CEBU-BASED real estate developer AppleOne Group Inc. is preparing to go public but is still waiting for market conditions to improve, a top executive said last week.

"We are getting ourselves ready for an IPO (initial public offering) listing," AppleOne President and Chief Executive Officer Ray Go Manigsaca told The Manila Times.

Manigsaca, however, said they did not have a timetable yet as market conditions were currently unfavorable.

"Right now, we're okay. We're using our own funds. We have good relationships with the banks. We don't really need it right now. I think it's not the right time to list," he said.

The Philippine Stock Exchange Inc. defines an IPO listing as a capital-raising initiative of a private company via a share offering to public investors. The process includes the filing of application documents, evaluation by regulatory agencies, and the issuance of shares.

Manigsaca said he was optimistic about AppleOne's growth prospects this year, given the post-pandemic recovery in the property and tourism sectors and the continuing growth in the Visayas and Mindanao.

"We are bullish about 2024. It started showing also last year, wherein we had high occupancy [rates] in our hotels and similarly with the condo development," he added, noting that tourism-related projects had already topped pre-pandemic levels.

AppleOne has also allocated a higher capital expenditure budget this year to fund the ongoing development of its JW Marriott Panglao Island Resort and Residences in Bohol and an upcoming project in Cagayan de Oro.

"Although construction has already started [for JW Marriott], there are still a lot of project phases that we need to finalize," he said. "Investment is a targeted number, but as all of these plans... become more definite, we revise our investment expectations also."

The property developer is poised to open its 198-room Fairfield by Marriott Cebu Mactan within the year as part of efforts to respond to the region's growing demand for airport and business hotels.

AppleOne expects a shift in its tenant mix with the opening of the Cebu hotel as the company also plans to cater to retailers to boost its leasing business, Manigsaca said.

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