Alphaland allots P11 billion for Makati City developments
ANOTHER PROPERTY firm, this time Alphaland Corp., is looking to complete multi-billion plans to increase its presence in Makati City this year despite the lure of less saturated business districts elsewhere.
The Ongpin-led firm said it is spending P11 billion to complete two high-rise projects in the financial capital to serve robust demand, officials said at a briefing.
“While there has certainly been exciting growth in the country’s other business and residential districts, the numbers show that Makati is still undisputed when it comes to real estate,” Mario A. Oreta, Alphaland president, said in a statement yesterday, citing a Colliers International study which forecast a a 6.63% rise in office rent in the Makati CBD and a 4.5% hike in high-end residential rent in the fourth quarter versus year-ago levels.
Last month, property giant Ayala Land, Inc. said it was spending P60 billion in a bid to develop six new districts in Makati City’s CBD.
“The city offers many high-value properties for business, residence, and leisure that other cities have yet to match in terms of supply and demand,” Mr. Oreta added.
“The year 2012 will be a very busy year for Alphaland Corporation as we focus to complete by yearend three of our projects,” a financial statement further showed, referring to ongoing Alphaland Tower, Makati Place both in the city and the Balesin Island project in Quezon Province.
The company is spending P3 billion on a premier office development on Ayala Ave. dubbed Alphaland Tower, which is slated for completion in December. The turnover of units is slated for January 2013.
Construction of the building has already reached the 25th floor as of March, according to Michelle S. Ongpin, Alphaland senior vice-president for corporate communications.
The remaining P8 billion is meanwhile being spent on the two-tower condominium dubbed Makati Place along Ayala Ave. Extension.
The company expects to turn over units by December. Within Makati Place, Alphaland is also planning to build a third tower that will house a hotel likely to be completed in 2014.
“We have a lot of parties interested in the operation of the hotel, but we have not signed up anyone yet. It will either have high-end suites or serviced apartments, we’re not yet sure,” Ms. Ongpin said.
The company’s tourism project, the 414-hectare Alphaland Balesin Island Club in Quezon province, is also on-track for its full opening in July after a soft launch last April.
Alphaland shares rose by 0.34% to P29.30 yesterday from its previous close.