By Neil Jerome C. Morales (The Philippine Star) Updated November 08, 2012
MANILA, Philippines - Alphaland Corp. said it is banking on strong demand from local and regional boating afficionados for its P2-billion Alphaland Marina Club.
The company expects to generate around P3 billion from the initial sale of shares in the yacht club that can be replicated in other major cities like Cebu and Davao, an official said.
There is a big demand from Filipinos with boats or those wanting to buy boats as existing yacht clubs are already full, said Alphaland project director Rafael Ongpin.
“Regionally, there is also a huge demand,” Ongpin said, adding that the company will market its shares in Hong Kong whose yacht clubs are already full.
Joanna Duarte, Alphaland’s director for sales and marketing, said the company will start selling club shares worth at least P1 million late this year.
Ongpin said around 3,000 of the total 5,000 shares will initially be sold next month.
To date, Alphaland is stockpiling materials for the construction of the yacht club that will be completed in the second quarter of 2014.
Alphaland will spend more than P2 billion for the Alphaland Marina Club, located in Parañaque. Its breakwater will enclose about 10 hectares of marina area, with 300 berths for boats of all sizes.
“It will give rise to the yachting industry in the Philippines. And once you have more boats, people will want more destinations,” Ongpin said.
To date, yacht clubs in the Philippines are composed of roughly 150 berths. Ongpin said there are only around 450-550 yachts in the country.
Ongpin said that if the project is successful, there will be a lot of interest to duplicate the project in major cities in Southern Philippines like Davao and Cebu.
Alphaland is the upscale property firm led by the group of former Trade Minister Roberto V. Ongpin.
The Alphaland Marina Club forms part of the 32-hectare Bay City development that will be a mixed-use community.