By Zinnia B. Dela Peña Updated February 10, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Alliance Global Group Inc., the listed investment holding firm of tycoon Andrew Tan, is setting aside P20 billion this year for the continued development of its real estate projects estimated to create around 50,000 jobs.
“We are moving at full strength this year, and we are allocating a capex of P20 billion for our ongoing projects in several key locations in Metro Manila,” said Tan, chairman of Alliance Global.
He said an additional 100,000 square meters of business process outsourcing (BPO) office space in five buildings in Eastwood City, Mckinley Hill and Newport City will come on stream this year to accommodate 14,000 jobs beginning this year until 2010.
Alliance Global is hiring 3,500 new personnel through its subsidiary, Travellers International Hotel Group Inc., for two hotels opening this year — the 365-room Marriott Hotel and the all-suites Maxims Hotel.
Estimated to cost P3.8 billion, Maxims Hotel, an upscale hotel brand of The Genting Group, will house 176 rooms with a gross floor area of more than 20,000 square meters.
Both projects, when completed, will make Travellers the biggest hotel operator in the Philippines with a total room capacity of 5,000.
Travellers, formerly the tourism arm of Alliance Global, has obtained a “provisional license” from state gaming firm Philippine Amusement and Gaming Corp. (Pagcor) to build a multibillion-dollar casino and tourism complex in the Manila Bay reclamation area.
With Travellers, Alliance Global intends to make a mark as one of the top players in the local tourism and leisure industry.
Aside from real estate development through unit Megaworld Corp., Alliance Global also has interests in food and beverage under Emperador Distillers Inc., and quick-service restaurants with Golden Arches Development Corp., the Philippine franchise holder of global fastfood chain McDonalds.
Alliance Global has set a strong track record of spotting opportunities in the market and transforming these opportunities into major business segments for the company.
In the property sector, Megaworld has risen from a small property developer in the late 1980s into the country’s largest residential condominium developer and BPO office builder and landlord.
In the food and beverage business, Emperador has successfully competed against centuries-old liquor firms to become the most profitable liquor company in the Philippines and producer of the world’s largest selling brandy by volume sold.
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