MANILA, Philippines—Alphaland Corp., the property firm led by former Trade Minister Roberto V. Ongpin, has teamed up with a unit of Prudentialife Group to develop a 500-hectare property in Aklan into a master-planned resort community.
The project, which will consist of residential and commercial developments anchored on a polo and country club, will be called “Alphaland Boracay Gateway,” the property firm disclosed to the Philippine Stock Exchange.
This is designed to be a fully integrated leisure township development with a wide range of components including hotel and other tourist accommodation facilities; water sports and other recreational facilities; and top-of-the-line homesteads.
The adjacent Caticlan airport is being redeveloped by San Miguel Corp., where Ongpin is also a director and key stockholder.
Alphaland signed a development agreement with Akean Resorts Corp. (ARC), an affiliate of the Prudentialife group led by Ambassador Francisco Alba, to develop the land located at the Nabas and Malay municipalities in Aklan.
“The parties have agreed that ARC will contribute the property while Alphaland will provide the necessary funding, equipment, materials, supplies, development-work expertise, management, labor, supervision and related undertakings to develop and transform the property into the project,” the disclosure said.
The agreement includes the acquisition by Alphaland of additional parcels of land in the area, if required by the project.
The Prudentialife group has interests in pre-need, memorial plans, healthcare, financial services, nonlifeinsurance, real estate, and travel and leisure businesses.
In the meantime, Alphaland said in a separate disclosure to the stock exchange that it had authorized the issuance of about 8.9 million common shares from the unissued portion of its authorized capital stock to Noble Care Management Corp. at P10 per share. This is in connection with the consolidation of its ownership in Alphaland Makati Place Inc.
This resulted in an increase in the issued and outstanding shares of Alphaland to 1.43 billion in end-November from 1.42 billion shares in end-October.
Alphaland, a partnership between Ongpin, Eric Recto and the Ashmore group, holds a property portfolio that includes Alphaland Southgate Tower at the corner of EDSA and Pasong Tamo in Makati; Alphaland Makati Place and Alphaland Ayala Tower along Ayala Avenue; Alphaland Bay City along Macapagal Avenue; and Shangri-La at Fort Bonifacio Global City.
The company gained backdoor listing access to the PSE through Macondray Plastics Inc.
Source: Philippine Daily Inquirer
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