FTC Group of Companies, the Davao-based developer of Aeon Towers, recently signed a landmark transaction with Altus Hospitality South, Inc, a joint venture hospitality investment company between Altus Capital Corporation and Private Equity capital, via a fund from Singapore.
The investment company is managed by Altus Capital Partners, an affiliate of the World Bank Group’s International Finance Corporation.
The deal involves the bulk purchase by the company of units at Aeon Towers, a new mixed-used residential and commercial tower, which at 33 floors is set to become the tallest skyscraper in Mindanao. Designed by Syndicated Architects Far East Associates with Ian Campbell and Associates as project and construction manager, Aeon Towers will boast a 144-key Hotel and 144- Residence serviced apartment (both operated by Altus Hospitality) coupled with a 197-room high-end residential condominium; over 2,000 sqm of prime retail space, and at over 1,000 sqm, the largest grand ballroom in Davao.
The investment is a sign of confidence by the international investment community in FTC Group of Companies, a Davao-grown firm with diverse business interests.
Aeon Towers is FTC Group’s initial venture into real estate development, with several projects already lined up in the pipeline for 2018 and beyond.
Altus Managing Director Pavan C. Gidwani said: “We are excited to partner with FTC Group of Companies in this landmark development for Davao.
We admire the integrity and vision the family has set-out to build and serve the community they have grown up with. It is an opportune time to be in Davao, and with this investment, Altus has secured a foothold to provide hospitality assets in the south of the country.
The Fund Director Jason Chen said: “We are proud to support the development and growth of FTC Group of Companies. The Aeon Towers project gives us a footprint in Davao, an exciting gateway to this part of the region, which has long history in trade and commerce. We see great opportunities in secondary cities, especially with businesses that will serve the wave of firms and individuals, both foreign and domestic that are looking to set up shop here.
FTC Group of Companies President and CEO Ian Y. Cruz said: “ “
Aeon Towers is scheduled for completion at the end of 2017, with the retail, hotel and service apartments expected to be opened to the public by June 2018.
About FTC Group of Companies
FTC Group of Companies is one of the most successful Dabawenyo-owned companies with diverse business interest in the city. It engaged into property development with Aeon Towers as its maiden venture and plans to expand further with more developments n the drawing board.
The Aeon Towers project is a 33-level mixed use high-rise development which, when completed, will be Mindanao’s tallest building. Its iconic design and state-of-the-art features make it an architectural masterpiece that’s going to redefine Davao City’s landscape.
About Altus Capital Partners
Altus Capital is an investment manager with an 11-year track record investing and advising structured finance and special situations transactions across Southeast Asia.
Through its partnership with a network of institutional investors, Altus has built an investment platform that span loan portfolios, hospitality real estate, affordable housing and single credits with over USD 250 million in assets under management to date.
The firm is managed by Altus Capital Partners, an affiliate of the World Bank Group’s International Finance Corporation. The firm employs 25 people with offices in Manila, Bangkok and Singapore.