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Alliance closes deal with Star Cruises

Posted on July 14, 2008

ALLIANCE Global Group Inc. (AGI) is expected to close its joint venture deal with the world’s third-largest cruise operator Star Cruises Ltd. this month.

The deal involves AGI’s $1-billion investment in the ambitious Bagong Nayong Pilipino Manila Bay Tourism City project of the government.

“We will close the deal with Star Cruises this month and we expect to take a majority stake in the partnership,” said Andrew Tan, AGI chairman, in an interview Friday.

AGI has spun off Travellers International Hotel Group Inc. as the vehicle to undertake the planned hotel and casino project within the Tourism City. Star Cruises made an offer to invest in Travellers.

Both companies are in the process of attending to investment precedents including the conduct of due diligence and the negotiation of definitive legal agreement.

Travellers has secured last month from the Philippine Amusement Gaming Corp. (Pagcor) a provisional license related to its application to build a $1-billion integrated leisure and resort development with the Tourism City.

Part of the plan is to build hotels with minimum of 1,500 rooms spread out over several phases of development. A casino will also be put up within the hotel complex.

In another development, Megaworld Corp. has signed a memorandum of agreement with Korean marketing firms MSH Inc. and Philseoul Inc. to promote The Venice Luxury Residences, its fifth high-end residential condominium enclave within the 50-hectare McKinley Hill township project in Fort Bonifacio.

The newest project will occupy a 2.1-hectare lot and consists of seven towers with an estimated value of P12.5 billion.

The company said construction of the first tower is targeted to start in 2009. The whole project is set for completion in the next five to seven years. Megaworld said its Korean marketing partners have already attracted buyers from Korea for The Venice.

“We have already received commitments for about 900 units with presales worth P6 billion,” said Megaworld first vice president for marketing Noli Hernandez.

The average unit prices for the 31-story development are P3.6 million for a 40.3-square meter (sq.m.) studio-type room; P6 million for a 66.4-sq. m. 1-bedroom; P9.5 million for a 102.6-sq. m. 2-bedroom; and P11 million for a 3-bedroom unit with floor area of 119.5 sq. m.

Article source: Business Mirror
by: Honey Madrilejos - Reyes

photo from: Flickr (jazzpic)

» Filed Under Real Estate News

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