By Zinnia Dela Peña (The Philippine Star) Updated May 31, 2010 12:00 AM
MANILA, Philippines - Ongpin-led-Alphaland Corp. is ramping up its expansion with the construction of at least four projects, which include its foray into sustainable tourism, as it aims to strengthen its position in the real estate industry.
On the sidelines of the company’s annual stockholders meeting yesterday, Alphaland chairman Roberto V. Ongpin said the property firm, which has a net asset value of P12.5 billion, will develop an upscale resort complex in Boracay and Balesin Island, Quezon. Plans are also underway for the construction of a self-contained mixed-use complex with a world-class marina and yacht club in a 32-hectare reclaimed land in Paranaque City.
The Boracay project, dubbed Alphaland Boracay Gateway, will be a masterplanned community geared as an eco-resort destination featuring residential, retail, hotel, sports and recreation areas. It will rise on a sprawling 500-hectare property in the northern tip of Nabas, Aklan on Panay Island. The project is in partnership with Akean Resorts Corp., an affiliate of the Prudentialife Group of Companies, headed by Amb. Francisco Alba.
The other resort, Balesin Island Club, will involve the development of six resort clusters, each with 12 residential villas. Located on a 380-hectare property in Pollillo, Quezon, Balesin Island Club will require an initial investment of $300 million to $400 million.
Aside from this, the company will start construction of Alphaland Makati Tower, a 35-story building that will serve as the corporate headquarters of Alphaland and British investment fund Ashmore Group in the Philippines. The property, with an appraised value of P1.23 billion, will rise on a 2,400-square meter lot.
Alphaland has budgeted between P3 billion and P5 billion for its capital expenditures this year, which include the construction of the retail center and the city club for The Alphaland Makati Place, which will consist of several high-end residential towers.
Ongpin said the Alphaland Bay City will have the ultra-modern marina yacht club as its centerpiece which will be large enough to accommodate over 70 large yachts and one super yacht.
Alphaland holds a 20 percent stake in Shangri-La at the Fort, a combination of a luxury hotel skyscraper and luxury residences in the Bonifacio Global City. Slated for opening in 2014, Shangri-La at the Fort will offer 500 rooms.
Its first project, Alphaland Southgate Tower, is a 20-story structure offering a total of 36,000 square meters of leasable space.