MANILA, Philippines—Publicly listed Alphaland Corp. said Wednesday that the construction of its mixed-use property development in Makati City is now in full swing, with the first phase slated for completion by next year.

According to Alphaland president Mario Oreta, the group controlled by businessman Roberto V. Ongpin will invest a total of P5.8 billion in the project, called The Makati Place, at the former Boy Scouts of the Philippines property on Ayala Avenue Extension.

Of this amount, Oreta said that P1.4 billion will be allotted for the City Club component, which is being marketed as a mid-market version of exclusive venues like the Manila Polo Club.

“Its timing could not be more appropriate,” he said. “Metro Manila has not seen new facilities since the completion of the Rockwell Club in 1999, and the Tower Club in 2000, signifying that a niche market’s varied and expanded interests have gone unmet for over a decade.”

Oreta said the City Club’s concept was driven by Ongpin’s desire to create a venue that is “unique even by international standards.”

The City Club’s facilities include a gym, a full-sized swimming pool, basketball and badminton courts, boxing ring, game rooms, business center, day-care center and seven specialty restaurants.

The City Club will have as many as 51 distinct amenities, comparing favorably with the 30 types of amenities offered by the Manila Polo Club, and the 17 and 11 amenities of the Rockwell Club and Tower Club, respectively.

Oreta said that the initial batch of 200 club shares offered at P500,000 has been sold. Another batch of 100 shares will be made available this month at P600,000 each.