Makati club shares hitting the roof

The real estate boom in Makati sparked by a number of projects is changing the Makati skyline, driving land value up to as much as P200,000 per square meter particularly in the Central Business District, with projections that it could go up to P300,000 by the second quarter of this year according to property expert Colliers International. The surge in demand has also spiked the value of Manila Golf and Country Club to as much as P45 million per share. Multiple offers but no sellers.

An old time Filipino-Chinese club member (a permanent fixture at the club) says the P45 million estimate is considered a bargain since technically if one were to divide the Club’s total area of 48 hectares by 573 current membership shares – that would amount to around P112 million per share. Our Filipino-Chinese insider also pointed out that club prices were highest at P48 million per share 15 years ago, when the exchange rate was about P26 to $1.

No surprise really considering that Manila Golf is the oldest and most preeminent in the country, even adjudged as the best renovated golf course by international magazine Golf Inc. in 2009 – beating other prestigious clubs from England, Ireland, Singapore and Puerto Rico. The multimillion-peso renovation has drawn raves from golfers, who find the all-weather layout absolutely remarkable.

Another club whose value has appreciated tremendously is Manila Polo Club with price per share now up to P12 million. Insiders say that one of the reasons why the price has gone up has to do with the decision of Aboitiz Equity Ventures and Aboitiz Power to transfer their corporate headquarters from Cebu to Manila. Aboitiz executives are entitled to club membership, which is probably the reason why the Polo Club shares went up almost overnight.

Among the attractions of the Manila Polo Club include the totally renovated main lounge and sports facilities. Another anticipated project is the plan to put up twin apartment towers for long-term lease exclusively for Polo Club members. The current 25-year leases on the Club’s townhomes are due to expire in 2018.

US vessel: spy ship?

As usual, the USS Guardian that ran aground on Tubbataha Reef has sent the Filipino rumor mill on overdrive, with some groups claiming it is actually a “spy ship” sent by the US to “counter” Chinese activities and intrusion along Philippine waters, in particular the disputed territories in the Spratlys. Indeed, the Avenger-class USS Guardian is used for “counter-measure” activities since it is a mine counter-measures vessel or MCMV, more popularly known as a “minesweeper” used for clearing mine areas, but which also doubles as a “mine hunter” since it has the capability to locate and destroy naval mines.

An official statement from the US Pacific Fleet says a faulty navigational map is probably one of the reasons why the 688-meter Guardian went aground (shortly after a port call at Subic and en route to Indonesia) in the marine sanctuary. According to US Navy officials, the digital nautical charts (DNC) used by the ship (in fact, all US Navy ships) may have been inaccurate which caused it to miss the location of Tubbataha Reef, a UN world heritage site. The navigational error has prompted a review of US navigation data with precautionary guidance sent to all Pacific Fleet ships, officials said.

Skeptics and anti-US groups however are not buying the “wrong map” explanation of US naval authorities, expressing incredulity and disbelief that a country like the US with its high-tech advancements could make such a critical error in its navigational data. Some spy watchers are even suggesting that perhaps the US Navy had better consult Google Maps for more accuracy.

Spy tidbit

The second inauguration of Barack Obama is a lot more low key than the 2009 event when close to two million people trooped to the US capital to watch the inaugural festivities. This time, things are a little more subdued, with an estimated crowd of 800,000 watching the public swearing-in ceremony which many say is reflective of the economy in the US.

Historically though, second inaugurations are not as exciting or as lavish as the first. After all, the 2009 inauguration was an epic and historic event because America swore in its first black president. The only things that remained the same were the security precautions with thousands of federal and state law enforcers as well as military personnel deployed for the ceremony, costing American taxpayers an estimated $20 million.

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