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MEGAWORLD Corp. told the Philippine Stock Exchange on Tuesday that
it bought out three units of Ayala Land Inc. (ALI) so the acquirer
can develop a property in Makati.
In a disclosure, Megaworld said it bought 100
percent equity shareholdings in the three ALI subsidiaries for P902
million on March 31.
In a telephone interview, Alfonso Reyes, ALI
spokesperson, said the subsidiaries sold to Megaworld are Stonehaven
Land Inc., Piedmont Property Ventures Inc. and Streamwood Property
Inc.
John Hao, Megaworld investor relations
officer, told The Times that Megaworld opted to buy the subsidiaries
that own the property along Valero and Dela Costa Sts. in Salcedo
Village, rather than buy the property alone. The property is
currently used as a public parking lot.
Upon development of the former Ayala property,
Megaworld said it would make provisions for public parking to
replace the existing facility.
Megaworld said it plans to construct a mixed-use
development on that site, which is near its One Center project
located at the junction of Sen. Gil Puyat Avenue Extension and Ayala
Avenue also in Salcedo Village. One Central used to be named The
Trumps before American property developer Donald Trump
threatened to take “immediate legal action” against Megaworld
for allegedly using his name without consent
One Central is a high-end residential project
touted to become the most expensive single-tower residential
condominium in the Makati Central Business District as it is
estimated to cost P5.5 billion to build. It was conceptualized and
executed by American design consultant Preben Kent and international
structural consultant Ove Arup + Partners. The tower will be covered
with glass from the top down while its lobby will be designed by
Gettys Chicago to carry a five-star hotel look, Megaworld said.
At end-September, the property firm said its
profit jumped 52 percent to P2.29 billion as real estate sales
continue to drive revenues, which grew 53 percent to P10.07 billion
year on year. During the nine-month period, real estate sales from
various residential projects went up 68 percent to P7.25 billion as
its mixed-use projects continue to be in high demand. Reservation
sales reached P14.25 billion, surpassing the full-year sales of
P10.3 billion in 2006.
Megaworld is developing McKinley Hill and
targets to finish at least two new business process outsourcing (BPO)
office buildings within a year. The firm is pouring P12 billion in
investments in McKinley Hill within the next few years to transform
it into a BPO hub. About P3 billion has already been allocated for
the project’s commercial component while another P18 billion was
allotted for development of residences, including McKinley Hill
Village.
-- Likha C. Cuevas-Miel
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