MANILA, Philippines – Upscale property developer Alphaland Corp., which is controlled by businessman Roberto Ongpin, has earmarked over P10 billion for capital expenditures this year, bulk of which will go to a mixed-use project in Makati City.
Alphaland President Mario Oreta said the company will spend P5 billion for Makati Place, comprised of 3 residential towers on top of a 6-storey podium with a shopping center, and a club for sports and leisure. The project is scheduled to be completed by 2014.
Oreta outlined other expenditure plans as follows with estimated costs:
- P2.5 billion for Marina Club, an ultramodern yacht club, scheduled to open at the end of 2013
- About P3 billion for Balesin Island Club, a luxury island resort and spa
Since the country’s premier business district is already highly developed and in demand, Alphaland is optimistic about its prospects in the area.
In the heart of Makati, the company will open its Alphaland Tower, the newest of the city’s 6 premium-grade office buildings.
Oreta said the P2.4-billion project is 50% complete. Given that Makati is a seller’s market, Oreta said “oversupply is not an issue.”
He said Alphaland expects more than P2 billion in net income in 2012. It booked a 55% jump in net income to P1.9 billion in 2011 from P1.2 billion in 2010. – Rappler.com