Posted on
April 02, 2013 10:45:02 PM [ BusinessWorld Online ]
UPSCALE
property firm Alphaland Corp. is ramping up its spending this year by nearly
10% versus the previous year, allotting roughly P4.8 billion to bankroll the
ongoing construction of seven projects currently in various stages of
completion, company officials said yesterday.
“We’re spending about P4.8 billion this year
in capital expenditures. Last year we spent P4.4 [billion], so it’s slightly
higher,” Marriana H. Yulo, Alphaland chief finance officer, told reporters
following the company’s annual stockholders’ meeting at Alphaland Southgate
Mall in Makati when asked about the firm’s spending plans this year.
“Bulk of that
will be for Makati Place because we want to finish the three towers already,”
Mario A. Oreta, Alphaland president, added in a separate interview.
Mr. Oreta was
referring to Alphaland Makati Place, a mixed-use tower located on a one-hectare
lot on the corner of Ayala Avenue Extension and Malugay Street in Makati.
The project
is comprised of three residential towers atop a six-level podium (opening next
year) as well as a shopping center, and a two-hectare City Club (both opening
in the second half).
Aside from
Makati Place, Ms. Yulo said Alphaland plans to spend on the ongoing
construction of:
• Alphaland
Tower, a 34-level office building along Ayala Avenue in Makati City with a
gross floor area of 67,909 square meters;
• Alphaland
Bay City, a 32-hectare mixed-use development within Aseana Business Park in
Parañaque, which is home to Alphaland Marina Club (opening in May next year) a
yacht club capable of serving 300 vessels, including several yachts;
• Alphaland
Southgate Tower, a 20-storey office tower atop a six-storey podium at the corner
of Epifanio de los Santos and Chino Roces Avenues in Makati City;
• Alphaland
Balesin Island Club, a 409-hectare resort on Balesin Island in Polillo, Quezon
consisting of 288 villas housed among seven villages, five of which are already
completed (Balesin, Bali, Mykonos, Phuket, and St. Tropez), with the two
others, Costa del Sol and Toscana, set to be completed by the second quarter;
• Alphaland
Boracay Gateway Country Club, a 500-hectare mixed-use resort complex in Aklan
consisting of a polo and country club near Caticlan International Airport; and
• Shangri-La
at The Fort, a 577-room, five-star, mixed-use hotel development located on the
corner of 5th Avenue and 30th Street in Bonifacio Global City’s premier West
Super Block zone, set to open in June next year.
Alphaland,
formerly Macondray Plastics, Inc., was incorporated in 1990 as Agro Plastics,
Inc. as a plastics manufacturing company. It assumed its current name and
primary business in 2010.
Alphaland is
a joint venture between London-based private equity fund Ashmore Investment
Management Ltd. and Ongpin-led RVO Capital Ventures Corp.
Aside from
developments in Aklan, Makati, and Manila, Alphaland holds three parcels of
land totaling 300,000 square meters in Silang, Cavite, owned by ADI that are
reserved for future development.
Alphaland
realized a full-year net income of P2.02 billion last year, a record figure, up
4.12% from P1.94 billion in 2011 as higher occupancy levels of the firm’s leasable
areas boosted its top line.
Revenues,
consisting mostly of rent, climbed by nearly a third to P530.92 million from
P413.02 million.
Costs and
expenses, mostly from utilities and rent, grew by 38.82% to P425.94 million in
2012 from P306.84 million in 2011.
Alphaland’s
asset base grew 54% in 2012 to P52 billion, an increase of P18.2 billion in
2011.
Shares of
Alphaland fell by 10 centavos or 0.43% to P22.90 apiece yesterday from P23 last
Monday. -- Franz Jonathan G. de la Fuente
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