MANILA, Philippines - Ongpin-led property developer Alphaland Corp. is enjoying robust sales from its upscale membership clubs, with share prices in the uptrend.
The listed property firm is focusing on completing its high-end leisure developments catering to the affluent, its top official said.
For the P2-billion Alphaland Marina Club along Manila Bay, Alphaland president Mario Oreta said the company has already sold around 300 shares.
As a mark of good takeup, the price of the yacht club shares has risen to P1.5 million in June from P1 million when it was launched early this year, Oreta said.
“We’re starting [the construction] already. We projected to finish it by the end of next year,†Oreta said.
Some of the buyers are from the Manila Yacht Club but given a unique business model, Alphaland is also enticing the affluent that still do not own yachts.
“Alphaland Marina Club will buy 20 yachts. We will lease it out to our members,†Oreta said.
“In our case, majority of our members would not have yachts but have access to yachts,†Oreta said, adding that it is the first time the scheme will be implemented in Asia.
Alphaland is catering to the “aspirational market†or those who want to experience the upscale amenities, Oreta said.
The yacht club, which will have 300 berths for all boat sizes, forms part of the 32-hectare Bay City mixed-use development.
The P4-billion Balesin Island Club in Quezon province is also enjoying the patronage of clients.
Oreta said Alphaland has sold 800 of the total 3,000 club Balesin club shares.
To date, there are six themed resorts in Balesin, which is already 85-percent developed.
In the Metro, Alphaland is building the City Club, which will offer two hectares of leisure, entertainment and business options at the Makati central business district.
It is an integral part of the three-tower, P9-billion Alphaland Makati Place.
“For City Club, we sold 500 shares of the 3,000 shares we can sell,†Oreta said.
Overall, however, Alphaland is not rushing the sale of its club shares. “As we build it, it puts value to it so why rush it,†Oreta said.
“They buy because they want to enjoy the facilities we have and incidentally, it is a good investment for them because it’s appreciating in value,†Oreta said.
Last week, Alphaland opened its 34-story Alphaland Tower along Ayala Avenue.
Alphaland is a joint venture between London-based private equity fund Ashmore Group and RVO Capital Ventures of former Trade minister Roberto V. Ongpin.
The company was incorporated in May 2007, with the Alphaland Southgate Tower and Mall at the corner of EDSA and Chino Roces Avenue in Makati City as its first completed project.