BIZ BUZZ: SMC, ALI seal ‘integration agreement’
Access to the expansive Arca South development of property giant Ayala Land Inc will get easier with the signing on Tuesday of the “integration agreement” by San Miguel Corp.’s (SMC) Ramon Ang and ALI vice chair Cezar Consing.
Under the agreement, on and off ramps into Arca South will be integrated into the South East Metro Manila Expressway Project, thus providing better connectivity between the Skyway and Arca South, which should see a further increase in its value with the improved access.
Arca South transforms a portion of the former Food Terminal Inc. into a 74-hectare integrated mixed-use development that includes residential as well as office and commercial areas. It will also host AC Health’s Healthway Cancer Care Hospital, the country’s first dedicated cancer care facility.
San Miguel, meanwhile, started work in 2018 on the toll road that is seen to dramatically cut travel time between Taguig City and the Batasan Complex to arund 35 minutes.
The 34-kilometer expressway, which is part of the Metro Manila C-6 Expressway project, is estimated to cost P45 billion and will eventually connect to the North Luzon Expressway, thus further decongesting choked major roads in Metro Manila.
DoubleDragon’s Nasdaq goal
DoubleDragon Corp.’s huge ambitions for Hotel101 are no secret, given its aggressive targets and breathless acquisition of properties in a growing number of international locations.
This week, it set a new goal for Hotel101’s planned overseas initial public offering (IPO) as it targeted a nearly P1 trillion ($17 billion) valuation for the condotel firm.
The property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong said it was in talks with select special purpose acquisition companies, which it said was a potentially faster route for expansion and IPO in the US Nasdaq Stock Exchange.
“We believe DoubleDragon’s Hotel101 is a truly pioneering asset light business model, which as far as we know, has never been done in any part of the world before”, said Sia, chair and CEO of DoubleDragon.
Hotel101 has already secured land sites in Los Angeles, California in the United States, Madrid, Spain and Niseko, Japan. It aims to be in 25 countries by 2026, which is in line with its it goal to derive 95 percent of its revenues from outside the Philippines.
The Nasdaq Stock Exchange is clearly pleased that this fast rising property group has chosen its exchange as the target listing venue.
It warmly congratulated Hotel101’s expansion in the US on the giant LED display on the iconic Nasdaq Tower in Times Square, New York City.