MANILA, Philippines — Alphaland Corp., the upscale property developer chaired by tycoon Roberto V. Ongpin has plans to list in the stock market again, its incoming new president Dennis Valdes said.
Valdes, nephew of Ongpin, said his uncle has plans to relist the company again but it all depends on the timing in the market.
“Alphaland can re-list again and I think he (Ongpin) will. I think it makes sense if Alphaland relists in the stock market again,” Valdes told reporters last week.
In 2014, the Philippine Stock Exchange (PSE), operator of the bourse, removed Alphaland from the roster of listed companies in the stock market as penalty for supposedly violating disclosure requirements.
It was also banned from applying for relisting within five years after its delisting date. That ban expired in September last year, Valdes said.
On top of the delisting punishment, Alphaland has also been banned to apply for relisting within five years after its delisting date.
Its officials such as Ongpin, company president Mario Oreta and corporate secretary Rodolfo Ma. Ponferrada have also been disqualified “from becoming directors and executive officers in any company applying for listing with the PSE.”
Valdes, formerly president of listed gaming corporation PhilWeb Corp., has been named new president of Alphaland effective Feb. 1. He resigned from PhilWeb and will be succeeded by Brian Ng who is currently senior vice-president for gaming.
Despite being delisted from the PSE, Alphaland has continued to grow and is known for its successful upscale membership clubs, such as The City Club at Alphaland Makati Place and Alphaland Balesin Island Club.
Among its recent projects is The Alpha Suites, which is situated in the heart of Makati’s vibrant central business district,
The Alpha Suites, launched last year, is the city’s newest five-star serviced residences. It is located at the Alphaland Makati Place along Ayala Avenue Ext.
“The Alpha Suites is doing very well,” Valdes said.
Alphaland is also developing the Balesin Gateway, its next flagship project. Balesin Gateway is another resort that will be developed in the nearby Patnanungan Island. The company acquired more than 700 hectares on the island 22 nautical miles north of Balesin or just five minutes by Cessna.
It will have a full international airport to accommodate bigger planes carrying crazy rich Asians or the rest of the world’s well-heeled crowd.
For the Balesin Gateway, Alphaland plans to build an 18-hole golf course, a 300-room hotel and 500 beachfront and golf course homes, according to the company’s 2017 annual report. The project will take around three to four years to complete.