Time to amend the 60-40 rule
Former Trade Minister Roberto “Bobby” Ongpin continues to amaze me. He is not new to controversies. Still, he remains bullish about the economy —despite the efforts of some quarters to throw the kitchen sink—even the toilet bowl!—at him.
Despite the controversies he is facing, Ongpin has embarked on property development with Alphaland, of which he is chairman, with Eric Recto as vice chairman and Mario “Babes” Oreta as president. They have with them a team of professionals focusing only on high-end, top-of-the line projects.
They have entered into a joint venture with the Ashmore Group, a private equity fund based in London, managing funds of about $60 billion.
Alphaland is unique in the sense that it fulfills its commitment to the market on time—and even ahead of time.
After acquiring the abandoned Carding Silverio building at the corner of Edsa and Pasong Tamo in Makati, Ongpin transformed the area into a thriving business community called Alphaland Southgate.
And then, there is now the Alphaland Makati Place at the Makati Central Business District. This is located on a prime one-hectare property along Ayala Avenue. It is a business, residential and commercial complex complete with a shopping center, a world-class sports and leisure club called City Club which will open its doors to members and guests in February. This will make the The Tower Club at the Philamlife Building along Paseo de Roxas looking like a sari-sari store.
And, of course, there is Bobby’s signature development—Balesin Island, with seven kilometers of white-sand beaches. It is 35 kilometers off the eastern coast of Luzon, and 25 minutes by plane from Manila. I have been there and I can say that it is paradise on earth.
Thursday last week, the Alphaland Marina Club was launched—the centerpiece of the Alphaland Bay City, a 32-hectare community close to the Mall of Asia and Pagcor’s Entertainment City. You don’t have to own a yacht to enjoy the club. There will be a fleet for rent to sea lovers.
Truly, Bobby Ongpin is my kind of businessman!