Manila, Philippines - Alphaland Corp., an upscale property firm
controlled by Roberto V. Ongpin, posted first semester earnings of P1.68
billion, more than seven times what it reported in the same period in 2011.
This as the company booked a more than
three-fold increase in other income to P2.29 billion, mainly due to gains on
the fair value of investment properties amounting to P2.07 billion as well as
higher value of unquoted club preferred shares.
Total revenues grew 54 percent to
P255.25 million, mainly coming from rental and other income from Alphaland
Southgate Tower.
Cost and expenses (representing mainly
the operating expenses of Alphaland Southgate Tower and market and selling
expenses of the group’s real estate projects) more than doubled to P229.09
million from P98.09 million.
As of June 30 this year, Alphaland’s
total assets stood at P38.71 billion, up from P33.85 billion in end-December
2011.
The 20-story Alphaland Southgate
Tower, situated on a 9,497-square meter lot at the nexus of Metro Manila’s two
main traffic arteries, EDSA and the South Superhighway, successfully reached
100 percent occupancy rate with the entry of several large tenants coming from
the business process outsourcing sector.
It houses a three-level shopping mall, another level dedicated to an
events place, two restaurants and a cigar divan, and the rest to office space.
Alphaland is currently building
Alphaland Makati Place, which will comprise three high-end residential towers
atop an upscale six-story podium with a shopping center and a City Club
dedicated to urban sports and leisure.
Secondary sales of the City Club
preferred shares started as early as December 2010 at an initial price of
P500,000 per share. A total of 359 shares have been sold as of June 30 this
year.
Alphaland Balesin Island Club, a
430-hectare island resort, has already completed construction of the clubhouse,
spa, and villa. It will be subdivided into six villages patterned after most
luxurious beachside destinations around the world St. Tropez (Cote d’Azur,
France), Phuket (Thailand), Costa Smeralda (Sardinia, Italy), Bali (Indonesia),
Mykonos (Greece), and Balesin (Philippines).
In September 2011, the Balesin Island
Club shares were offered for secondary sale at an initial price of P1 million
each. As of June 30 this year, a total of 381 club shares have been sold.
Other projects in the pipeline include
the 34-story Alphaland Tower along Ayala Avenue which is expected to service
the growing demand for high-end corporate offices in the country when it opens
in January 2013; Alphaland Boracay Gateway (a joint venture with Akean Resorts
Corp.); and Alphaland Bay City, a 32-hectare planned premium seaside
residential, commercial and business community located along Manila Bay beside
the Mall of Asia compound.
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