New luxury hotel, malls in AGI’s P59-B plan
Alliance Global Group Inc. (AGI) is spending P59 billion this year to build a new luxury hotel at Newport World Resorts, integrated resorts in popular tourist destinations and more office spaces outside Metro Manila.
In a statement on Thursday, the holding company of tycoon Andrew Tan said P50 billion of the budget would go to property development arm Megaworld Corp.
The township developer is set to construct offices, spread out over 139,000 square meters (sq m) of gross leasable area (GLA), in Iloilo, Bacolod, Davao, Pampanga and Bulacan.
It will also build lifestyle malls in Boracay, Bacolod, Pampanga, Cavite, Rizal and Metro Manila, expanding its mall GLA by over 151,000 sq m.
The company is also constructing new hotels in Metro Manila, Pampanga, Palawan, Bacolod, Iloilo and Boracay, in addition to venues catering to meetings, incentives, conferences and exhibitions.
Travellers International Hotel Group was allocated P5 billion to develop The Narra Palm Hotel and Villa in Newport World Resorts complex. The luxury hotel will have 157 suites and villas and private gaming suites for VIP guests.
The company also wants to build new integrated resort projects in Boracay Newcoast, The Mactan Newtown and Westside City commercial complex.
“We believe there exists a lot of opportunities here and across the globe where our business can grow, especially in the areas of consumer, real estate, leisure and tourism spaces where we have built-in competitive advantages,” AGI CEO Kevin Tan said.
“Our capital investments are expected to continue to focus on market expansions and strengthening our operational capacities,” he added.
Meanwhile, the group earmarked P4 billion for liquor brand Emperador to fund the expansion of its whiskey operations and double the production capacity of The Dalmore Distillery.
In the first quarter, AGI grew its core net income by 14 percent to P7.5 billion, supported by consolidated revenues that inched up by 3 percent to P51.9 billion.
