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Property developer set to open sports club

Posted on August 22, 2013 10:28:00 PM [ BusinessWorld Online ]
ALPHALAND Corp. will open next month a two-hectare sports club in Makati City, a senior company official told reporters at Fairmont Makati hotel yesterday.
“We have a new project opening, the City Club. We’ve been very, very busy on the project. We will have formal opening on Sept. 5,” Marianna H. Yulo, Alphaland chief financial officer and treasurer, said at the sidelines of the 5th Annual Corporate Treasury & CFO Summit.
“It’s a very exciting thing for us and we hope the reception will be very good. That’s a two-hectare sports club. We will have different world-class sports facilities like tennis courts there.”
Ms. Yulo said the sports club is a component of Alphaland Makati Place, a mixed-use development rising at the corner of Ayala Avenue Extension and Malugay Street.
“It’s actually part of our residential development. When you buy a residential unit, it comes with a club share,” she explained.
“We haven’t formally launched selling activities for the club shares. Next month will be the first time that we’re launching the project to the public and first time selling activity will begin.”
Asked on the cost of the project, Ms. Yulo said it’s part of the P9-billion investment for the entire Makati Place. “The entire project, the Makati Place, consists of three residential towers and a six-storey podium which has a basement, a three-storey mall, and the City Club which is located in the fourth, fifth and sixth floors,” she said.
At the same time, Alphaland is still in talks with parties interested in Alphaland Tower, another property in Makati City, Ms. Yulo said when asked for developments on this project. Earlier this month, Alphaland said it was in talks with various firms, including Philippine Long Distance Telephone Co., for the sale of Alphaland Tower.
“We’re doing finishing touches on the tower. We’ve received a lot of offers for the tower -- both on the leasing and buying sides. We’re assessing all our options at this point,” she said, describing the parties concerned only as “mostly local companies.”
Alphaland Tower, located along Ayala Avenue in Makati City’s central business district, is a 34-storey building with a floor area of 48,000 square meters, according to the company’s Web site.
Alphaland shares lost P2 or 4.44% to close at P43 apiece yesterday from P45 each on Friday last week. Philippine financial markets were closed on Monday and Tuesday due to floods, and on Wednesday due to a public holiday -- Claire-Ann Marie C. Feliciano            
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