Alphaland sets P10-B capex this yr

MANILA, Philippines - Alphaland Corp., a property firm led by former trade and industry minister Roberto V. Ongpin, has set a capital expenditure program of P10 billion this year to complete the development of its flagship 500-hectare resort project in Quezon, an upscale residential enclave and a premium office building in Makati City.

In an interview following the company’s annual stockholders’ meeting yesterday, Alphaland president Mario Oreta said the company expects its profit to reach more than P2 billion, mainly driven by sales from the Balesin Island Club, The City Club and the Makati Place.

The group is spending another P1.5 billion for Balesin Island, which is expected to be completed by the end of the year, almost one year ahead of schedule.”We are well on the way to creating one of the world’s most beautiful island resorts. We were so amazed at the progress of construction,” Oreta said.

The company is spending more than P11 billion for the two other projects to take advantage of a buoyant property market and the rising land prices in Makati.

Located on a one-hectare property along Ayala Ave., the residential development–called Makati Place, will house three high-end towers (one of them is a hotel). Underneath would be a three-level shopping mall and a three-storey sports club (City Club).

With a development cost of more than P9 billion, Makati Place will make available 537 residential units in ready-to-move condition. Units will sell for P8 million to P19 million each.

Situated at 6789 Ayala Ave., the Alphaland Tower, on the other hand, is a prime high end corporate office, targeted for completion in December this year.

Another project in the pipeline is the Alphaland Boracay Gateway Country Club, a 500-hectare estate on Panay Island.

The company has tied up with Akean Resorts Corp., an affiliate of the Prudentialife Group of Companies to carry out the Boracay project.

The company will also start developing in the latter part of the year the 34-hectare Bay City project to be located near SM Mall of Asia and will have a marina/yacht club.