cagayan de Oro River or as some would describe it, river of gold. And indeed, even centuries after early gold mining activities in the area by Spanish explorers, the river continues to provide livelihood to the communities where it flows.

Whitewater rafting, for instance, started here as a hobby for a group of outdoor sports enthusiasts. This pastime for adventure seekers now directly employs hundreds and provides income indirectly to probably a thousand more. Among the pioneers in this hobby-turned-business enterprise is Rupert M. Domingo of the Cagayan de Oro Whitewater Rafting Adventure that initially organized group trips to popularize this activity.

Consequently, it grew into a thriving business attracting other entrepreneurs before being aggressively promoted by the government’s Tourism department. Having the distinction of being the pioneer rafting outfitter in the city, the Cagayan de Oro Whitewater Rafting Adventure, now known as Rafting Adventure Philippines (RAP), targeted a bigger market. Its leaders, who eventually became investors, painstakingly surveyed the river and perfected the taming of the wild rapids in the river’s head waters.

RAP started with only a couple of rafts and one guide. Today, it rents out 22 rafts with 30 guides and paddlers. It holds certifications from the International Rafting Federation for safety and river handling techniques as well as from the Philippine National Red Cross on the application of first-aid and cardiopulmonary resuscitation.

Business was good for years until two years ago when rogue Moro rebel units attacked civilian communities in nearby Lanao del Norte, less than two hours away from this city. Tourists arriving in Northern Mindanao dropped significantly and with it, the number of whitewater rafting guests even as new outfitters opened businesses in the city. “I don’t worry too much because we already have a name in the rafting industry,” Mr. Domingo said. “We are not new to this situation anymore.”

The industry has been recovering since last year, although actual figures in number of guests as well as revenues were unavailable. Unaffected by the drought that caused problems on the island’s power supply and agriculture in the first six months of the year, the whitewater rafting industry did well with its peak season running from December to May. Another entrepreneur from a relatively newer whitewater rafting firm said that even as the rapids may not be as strong as the normal runs during the dry spell, the river never really slacks.

“Our well-trained guides know how to maneuver the rafts so that even if there are few rapids, they make sure they’ll hit the big and exciting drops,” said Roldan Kaamiño, owner of Kagay Whitewater Rafting. “Guests would get bored without those exciting plunges,” he said.

Kagay, like the bigger groups into this business, also actively takes part in the protection of the river even as some of its river guides used to be into illegal logging. Part of its briefing before trips is an orientation on the rivers in Lanao provinces and in Bukidnon that all connect to the Cagayan de Oro River.

“We document illegal cutting of trees if we chance on these and send reports to the DENR [Department of Environment and Natural Resources] and the local media,” said Mr. Kaamiño.

The age-old adage that “water is life” has gone beyond its traditional meaning in this city notwithstanding previous experiences where flash floods destroyed houses built along the banks of Cagayan de Oro river.

With six rafting outfitters registered with the City Tourism Office, whitewater rafting is a source of income for many families. SEE RELATED POST

article by Louise G. Dumas of Business World

WRAPPED around the hill with an expansive view of the Cagayan de Oro City and Macajalar Bay, the clubhouse is a complex composed of pavilions linked by walkways.

Designed with the intent of reflecting the architectural theme of the village which is termed “Organic tropical”, the clubhouse structure started with the inspiration from the designs of American architect Frank Lloyd Wright. With the swimming pool, the sports facilities, and the landscaping, it aimed to relate organically to its natural setting.

Organic architecture is defined as a philosophy of architecture which promotes harmony between human habitation and the natural world through design approaches so sympathetic and well integrated with its site that buildings, furnishings, and surroundings become part of a unified, interrelated composition.

“We wanted the structures to appear to be hugging or wrapped around the prominent hill. They would seem to organically grow out from the ground rather than being unnaturally placed on top of it,” architect Jonas Suan of Ayala Land-Vismin’s Innovation and Design Group explained.

Tropical features were considered in the design. Elements such as broad eaves and large openings among others make the clubhouse responsive to the local climate. Local Mangima stones were used as façade accents. Indigenous flora was also considered in the landscape design.

“We tried to present the materials as true to its nature as much as possible which is what we believe an important character of organic architecture,” Suan added. To maximize the natural setting of Alegria Hills, the views both from within and towards the complex were studied. Even the experience as one approaches the clubhouse was considered. Elements such as the pool deck, the balconies, and the vertical accent wall at the entrance were positioned to achieve optimum effect.

Open spaces and skylights were used to maximize natural lighting and ventilation in keeping with sustainable design. The structure was built along proper sun and wind orientation, following the contours of the land and corresponding with the natural rolling terrain.

Perhaps the most prominent feature of the clubhouse is the 25-meter infinity pool with an expansive view of the bustling city. Beside it is a kiddie pool where children can safely swim.

The clubhouse also features a multipurpose hall, a function room where residents and their guests can have parties and gatherings close to home. A fitness gym is also located underneath the social hall where residents can work out to complement their active lifestyle.

The sports facilities area features a basketball court and a covered badminton court for sports enthusiasts.

“Attention will definitely be given to enabling residents to appreciate and connect with nature, a tenet espoused by organic architecture. There will be canyon trails and parks, gardens and orchards, places where residents can be themselves, and yet be one with creation,” architectural consultant Marcos de Guzman, Jr. said.

The clubhouse is the second facility to be completed in Alegria Hills. The chapel in the grove was completed in March of 2009 which was marked with the celebration of a mass. The chapel has since become an ideal place for prayer and meditation in the midst of Alegria Hills’ scenic environment.

Master planned by Ayala Land, Alegria Hills shall offer a higher level of comfort, serenity and security that only an Ayala Land Premier community can provide to assure residents of quality, commitment and enduring value, a sure reward for their success.

About Alegria Hills

Alegria Hills, following the Spanish word “Alegria” which means joy and merriment, is Ayala Land’s first residential offering in Mindanao.

An exclusive residential community carrying the distinction of Ayala Land Premier, Alegria Hills is set amidst a prime location on a highland plateau of Cagayan de Oro that boasts of 360° view of the city, Macajalar Bay and the mountains.

Inspired by organic tropical architecture, the masterplan provides scenic roads to traverse, canyon trails, ravine pocket parks and orchards to explore. There will be a clubhouse and other perks but at the center of all these shall be a chapel in a tree grove, an oasis of the community’s shared dreams and values.

A mere 10 minutes away from Cagayan de Oro’s Limketkai Center and major business district, Alegria Hills offers a home high above the ordinary world that is secure, serene, nurturing and inspiring.

For inquiries please contact [email protected] or call at +63 9063721666.

from Business Week Mindanao

Property business in this city has bounced back after experiencing slow-moving inventories two years ago. Alegria Hills, Ayala Land, Inc.’s first residential project in Northern Mindanao, is now 64% sold, with major facilities of the subdivision already completed.

Medium-rise residential structures are also being constructed in various parts of the city, even as shopping malls are expanding in response to increasing consumer expenditures. The situation is in stark contrast to that of two years ago when the global economic crisis halted property development in the region.

Upscale projects were almost at a standstill back then until the industries started their recovery last year. Revenues in 2009 for Ayala Land Visayas-Mindanao operations went up 53% due to sales from Alegria Hills as well as Plantazionne Verdana Homes in Talisay City in Cebu.

“We are embarking on a significant geographic and product expansion and we continue to evaluate prospects in many growth centers across the country, including Mindanao,” said Alfonso D. Reyes, spokesperson of Ayala Land, Inc.

The biggest project of Ayala Land in Mindanao, so far, is the Abreeza Complex, a 10-hectare joint venture with Antonio Floirendo Group in Davao City. The complex’s 2.9-hectare shopping mall is set to open six months from now.

Early this year, reports of an Ayala Mall to be constructed in this city also came out. City Mayor Vicente Y. Emano announced in his radio program the signing of a joint venture similar to Davao’s Abreeza project between Ayala Land, and the Floirendo family, which owns the prime land along this city’s C.M. Recto Avenue, near the region’s two biggest shopping malls.

Outside of Ayala’s upscale projects, Cagayan de Oro is also host to other property developments that started last year. Primavera Residences, a project of ItalPinas Euro-Asian Design and Eco-Development Corp., is the first green building in the city, a 10-floor structure offering clean energy residential spaces.

Granvia Square, a condominium-hotel project of Johndorf Ventures Corp., is also being constructed at this city’s Pueblo de Oro area.

There are also talks on the establishment of a new hotel in the city after the Crown Regency Group acquired a property in Carmen district. Similarly, consumers in this city, and nearby provinces are expecting more shops to open by next year.

City officials have announced the expansion plans of the Gaisano Group, adding to the five retail establishments it currently operates in the city. The top shopping destination, however, remains the Lim Ket Kai Center, which houses a shopping complex of over 100,000 square meters also hosting the city’s Robinson’s outlets.

The Ororama chain still has two shopping malls — one in Cogon district near the public market and another in Carmen.

SM Prime has the SM City Cagayan de Oro at Pueblo de Oro, and the new Save More shop in Agora district.

article by Louise G. Dumas of BusinessWorld