Upscale property developer Alphaland Corp. reported a net profit of P3.36 billion in the first half of the year, a three-fold increase from P781 million year-on-year.
Alphaland in a statement attributed the strong first-half performance to the brisk reservations for its Baguio Mountain Lodges Project and sales of the new Balesin Private Villa. The company also noted the strong performance in rental incomes from Alphaland Southgate Tower and Alphaland Corporate Tower.
Alphaland said it planned to introduce two- and three-bedroom lodges in its Baguio project to sustain the property firm’s growth momentum. The smaller lodges will sell for half of the price of the current large four-, five- and six-bedroom units.
Alphaland expects stronger sales in the second half of the year.
Alphaland is building four more Balesin private villas, which will be for sale to large corporations as incentive for their customers. The private villas will be completed before the end of the year.
Alphaland early this year launched a 250-room luxury serviced apartments project, The Alpha Suites. In just three months, it has already contributed to the company’s profitability.
The company’s office development, Alphaland Corporate Tower at Makati Place, consisting of 27,000 square meters, is now fully leased.
Alphaland reported a strong balance sheet, with debt just 8.6 percent against equity of 91.4 percent, the opposite of most property development companies.
The equity of Alphaland as of the end of June 2018 was P64.7 billion.
Alphaland said it was evaluating a number of foreign investors, principally from Thailand and China, interested in Alphaland. No investment agreement has been signed yet.
