Alphaland seals deal with Alba group on P1-B tourist complex

12/06/2010 | By: Miguel R. Camuz, Business Mirror
Alphaland Corp., the real-estate developer of the group of companies controlled by former trade minister Roberto Ongpin, has sealed a joint-venture deal with the group of Ambassador Francisco  Alba to build a P10 billion high-end residential and polo club beside Caticlan Airport, the country’s nearest gateway to Boracay Island.

In a filing to the local stock exchange on Monday, Alphaland said it inked a development agreement with Akean Resorts Corp. to develop a 500-hectare parcel of land in Aklan province.

“We plan to go full-blast in January 2011 for the first phase of the project,” Alphaland president Mario Oreta said in a phone interview on Monday. He also said that there is strong “interest” for this type of development outside Metro Manila.

Oreta said the entire project dubbed “Boracay  Gateway Polo Club by Alphaland” is expected to cost over P10 billion and will be developed over a period of two to three years.  Of the amount, P300 million to P400 million has been allocated for the project next year.

Akean Resorts owns the property, while Alphaland will provide the funding and development of the project, which will host a Polo and country club as part of an integrated leisure township development with hotel, residential and commercial components.

Oreta added that the initial phase will be financed through internally generated funds. Proceeds will be split 60 percent in favor of Alphaland, with the remainder going to Akean Resorts, an affiliate of the Prudentialife Group of Companies.

Caticlan Airport is now majority owned by conglomerate San Miguel Corp. (SMC) as part of its ongoing diversification into infrastructure and mining to tap higher returns.   

Ongpin is an indirect stakeholder in SMC through his interests in Top Frontier Investment Holdings, which controls a majority stake in the food and drinks giant. SMC also owns 49 percent of Top Frontier. Alphaland shares was unchanged yesterday at P62.75. Alphaland, through wholly-owned subsidiary Alphaland Development Inc., has other ongoing projects including Shangri-La at the Fort, Alphaland Makati Place, Alphaland Bay City and The Alphaland Makati Tower.  

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