Andrew Tan’s listed holding company Alliance Global Group Inc. (AGI) is setting aside P65B to property conglomerate Megaworld from its P96.7B capital expenditures for continued business development this year.
According to AGI’s executive director Kingson U. Sian in an interview after the firm’s stockholders’conference, the real estate giant is hitting a whopping P90B to P95B reservation sales for this year alone, exceeding the supposed P85B target posted earlier in 2015.
“We are on slightly ahead of the reservation sales target because first half reservation sales stood at P48 billion,” Sian said.
Megaworld group houses some of the biggest real estate firms in Metro Manila, namely Empire East, Global Estate Resorts and Suntrust.
Apart from AGI’s biggest-selling enterprise, Sian is also allotting P21B to liquor firm Emperador Inc., which ranks second to Megaworld in AGI’s list of major subsidiaries.
Emperador is set to launch next month Andy Player whisky’s return to the liquor stands after a 25-year absence in the market.
Two other companies have also been listed – casino and resort developer Travellers International Hotel Group Inc. (P8B) and restaurant service firm Golden Arches Development Corp. (P2.7B).
Travellers Group is expecting to have 5,000 hotel rooms by 2020, of which 4,200 will be located in Resorts World Manila and the additional 8,000 will be put up in Westside City Resorts World (formerly Bayshore City) in PAGCOR Entertainment City.
On the other hand, Golden Arches, the local franchise holder of fast-food chain McDonald’s, delays its 500th outlet by year-end and will instead achieve the target in the first half of 2016.
“We will likely end the year with about 480 stores,” Sian said.
There are over 464 McDonald’s branches nationwide as of June 2015.
When asked about the holdings company’s future, Tan is nothing but hopeful for AGI’s preparations to meet its long-term growth.
“We look forward with utmost confidence and optimism that the years ahead will bring us to a new level of growth on a global scale. We are leveraging on a significant measure of success to pursue greater goals, made more reassuring by a highly consumer-centric portfolio, contributing to the country’s economy,” Tan said.