MANILA, May 27 (PNA) — Lopez-led Rockwell Land Corp. is almost doubling its capital expenditure budget this year to Php13 billion from last year’s Php8.7 billion, as it ramps up project launches to boost recurring income streams.
Chief financial officer Ellen Almodiel said the company will spend Php4.5 billion on the construction of office and retail properties which it will launch this July and August.
The two properties include 1.3-hectare lot in San Juan City and a one-hectare lot at the corner of United and Sheridan Streets in Mandaluyong City. Both are expected to add 68,000 square meters of leasable space to the company’s office and retail space portfolio.
These projects, RBC United and Retailscapes, are targeted for completion by 2017 and will cater primarily to the growing business process outsourcing (BPO) industry.
“The separate streams of residential, commercial, hotel and leisure, and provincial developments create larger opportunities for growth,” said president and chief executive officer Nestor Padilla during the company’s stockholders’ meeting.
Apart from these projects, Rockwell Land plans to launch at least seven more projects this year.
These are “the Vantage at Kapitolyo”, Rockwell’s subsidiary Rockwell Primaries’ first high-rise development; 8 Rockwell office building; Aruga at the Grove service apartments; the fifth tower of The Proscenium Residences; East Bay Residences in Muntinlupa; 32 Sanson residential project in Cebu; and the expansion of Power Plant Mall.
“As Phase 2 of 32 Sanson in Cebu will be launched in 2015, we are exploring other emerging cities where Rockwell Land can make its mark,” said Padilla.
Early this year, Rockwell Land already launched Stonewell in Sto. Tomas, an affordable and socialized housing segment, that allows the company to expand its footprint in Luzon.
Padilla said the company targets to increase the recurring revenues share to total revenues to 40 percent with completion of these projects and mall expansion, along with current projects. (PNA)