Bloomberry Resorts Corp. said Monday two units obtained a P40-billion loan to fund a casino project at Vertis North Complex in Quezon City.
Bloomberry said in a disclosure to the stock exchange Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. signed an omnibus loan and security agreement for a 10-year combined loan facility involving P40 billion with seven banks.
“The proceeds of the loan will be used by SPI and BRHI to partially finance the design, construction and development of an integrated hotel and gaming resort located at Vertis North Complex in Quezon City, Metro Manila,” Bloomberry said.
The lenders were Philippine National Bank, BDO Unibank Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corp. and Robinsons Bank Corp.
BDO Capital & Investment Corp. acted as the lead arranger and sole book runner for the transaction.
Bloomberry earlier said it would start constructing its second integrated resort and casino project by mid-2019.
The planned mixed-use development with hotel and casino will sit on a 1.5-hectare property within the 45-hectare Vertis North that Bloomberry acquired from the National Housing Authority in 2014.
Bloomberry’s Quezon City operation will cater to the growing mass market in the north.
Led by billionaire and port executive Enrique Razon Jr., Bloomberry operates the $1.2-billion Solaire Resort & Casino, the first integrated destination resort to open in Entertainment City.
The complex, which opened in 2012, includes a five-star hotel with a total of 800 guest rooms, suites and villas, as well as retail, dining and gaming areas.
Bloomberry also owns and operates Jeju Sun Hotel in South Korea.
The share price of Bloomberry went down 0.50 percent Monday to close at P12.
The idea of raising a family in a condominium used to raise eyebrows. Well, not anymore. More couples and small families are starting to see the wonders and benefits of growing a family in a condo environment.
From the location, living spaces, and amenities, condo living offers a lot of gains and advantages. Specifically, DMCI Homes condos are designed to be family-oriented, making sure that every family is safe, comfortable, and happy.
Still not convinced? Find out why a family condo is the way to go.
Condos, unlike most apartments or single homes, are typically situated at the heart of the city. This advantage allows residents easy access to major roads such as EDSA or C5, as well as public transportation systems. Schools and workplaces are also normally within a few kilometers of the condo, which means parents will have an easier time bringing their kids to school and going to work. On weekends, when you want to go to the mall, it is very likely that a shopping mall is just 15 or 20 minutes away.
But apart from the convenience, the real value of living in a premium location is that you don’t waste time and energy on traffic. You get home earlier and you don’t feel as tired. You have more time to spend with your kids and more energy to do fun activities with them.
Safety is priority
Condominiums understand parents. They want your kids to be able to go around the community safely. Through its 24/hour security and surveillance, condos also keep watch of your kids. Roving guards patrol the condo community round-the-clock, and there is a protocol about letting in guests and visitors. Buildings are also equipped with emergency measures should there be fire, earthquake or any similar incident.
Capital “C” for Convenience
Perhaps the main argument for condo living is convenience. Everything you’ll ever need is just outside your doorstep. You need laundry service? Someone will take care of it. You have a busted pipe? The property’s maintenance service will handle that. You have guests and no snacks to offer? There’s a convenience store or grocery nearby. You have a package being delivered but no one’s home? The lobby receptionists or guards will handle safekeeping.
Having a condo will help you focus on the more important things such as managing your household or helping kids with homework. Errands can take a back seat.
Live simply and comfortably
You are probably amazed at massive Hollywood homes. If you have a whole team of house cleaners, gardeners, and a maintenance people, then you can go on and live like a rock star. But a condo space will teach you the value and beauty of downsizing, of living simply but comfortably.
You are less likely to purchase things out of impulse, because you won’t have space for it anyway. Your family can thrive in a space that fosters communication and togetherness, and cultivates bonding because no member of the family is too far away. You could all be having dinner in the dining area, while watching the TV from the living room because open layouts are the default design for condo spaces.
That being said, comfort is not compromised by sheer square footage. Condos are intimate and cozy, and it is easier to make sure that they remain that way.
More fun for kids
What will your kids do in a condo? Tons. Most condo communities have a playground where kids can meet other kids and play around in a safe and controlled environment. There are even indoor playgrounds being offered in some condo properties. These amenities will help you raise sociable kids who are fun-loving, active, friendly, and compassionate.
There are also bike paths where you can teach your kids to ride their first bike. There are swimming pools where they can be around other kids, while learning how to swim.
If condo amenities are not enough, there are always nearby malls, establishments, and play centers where you can take your kids on weekends.
Are you regretting the gym membership you bought because you don’t have the time to go the gym? Drop that membership and try the indoor gym of your condo community. They are usually free and the best part is that they are just within your building so you can make no more excuses.
If you are into sports, there are also outdoor amenities such as basketball courts and play courts where you could do some shooting after work. In the morning, you can take in your dose of sunshine vitamin while running along your condo’s jogging path.
Achieving your fitness goals and making sure you are healthy affects your productivity, performance, and relationships. When you feel fit and healthy, you have more energy for family activities inside and outside your home.
Close to nature
Some people still have this wrong notion about living in a condo community: that living in a condo means living in a box. The truth is that while most single homes in the city do not even have space for a few potted plants, condo communities have a vast space of greens and landscapes. DMCI Homes communities are designed to maintain a 60:40 footprint-to-building ratio so that there will be more space for outdoor amenities, gardens, and open areas.
One of the reasons why condo living is family-friendly is because it encourages a holistic and well-rounded lifestyle. You may be living in the city, but that also means you are exposed to many cultural experiences such as museums, theaters, and other similar establishments. City kids are also exposed to a greater density and diversity of people; they grow up street smart, and there is a smaller chance of them growing up socially-awkward.
Belonging to a community
The sense of community is something that condo living can take pride in. Living in the same building means you share a lot of things, and therefore have a shared understanding for a lot of things. Condo tenants are at the very least, civil. Even if you just happen to see each other on the elevator or in the hallway, warm smiles and quick hellos are exchanged. People are generally polite and the environment is very friendly.
Reduced costs, more savings
Raising a family comes with a lot of expenses. But condo living trims down a lot of items in a family’s day-to-day living expenses. Its prime location, for example, means reduced costs for fuel and commutes. The amenities can mean less expenses for family activities such as swimming or play dates. You can also forget about that gym membership now. Maintenance costs are mostly covered in monthly homeowner’s dues. Many major costs are also shared such as security, lawn maintenance, repairs, etc.
Accessibility, convenience, amenities, and sense of community are just some of the reasons why raising a family in a condo is a great life choice. Don’t let yourself be misled with stereotypes. Condo living is being hailed as a top choice among modern families, and for good reason.
Construction of the Metro Manila Mega Subway is one step closer to reality after the National Economic Development Authority approved the milestone project.
In a statement, the Department of Transportation (DOTr) said the project, which aims to connect Quezon City and Taguig City via an underground train system, initially started at Mindanao Avenue and ended at FTI in Paranaque City.
However, DOTr Secretary Arthur Tugade explained that they pushed for the train system to be extended all the way to the Ninoy Aquino International Airport (NAIA).
"In most of our neighboring countries in Asia, you can reach the city without ever leaving the platform. So, economic managers thought we're going to build a subway anyway, so why not push to extend it to NAIA? It just makes perfect sense. The extension will mean greater connectivity and improved passenger comfort and convenience," Tugade said.
So far, everything seems to be looking good for the government's ambitious program. Here are some key facts to know about the Metro Manila Mega Subway project:
What is it?
The Metro Manila Mega Subway is part of the government's Build Build Build program in cooperation with the Japanese government and the Japan International Cooperation Agency (JICA).
The project is basically the country's first ever underground mass transportation system spanning 25 kilometers and is estimated to cost a whopping Php355.6 billion which will be financed by the Official Development Assistance. It will be based on Tokyo's extremely efficient subway system with features like flood prevention, earthquake detection, water-stop panels and an advanced train stop system.
Where are the stations?
The Metro Manila Mega Subway will have the following stations in these 13 locations:
What is its capacity?
According to the DOTr, it is expected to accommodate around 370,000 passengers a day during its first year of operations.
When will it be completed?
Tugade said that groundbreaking is currently scheduled in the fourth quarter of 2018. Meanwhile, the target completion date is in 2025.
"We have consistently asked our Japanese partners to expedite the project. They are experts in tunneling technology, and I'm sure they can deliver ahead of schedule. But, of course, we can never compromise the quality and integrity of the project," he said.
How will it benefit us?
The most obvious benefit that will come about from the completion of the Metro Manila Mega Subway will be the overall reduction of traffic and decongestion of roads and thoroughfares in the Metro. More specifically, it promises a 31-minute travel time from QC to Taguig.
But the best benefit is finally getting to have a train station at the NAIA. This means a direct link from QC all the way to the country's primary gateway will be established once the project is completed. Hopefully, this system will have train cars that are dedicated to accommodating NAIA passengers and their luggage. Just imagine how it feels like to hop on the Mega Subway without having to worry about missing your flight due to EDSA traffic.
Prisma Residences 2nd building - Launching date December 2017
Kai Garden Resdeicnes 2nd Building - Launching date January 2018
Satori (in Pasig City near Mirea Residences) - Launching date January 2018
Infina Towers 2nd Building - Launching date February 2018
Fairlane (Premier Project near Brixton Place Pasig City) - Launching date February 2018
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