Alphaland to develop high-end projects

05/30/2010 | By: Krista Angela M. Montealegre, The Manila Times

Alphaland Corp. has lined up several property developments for this year to capitalize on the high demand for real estate. The company will start developing the three-tower Alphaland Makati Place along Ayala Avenue Extension under a joint venture agreement with Boy Scouts of the Philippines. Situated in a 1-hectare lot, the residential towers will sit on top of a six-story podium that will also house a shopping center and city club.

“We would like to start most of the project by this year. Some of the projects will be done by next year like Makati Place,” Mario Oreta, Alphaland president, told reporters on the sidelines of the company’s annual stockholders meeting.

Oreta said its other developments could be finished in the next four to five years.

Another project within the business district is the 35-storey Alphaland Makati Tower, where the corporate headquarters of Alphaland and the Ashmore Group in the Philippines will be located.

The real estate arm of the Ongpin group is also set to develop Alphaland Bay City, a self-contained mixed-use development with a marina and yacht club. It will be surrounded by high-end residential, hotel, commercial and retail establishments.

Other projects in the pipeline are the membership-only project, Alphaland Balesin Island Club, which will be built on a 424-hectare island resort located in Lamon Bay, and the mixed-use development, Shangri-La in Bonifacio Global City.

The company will also develop a 500-hectare property in Panay dubbed as Boracay Gateway Polo Club by Alphaland.

This project facing Boracay island will be a high-end mixed-use resort complex anchored by a polo and country club.

These projects have a total net asset value of P12.5 billion.

“But it will move up to P16 billion within the next two months because of further equity that will be put in by shareholders of Alphaland and Ashmore,” Eric Recto, Alphaland vice chairman, said.

San Miguel Corp. (SMC) is leading the modernization of the Caticlan airport, the gateway to Boracay, but Ongpin said SMC would not have a hand in the development of the Alphaland’s property.

“San Miguel will do the airport development and the terminal but Alphaland is doing the development of the 500 hectares adjacent to the terminal,” Ongpin said.

SMC and the Ongpin group have been partners in various ventures. Recto said the group has been supportive of the path that the conglomerate wants to take.

“There’s nothing more to it than the fact that we have become very convinced with the business model San Miguel Corporation has put up in the past couple of years,” Recto said.

SMC has been diversifying its business from food and beverage to high-growth ventures such as infrastructure, energy, mining, telecommunications, among others.

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