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THE
Lopez-led Rockwell Land Corp. is going public by the
first quarter of 2008.
In an
interview, Benpres Holdings Corp. president and chief
operating officer Angel S. Ong said the property
developer, popular for its Rockwell Center in Makati
City, has tapped Hong Kong-based investment banker CLSA
to underwrite the initial share sale.
He did
not elaborate on the IPO details, other than saying that
most likely the shares will be offered to both domestic
and foreign investors.
Rockwell
Land
is a joint venture among the Lopez-controlled firms,
namely, Manila Electric Co., which controls 51 percent
of the venture, Benpres with 24.5 percent, and First
Philippine Holdings Corp. with 24.5 percent.
Ong said
Benpres will sell its entire stake in Rockwell Land to
raise proceeds and help settle a $400-million loan
obligation with creditor-banks. He is not aware though
of the plans of the two other owners.
Rockwell
Land
is spending nearly P10 billion this year until 2011 for
various property development projects, including the
construction of a BPO office building in the Ortigas
area.
President Nestor Padilla told BusinessMirror earlier
they will allot P2 billion this year alone, bulk of
which will fund the continued development of its
residential towers within Rockwell Centre and the
construction of a BPO building near Medical City in
Ortigas.
The BPO
project is a part of redevelopment of the Meralco
property. The plan is to build three BPO buildings and a
residential enclave.
Building
the three BPO towers will require a total funding of
P1.5 billion. The budget for the residential enclave,
on the other hand, was not yet divulged. The plan was to
put a single tower with 25 to 30 floors.
The
company will also revisit a plan to develop the Lopez
Tower, which was up for construction just before the
regional financial crisis erupted in 1997.
“That is
a 60,000 square meter gross leasable landmark tower
that can house a 65-story building and I think the time
is right for us to revisit it. It will complete Rockwell
Center as a self-contained center complete with
residential, office, mall and school facilities,”
Padilla said.
The
development of the
Lopez
Tower
will cost the company between P3.5 to P4.5 billion. The
plan is to develop the upper half either as a hotel or
service apartments and the lower part as commercial and
office spaces.
“If we
start the development of the
Lopez
Tower
this year, it will take us four years to finish it,”
Padilla said.
Formed
in 1995,
Rockwell Land
is a real estate development company initially tasked to
develop prime residential and commercial land located
adjacent to the
Makati
central business district.
Its
flagship project, Rockwell Centre, is a living
environment integrating residential, office,
educational, entertainment and shopping into a
self-contained and exclusive community. It started
development in early 1996. It sits on a property, which
used to house a power plant owned by the Manila Electric
Co. |
