MANILA, Philippines - Ongpin-led property developer Alphaland Corp. will jack up its capital spending this year to more than P5 billion to complete its existing projects.
The listed property firm is expanding its membership-only portfolio to cater to clients abroad, officials said yesterday.
“We are spending about P5.8 billion in capital expenditures this year. Last year we spent P4.4 billion,†said Marriana H. Yulo, chief finance officer of Alphaland.
“Most of our projects already have project financing lines. We are converting some of our short term loans like the P2-billion loans to a P3-billion project financing line,†Yulo said.
The bulk of the capital spending will be allotted to complete the three-tower, P9-billion
Alphaland Makati Place this year, said Alphaland president Mario Oreta.
The upscale property developer is also completing and expanding this year its Balesin Island Club in Quezon province.
Total budget for Balesin is already around P4 billion, up more than P300 million due to the additional 180 villas on top of the existing 120 villas, Yulo said.
Oreta said Balesin enjoys robust demand for its club shares.
To date, there are 770 shares sold for Balesin, which can sell as much as 7,000 club shares.
Oreta said in the next few months, Alphaland will start selling Balesin shares to clients in Hong Kong, Singapore and Japan.
In February, the Philippine Stock Exchange lifted the trading suspension for the shares of Alphaland, which finalized several transactions increasing its public float to 10.53 percent from 8.03 percent.
Alphaland is also building the Alphaland Marina Club, which forms part of the 32-hectare Bay City development that will be a mixed-use community.
Alphaland was incorporated in May 2007, with the Alphaland Southgate Tower and Mall at the corner of EDSA and Chino Roces Ave. in Makati City as its first completed project.