P500M coal project in DavOr in the pipeline

    Coal Asia is staking its lot in Davao Oriental and is earmaking P400 million of proceeds to be raised from its initial public offering (IPO).
Coal Asia, which holds the second largest coal reserves in the country with coal assets worth P12.5 billion, is going public in a bid to raise P800M
in the Philippine Stock Exchange by the fourth quarter of 2012.
The net proceeds from the IPO is earmarked to bring the company’s Davao Oriental mine into production by 2014, said the company, whole coal assets has undergone independent valuation by the Multinational Investment Bancorporation. .
Coal Asia has been luring investors from the power generation and cement industries and investment funds wanting a stake in the company as a means to ensure continuous supply of coal and a crack at potential earnings from higher coal prices.
With its development of its high-grade bituminous coal mines in Mindanao, Coal Asia is poised to ink long-term supply agreements for thermal coal in the region.

Agusan del Sur miner joins Davao City building boom – Jessie “Pokloy” Cuyos

WORK IN PROGRESS. Skeptron Hotel, upper photo, of the JTC Mining of Rosario, Agusan del Sur Mayor Jessie Cuyos is the latest comer to Davao City’s skylines drastically changed by a building boom. Lower photos from left: Kukun Tower  at the Abreeza Mall complex, and Aeon Tower of the FTC Group and Avida of Ayala Land which are still in the pipeline.

BY ROGER M. BALANZA

Mindanaoans are not being left behind by bigtime real estate developers and investors in building high-rise buildings in Davao City.
Joining what is described here as a “race to heaven” is Rosario, Agusan del Sur Mayor Jessie T. Cuyos whose JTC Mining Corporation is behind the almost completed12-storey Skeptron Hotel along the fast-rising J. P. Laurel Avenue business district in Lanang.

JOINING THE RACE TO HEAVEN. Mayor Jessie T. Cuyos, flanked by Davao City radio broadcasters Bobby Largo, left, and Mel Paulino, who interviewed him recently on development projects for his municipality of Rosario, Agusan del Sur. Mayor Cuyos through his JTC Mining is investing P1 billion in the 12-floor Skeptron Hotel in Davao City along J. P. Laurel Avenue.

Said to cost P1 billion, Cuyos’  hotel was expected to be opened this year.
Skeptron Hotel joins high-rise buildings in Davao City like the 35-storey Aeon Tower purportedly Mindanao’s tallest that would start building this year, and Kukun Hotel also along JP Laurel inside the Abreeza Mall complex.
Also in the planning board are skyscrapers Oroderm Hotel and Avida Tower of Ayala Land which will rise in the old business district of C.M. Recto.
Meanwhile, the Rosario local government will soon have its own home in a P35 million municipal hall that would be built this year, according to assistant municipal planning and development officer Joselito Serrano
Planning and development officer Marianito Bayron is now in the homestretch of finalizing loan agreements with a government financing institution, said Serrano
Agusan del Sur is now enjoying a rush of adrenalin in the march to progress and development as the province’s  rich gold deposits inject more vigor to the economy.
Cuyos’JTC Mining and Philsaga Mining, the province biggest mining companies, are playing key factor in the the economic boom.
Cuyos is gearing up his municipality of Rosario for the big game with projects directed at uplifiting the life of his people with strong focus on projects on water systems, irrigation, farm-to-market roads, health and education. Rosario’s barangay lighting program also has already brightened up almost 95 percent of Rosario’s barangays.

Slow DAR action on land conversion hampering Davao investment climate

    Davao City officials said that slow action on application for conversion of agricultural lands by investors is affecting the business investment climate in the city.

    The applications for conversion of more than five hectares, to be acted on by the DAR Manila office, take years to be approved.
    The snail-paced action has put on hold many business projects in the city involving mostly real estate development and resorts in the outskirts of the city on lands classified as agricultural by DAR. The Davao City government requires the conversion permits before approving the projects and issue local permits.
    City planning officer Roberto Alabado said there are several investments having problem in conversion but the local government cannot impose on national agencies like DAR to speed up the conversions.
    But he said City Hall compromise by issuing “conditional permits” while the applications for conversion are pending with DAR.
    A case in point is the 30-hectare D’Leonor Inland Resort in Cabantian that has complied with local requirements but lacks a conversion permit from DAR.
    We have given them a conditional permit, said Alabado.
    Tourism and investment officer Jayson Magnaye said his office encountered similar probelms of investors finding it hard to secure conversion permit from  DAR.
    Magnaye could not give a figure on the number of the affected projects but agreed the slow process could stymy investors on pushing through with their projects.
    Alabado and Magnaye told the Durian Post that there may be a need to conduct a headcount of the projects affected by the slow conversion as it would deal a negative blow on the city as an investment haven.