AppleOne revisits plan to go public
CEBU, Philippines — Bullish about the real estate business in Cebu and the Southern Philippine region, Apple One Properties Inc., is revisiting its plan to enter the Initial Public Offering (IPO).
AppleOne assistant vice-president for business development Ray Patrick Manigsaca said the company is now taking into consideration a possible IPO registration, although the planned expansion of the company can be well funded by internal inflow or financial institutions.
The company sets to spend an estimate of P8 billion for at least five mixed-use developments that will build two branded hotels to be situated in Mactan Island and Cebu City, announced AppleOne president Ray Go Manigsaca.
Manigsaca said the company is now negotiating with two branded hotel chains to manage the two hotels the company is building this year.
The planned mixed-use project in Mactan will be situates on a 7,500 square meter property.
According to Manigsaca the company is more bullish in Cebu, although some other neighboring provinces have also been showing good potential.
“The discussion of our IPO entry is ongoing. We are taking it into consideration. But as of now, there is no immediate need yet,” added Patrick.
The company expressed confidence of the property development industry, coupled with the hyper-growth of tourism. However, what remains to be a challenge is the availability of properties within and even outside of Cebu.
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