Alphaland allots P4.8 billion for seven projects this year
UPSCALE property firm Alphaland Corp. is ramping up its spending this year by nearly 10% versus the previous year, allotting roughly P4.8 billion to bankroll the ongoing construction of seven projects currently in various stages of completion, company officials said yesterday.
“We’re spending about P4.8 billion this year in capital expenditures. Last year we spent P4.4 [billion], so it’s slightly higher,” Marriana H. Yulo, Alphaland chief finance officer, told reporters following the company’s annual stockholders’ meeting at Alphaland Southgate Mall in Makati when asked about the firm’s spending plans this year.
“Bulk of that will be for Makati Place because we want to finish the three towers already,” Mario A. Oreta, Alphaland president, added in a separate interview.
Mr. Oreta was referring to Alphaland Makati Place, a mixed-use tower located on a one-hectare lot on the corner of Ayala Avenue Extension and Malugay Street in Makati.
The project is comprised of three residential towers atop a six-level podium (opening next year) as well as a shopping center, and a two-hectare City Club (both opening in the second half).
Aside from Makati Place, Ms. Yulo said Alphaland plans to spend on the ongoing construction of:
• Alphaland Tower, a 34-level office building along Ayala Avenue in Makati City with a gross floor area of 67,909 square meters;
• Alphaland Bay City, a 32-hectare mixed-use development within Aseana Business Park in Parañaque, which is home to Alphaland Marina Club (opening in May next year) a yacht club capable of serving 300 vessels, including several yachts;
• Alphaland Southgate Tower, a 20-storey office tower atop a six-storey podium at the corner of Epifanio de los Santos and Chino Roces Avenues in Makati City;
• Alphaland Balesin Island Club, a 409-hectare resort on Balesin Island in Polillo, Quezon consisting of 288 villas housed among seven villages, five of which are already completed (Balesin, Bali, Mykonos, Phuket, and St. Tropez), with the two others, Costa del Sol and Toscana, set to be completed by the second quarter;
• Alphaland Boracay Gateway Country Club, a 500-hectare mixed-use resort complex in Aklan consisting of a polo and country club near Caticlan International Airport; and
• Shangri-La at The Fort, a 577-room, five-star, mixed-use hotel development located on the corner of 5th Avenue and 30th Street in Bonifacio Global City’s premier West Super Block zone, set to open in June next year.
Alphaland, formerly Macondray Plastics, Inc., was incorporated in 1990 as Agro Plastics, Inc. as a plastics manufacturing company. It assumed its current name and primary business in 2010.
Alphaland is a joint venture between London-based private equity fund Ashmore Investment Management Ltd. and Ongpin-led RVO Capital Ventures Corp.
Aside from developments in Aklan, Makati, and Manila, Alphaland holds three parcels of land totaling 300,000 square meters in Silang, Cavite, owned by ADI that are reserved for future development.
Alphaland realized a full-year net income of P2.02 billion last year, a record figure, up 4.12% from P1.94 billion in 2011 as higher occupancy levels of the firm’s leasable areas boosted its top line.
Revenues, consisting mostly of rent, climbed by nearly a third to P530.92 million from P413.02 million.
Costs and expenses, mostly from utilities and rent, grew by 38.82% to P425.94 million in 2012 from P306.84 million in 2011.
Alphaland’s asset base grew 54% in 2012 to P52 billion, an increase of P18.2 billion in 2011.
Shares of Alphaland fell by 10 centavos or 0.43% to P22.90 apiece yesterday from P23 last Monday.