The rise of McKinley West

It seems like those who bought properties in McKinley West are celebrating right now. Prices of the “hot” properties inside Megaworld’s new development which is directly beside the upscale Forbes Park and the Manila Polo Club have skyrocketed these past months.

While residential lots at McKinley West Village have been sold out in less than a week when it was first launched in July 2010, there is still a demand for these lots from the secondary market even if prices now have reached P200,000 per square meter from its original price of only P70,000 per square meter six years ago. That’s almost three times the launch price and sources say those who bought more than three lots have already enjoyed their return of investment plus a few millions of income when they decided to re-sell a portion of their purchased lots.

Their mid-rise luxury condo property called St. Moritz, which is patterned after London’s famous One Hyde Park apartments, seems to be riding on the “McKinley price revolution” as well. From P190,000 per square meter, prices of units have already soared to P215,000 per square meter in just a little over a year since it was launched. Now, Megaworld sources say a new tower is in the pipeline, having the same concept as St. Moritz where units are furnished with top European lifestyle and home brands, and some of them feature their own private infinity pools. And we heard prices are again rising this June due to growing demand for pre-furnished, large cut units in Fort Bonifacio.

And who have already bought properties in McKinley West? Our sources reveal that a famous young celebrity couple is now building a house in the village alongside with an owner of one of the country’s biggest retail brands and a European luxury cars franchise owner. There is also a tycoon and scion of another tycoon as well as grandchildren of some of the famous families in the neighboring Forbes Park and Dasmariñas Villages. Will this be the next haven of the country’s who’s who and future tycoons?

Not so hidden agenda

TOURISM AWARDS. The 12th annual Rotary Club Manila (RCM) Tourism Awards was held recently during RCM’S luncheon meeting at the New World Hotel Makati grand ballroom. Nine tourism stakeholders and leaders whose work effects immensely contributed to the growth of the industry were selected and honored in different award categories.  Shown in photo is guest speaker Tourism Secretary Wanda Tulfo-Teo giving the prestigious “Integrated Resort and Casino” award to Takahiro Usui, Group CEO of Tiger Resort Leisure and Entertainment, representing its chairman Kazuo Okada. From left are: RCM Gov. Obet  Pagdanganan, RCM director and Awards committee chair Robert Lim Joseph, RCM president Ebot Tan and Rotarian and hotel general manager Farid Schoucaire.

NREB on FIT

“In response to your column, may I share with you my answer to the letter of Cong. Neri Colmenares?  The issues cited in his letter are similar to those raised in your article.

“I would like to emphasize that the National Renewable Energy Board (NREB) has nothing to do with the approval of the service contracts and FIT eligibility.  For the record, NREB was opposed to the build-first policy of the Department of Energy (DOE) from the very start.  NREB’s role under the Renewable Energy Act is merely recommendatory and consultative.  It has neither regulatory nor implementing functions. 

“As to my failure to meet with your source, I did communicate with her through many emails and texts.  I also informed her that I was bed-ridden at that time due to a sore lower back.  Moreover, I was not privy to the results of the evaluation conducted by DoE as to who were able to meet the deadline. Meeting with her would not accomplish anything.  Thus, I was surprised and disappointed with your source for blaming NREB on something which was entirely beyond its control.  As a matter of fact, the NREB had not received the final list of the solar FIT qualified projects until now.

“I share the frustration of those deemed as not being able to meet the deadline.  If it was up to me, I would grant the FIT rate of P8.69 per kwh to all projects completed by March 15, 2016.  However, the certification of FIT eligible projects rests solely with the DOE and the final approval with ERC, not with NREB. This is quite clear under the RE Act, its IRR and the FIT rules.

“I hope that you can enlighten your readers that NREB has nothing to do with the allocation and approval of the installation targets.  For its part, the NREB has already proposed the next round of installation targets and FIT rate to accommodate the projects not included in the last solar FIT.” - Pete Maniego, chairman, NREB

Greenhouse gases

“Adhering to UNFCCC to cut greenhouse gas emissions by 70 percent is sheer stupidity. The Philippines accounts for 0.2 percent of world energy consumption. The Paris agreement is limiting temperature rise to two degrees Celsius. The contribution of Philippines is 0.004 degree Celsius. Note that the worldwide network of thermometers have a margin of error of plus or minus 0.1 degree Celsius. They can’t even measure the contribution of Philippines to global warming. If a giant asteroid from space crashed on the Philippines and obliterated it from the face of the earth. The global temperature will not even notice the Philippines is gone. But I guess this whole scam is to make environmental fanatics feel good about themselves and claim they saved the world.” – Jane (name withheld upon request)

For comments, e-mail at [email protected]