Alphaland Corp to invest P11 billion in property development

Alphaland Corp., a high-end property developer is investing P11 billion in property development projects over the next three years to take advantage of the economic and tourism boom.

The company, known for creating “destination” projects, is spending P4.5 billion this year for an island tourism resort getaway, an office tower, and retailand club complex in the premier business district.

It will build more projects worth P6.6 billion in the next two years, including a bayside complex with hotel, condominiums and marina. The company invested P4.5 billion last year to jumpstart some of the developments.

“This is just the start,” Atty. Mario Oreta, president of Alphaland Corp., told guests at the Asia CEO Forum.. “We’ve gone along way but still have a long way to go,”
said Oreta.

Alphaland is expected to finish the P3-billion Balesin Island development in Quezon province this year. The 500-hectare property, acquired two years ago, incorporates six resorts named after famous Asian beach sites on one side, and three European-inspired resorts on the other.

The island will have spa and equestrian centers, a 1,500meter-long airstrip touted the “best in the Philippines” and can accept narrow-bodied Airbus jets. A clubhouse has already been constructed.

Also to be completed is the podium of of the residential three-tower Alphaland Makati Place that will have five levels of parking, three levels of high-end mall and a city club catering to middle executives. Scheduled for completion is the Alphaland Makati Tower on Ayala Avenue, which will have an iconic design and is likely to be the “prettiest building” on that stretch.

In 2014, Alphaland will start work on its 32-hectare Marina and Bay City project located between Mall of Asia and Pagcor Entertainment City. It will build first aworld-class 2.5-billion-peso marina that will have 20 yachts for free use to members.

By 2015, the company expects the completion of Shangri-La Hotel at Bonifacio Global City where it has a 20-percent stake. The hotel will be the Shangri-La Group’s fully ownedproperty in the country. Others in the pipeline include the Alphaland Boracay Getaway, a 500-hectare estate development near the airport at Caticlan, Aklan.

Founded in 2007, Alphaland is a joint venture between businessman Roberto “Bobby”Ongpin, Forbes’s 9th richest Filipino last year, and London-based privatee quity firm Ashmore Group, which has more than $65 billion of funds under management. Its first project is the 20-story Alphaland Southgate Tower on Edsa, an unfinished structure that the company has transformed into a modern building now a hub for call centers and outsourcing companies, and a retail and commercial center.

Oreta told the breakfast forum that seeks to highlight the Philippines as a viable business destination: “Are we going too fast? Yes. Are we non-corformist? Yes. Are we headed for a spectacular fall? I don’t think so. We have the resources and the passion.”

Oreta, along-time friend and former lawyer of Ongpin, trade minister for seven years under President Marcos, said Alphaland’s projects speak of the quality of hi sboss. “He’s demanding and a slave driver, but he is brilliant,” he said. “He is very controversial because he is very successful. The onlyway to stay with him is to be passionate.”