ROCKWELL Land Corp., the property-development arm of the Lopez family, said it plans to spend P14 billion for the year to complete its projects, mainly high-end developments.
This year’s capital expenditure (capex) is 16 percent higher than last year’s allocated spending of P12 billion.
The company said it will complete the Proscenium in Rockwell Center in Makati City this year and will start the turnover of the units in 2018.
“The development continues to exhibit strong sales performance, more than doubling our sales last year,” said Nestor Padilla, the company president and CEO.
The company is also constructing its first 200-room Aruga Hotel in Makati, hoping to open its doors to the public by 2019.
The company is set to announce new projects in the pipeline in the next few months, including its first resort development in Mactan, Cebu.
Padilla said they have a 5-hectare property with a 250-meter, white-sand beachfront. He declined to give the project cost of its development.
The firm is launching this July the first high-end condominium in Quezon City, The Arton, a three-tower high-rise development on 1.9 hectares of land.
Two commercial developments are set to open in the fourth quarter of this year—Santolan Town Plaza, its retail project in San Juan; and Rockwell Business Center-Sheridan, a two-tower office building serving as the next business address of traditional, business-process outsourcing companies in Mandaluyong City.
The Power Plant Mall expansion is also expected to be open by December in time for the holiday season. It will open over 50 new stores, two additional cinemas and a larger chapel.
For the first quarter of the year, the company reported a net income of P516 million, up by more than half from last year’s P342 million. Consolidated revenues reached P3.07 billion, also higher by half from last year’s P2.01 billion.
Some 84 percent of the revenues came from the sale of condominium units, including accretion of interest income.
Residential development, commercial development and its hotel segment contributed 64 percent, 33 percent and 3 percent, respectively, to the total earnings.