Alphaland Corp., chaired by former trade and industry czar Roberto V. Ongpin, is allotting P1.2 billion to P1.4 billion for the redevelopment of the 25-year Southgate tower into a retail and business process outsourcing complex.
Petron president and former finance undersecretary Eric Recto said Southgate tower, which Alphaland acquired from the Puyat family for P1.2 billion earlier this year, will offer 40,000 square meters of office space and 20,000 square meters of retail space.
Recto said the shopping mall is expected to be completed in April 2009.
The structure is located beside Dasmarinas Village on the corner of Epifanio de los Santos Avenue and Chino Roces Ave.
Alphaland is also set to launch next year Alphaland Bay City which will comprise of a marina and a hotel. The project will be situated on a 32-hectare property along Manila Bay on Roxas Boulevard.
The company recently acquired two parcels of land covering 1,200 square meters each along Ayala Avenue from Sta. Lucia Land Inc. for P820 million which the group intends to build the Ashmore Ayala Tower. The lots, beside Prudential Bank Building, were the former site of the unfinished Associated Bank building.
Aside from this, Alphaland will develop a mixed-use complex also on Ayala Avenue in pursuant to an agreement it signed with the Boy Scouts of the Philippines.
Alphaland, which is controlled by British fund manager Ashmore Group, recently raised its authorized capital stock to P1 billion from a meager P10,000 to fund its real estate development projects.
Ashmore has been a long-time investor in the Philippines with holdings in telecommunications (ISM Communications), oil exploration (Philex Petroleum Corp.), and water (Maynilad)
Ashmore was started in 1992 as part of the Australia and New Zealand Banking Group. In 1999, Ashmore became independent. As of September 2008, Ashmore had $32 billion in pooled funds, segregated accounts and structured products.