Alphaland investing P2.5B in yacht club

Upscale property developer Alphaland Corp. is investing P2.5 billion in an “ultra-modern” yacht club, which is scheduled to open at the end of 2013 in the company’s 32-hectare bayside property in Parañaque.

The Marina Club is the centerpiece of Alphaland Bay City, envisioned as a premium business and residential district, which is located between SM Mall of Asia and the upcoming Pagcor City.

Alphaland president Mario Oreta told the company’s stockholders in their annual meeting on Friday that this club—master-planned by Hok, the planner for the Dubai Yacht Club—would be the “most modern and most advanced yacht club in this part of the world.”

He said the company would start this year the construction of the breakwater, which would cost P1 billion. The whole club was estimated to cost P2.5 billion, excluding the cost of development of the rest of the 32-hectare property.

The plan is to open the marina first before starting development of the rest of the property. The Marina Bay project is headed by Apa Ongpin.

A unique feature of Alphaland’s proposed marina club is that members need not own a boat. All members will be issued points yearly, which they can use to charter boats in the club fleet, and enjoy the nautical lifestyle without maintenance and administration headaches.

But for people who already own boats, the basin will have room for about 220 boats of all sizes. All berths can be reached on foot.

Members of the marina club and their dependents will have exclusive access to all the amenities, including the swimming pool, spa, beauty salon, barber shop, gameroom, playroom, screening room, karaoke lounges and a fitness center. It will also have large banquet-style restaurants and bars, plus a pool with a bar and lounge.

Alphaland is also undertaking a 500-hectare development called “Alphaland Boracay Gateway” adjacent to the Caticlan airport.

“It is an estate development centered around a polo club,” Oreta said.

“We’ve finished the master plan. We’re already paving the road and doing polo field next year. We’ll see a lot of action there toward the summer when the season peaks in Boracay,” said Alphaland chief finance officer Hannah Yulo.

An initial 200-hectare development in this Boracay project, Yulo estimated, would cost P3 billion.

During the stockholders’ meeting, Oreta also reported the following:

— Alphaland Southgate Tower along EDSA is now 100-percent occupied and “extremely profitable.”

— Tropical island-resort club Balesin in Quezon will be 100 percent finished this year.

— The Shangri-La at the Fort has been completed, with top-off to be held by 2014 and soft opening slated for 2015.