MANILA, Philippines — Tycoon Roberto V. Ongpin is selling the assets of his Alphaland Southgate Tower property in Makati for P5 billion.
The Philippine Competition Commission (PCC), the government’s anti-trust agency, has given its greenlight to the proposed transaction in a decision dated March 12.
Alphaland Southgate Tower is one of the many projects of Alphaland Corp., the upscale property developer chaired by Ongpin.
According to the PCC decision, the buyer is League One Inc., a domestic corporation engaged in investing, developing, transferring and disposing real and personal properties.
The subject of the transaction is composed of two adjoining parcels of land with a total area of 9,497 square meters at Pasong Tamo Ext. cor. EDSA, Makati City and registered in the name of Alphaland Corp.
Also part of the transaction is a 19-storey building situated in the parcels of land with a total floor area of 76,976 sqm.
The transaction also includes various machinery installed and situated in the building.
“Considering that subject of the present acquisition is land and building, League One Inc. will not acquire control nor become a shareholder of Alphaland Southgate Tower,” PCC said in its decision.
In its decision approving the acquisition, the PCC said the “proposed acquisition by League One of assets of Alphaland will not likely result in substantial lessening of competition due to the existence of sufficient competitive constraints exerted by other players in the market for commercial real estate leasing in Makati City and Bonifacio Global City.”
“Accordingly, the Commission hereby resolved that it will take no further action with respect to the proposed acquisition by League One of assets of Alphaland,” PCC chairman Arsenio Balisacan said in the decision.
Alphaland Southgate opened in 2010 with the initial batch of tenants composed of companies within the group including Alphaland itself, PhilWeb Corp., ISM Communications and Atok-Big Wedge.
There were also other BPO players such as Teleperformance, Genie Technologies and Alorica, Alphaland said in its 2017 annual report.
By the end of 2011, the tower had reached full occupancy.
The tower is connected to the Alphaland Southgate Mall which has about 18,340 sqm of floor area on three levels.
Alphaland Corp.’s other projects include the Alphaland Makati Place also in Makati, the Alphaland Baguio Mountain Lodges, the Balesin Island Club, the City Club, the Aegle Wellness Center and the Balesin Gateway.