ROBINSONS Land Corp. (RLC) is building a township project in Quezon City, as it expands its residential, office, commercial and hotel businesses.
On the sidelines of the Gokongwei-owned company’s annual stockholders’ meeting, RLC President Frederick Go said the company is investing P30 billion for the development of the mixed-use project called Bridgetown Business Park.
Construction of the first office building will start before the second half of the year, Go said.
He declined to identify the specific location of the project, but said it will be situated along the C-5 area. Last year RLC acquired a 2-hectare property in Libis, Quezon City, from Republic Glass Holdings Corp.
Go said RLC is keeping a conservative stance on the residential segment, but has rolled out new projects valued at P8 billion under its Robinsons Residences and Robinsons Homes brands in the fiscal year ending 2013.
Sales take-up rose 62 percent to P3.84 billion in the first half of the current fiscal year from P2.37 billion in the same period last year.
“We will continue to take advantage of the upswing in our residential business as we capitalize on the growth prospects of the Philippine economy. Aside from the increased supply and competition in vertical developments, we have seen changes in the competitive landscape in the past year with more developers offering minimal equity payment requirements and aggressive financing schemes to their buyers,” Go said.
As of fiscal year 2012, RLC has a land bank of 560 hectares, enough to support four to five years of development.
For the commercial centers division, RLC will open new malls in Capiz, Agusan del Norte and Bulacan, as well as expand its shopping center in Iloilo. By the end of the calendar year, RLC’s total leasable space will increase by a tenth to 1 million square meters.
The property developer will complete the construction this year of Cyberscape Alpha and Cyberscape Beta in Ortigas, which will have 40,000 square meters of leasable space.
RLC is launching three new Go Hotels in Cyberscape Alpha in Ortigas, Robinsons Otis in Manila and in Iloilo, bringing its budget hotel network to eight. It is also evaluating three opportunities for the expansion of its boutique hotel brand Summit Hotels.
Go said the company inked a deal with a franchisee for a 100-room Go Hotel in Davao City. RLC reported that its net income attributable to equity holders inched up 3.8 percent to P1.2 billion in the first three months of its fiscal year 2013. Revenues hit P3.73 billion with the commercial centers division accounting for nearly half of gross revenues or P1.8 billion, for a 9.4-percent year-on-year growth.
The property developer is hiking its capital spending to P13 billion in the current fiscal year to bankroll land acquisition and construction.