A GROUP LED BY FORMER TRADE MINISTER Roberto V. Ongpin is set to infuse P12.7 billion worth of prime property into newly acquired Macondray Plastics Inc. in line with the backdoor listing of property unit Alphaland Development Inc.

The trading suspension on Macondray is expected to be lifted Wednesday by the Philippine Stock Exchange today following the submission by the company Tuesday of a comprehensive disclosure on the proposed backdoor listing of Alphaland.

The new board of Macondray, led by Ongpin, passed a resolution to change the corporate name of the company to Alphaland Corp. to reflect the new diversified thrust of the company and in accordance with the entry of Ongpin's group.

Effectively, Alphaland is 60-percent owned by Ongpin and Eric Recto through Masrickstar Corp., Boerstar Corp. and Azurestar Corp., while the remaining 40 percent is owned by Alphaland Holdings (Singapore) Pte. Ltd. of the Ashmore Group.

Macondray is seen benefiting from Alphaland’s existing projects, namely: Alphaland Southgate Tower and Mall, The Alphaland Tower, Alphaland Bay City, Alphaland Makati Place and Shangri-La at the Fort. The P12.7 billion estimated value of the assets, on which a share-swap agreement was based, represented Alphaland's total assets as of end-September, based on the disclosure.

Alphaland Southgate Tower and Mall, located at the corner of Edsa and Pasong Tamo in Makati City, consists of the Southgate Tower, a 20-storey modern structure clad in a glass curtain wall and the Southgate Mall, a six-storey podium that will house retail and casual dining establishments. The Southgate Tower will have a total of office space of 40,000 square meters and 18,000 square meters of commercial space. This project was launched in August.

Alphaland Makati Place occupies a one-hectare property at the end of Ayala Avenue, the main thoroughfare of the Makati central business district. It is a four-storey podium mall interspersed with park areas and several high-end residential and office towers.

In the meantime, Alphaland Bay City is located at the Aseana Business Park in Parañaque City. With more than 32 hectares along Manila Bay, Alphaland Bay City is envisioned to have a world class marina and yacht club as its centerpiece, surrounded by a sweeping boardwalk lined by outdoor cafés and boutiques, overlooked by five-star hotels. Low-rise commercial buildings will be backed by medium rise residential buildings then by high-rise skyscrapers.

Alphaland also has a 25-percent in Shangri-La at the Fort. With over 60 floors, the building is destined to become a Manila landmark. The mixed-use business, residential and retail tower will be located within the fast developing Taguig business district.