MANILA, Philippines - Alphaland Corp., an upscale residential builder and exclusive membership club developer, is on track to completing its P9-billion Makati Place and City Club project in the country’s business capital, a top company official said.
“We have a new project opening: the City Club. That’s opening to the members on Aug. 28 and we will have a formal opening on Sept. 5,†Alphaland chief financial officer Marriana H. Yulo told reporters on the sidelines of FinanceAsia’s 5th Annual Corporate Treasury & CFO Summit in Makati.
The City Club offers two hectares of leisure, entertainment and business options.
“It’s one of a kind. We have a golf simulation facility, tennis courts and everything the polo club has, minus the horses,†Yulo said.
City Club forms part of the P9-billion Makati Place development, which is composed of three residential towers on top of a three-story and a five-story basement. Makati Place, a one-hectare project at the corner of Ayala Ave. and Malugay St., is a partnership between Alphaland and the Boy Scouts of the Philippines.
“For the City Club, we haven’t formally launched the selling activities,†Yulo said, adding that pre-selling activities allowed the company to sell around 500 club shares at P1 million each.
“We’re allowed to sell up to 5,000 shares...we wanted to hold out until the project launch because people won’t understand the real value of the project until they see the facilities,†Yulo said.
Alphaland is banking on its unique model wherein buyers of Makati Place residential units will also get a club share.
“When (formal selling) opens, it’s going to be P1.5 million per club share,†Yulo said.
Alphaland has established a footprint in upscale membership clubs. For instance, club shares of the P4-billion Balesin Island Club in Quezon province started pre-selling at P1 million per share but is now worth around P3.7 million per share.
“We want people to enjoy the club and for values to rise naturally. When the values rise naturally, we get more for our shares,†Yulo said.
Aside from Makati Place and City Club, Alphaland is also in talks with potential buyers of its 34-story Alphaland Tower along Ayala Ave.