Robinsons Land sets P5-B capex this year

Robinsons Land Corp., the property development arm of the Gokongwei group, will be spending close to P5 billion for its projects this year, a top company official said.

RLC president James Go said their capital expenditures will be channelled into the constructions and development of major undertaking that include six mall complexes, three high-rise buildings, and a chain of wholesale supermarkets, convenience stores, and housing communities.

Go spoke during the launch of the company’s latest high-rise project, the 33-story Galleria Regency in Ortigas, a P1.8-billion project that combines a luxury hotel and a high-end residential condominium set to open next year.

Despite a difficult economic environment and a slump in real estate last year, RLC still embarked on a P2-billion capital spending program to jumpstart its new ventures – particularly the Big R Hypermart and the Mini-Stop convenience store chain – as well as sustain the development of its malls, commercial buildings and low-to-medium-cost housing units.

Unlike other property companies, RLC improved on its profitability as its net income rose a significant 17 percent to P674 million for its fiscal year ending September 2000. Leading the growth in revenues and income were the rentals and leases from the commercial centers, high-rise building occupancy, and take-up of housing units.

Aside from the Galleria Regency, other prime projects in the works are the 37-story JG Summit Center office condominium in Ayala; the 38-story twin tower residential condominium in Ermita; Bloomfields, a mid-range residential subdivision in Novaliches; and six Robinsons Malls – San Fernando, Pampanga; Pasig, Iloilo, Novaliches, Lipa, Batangas; and Sta. Rosa, Laguna.

Its housing projects under Robinsons Homes and Trion Homes, on the other hand, include Antipolo, Dasmariñas, Cavite; Gen. Trias, Cavite; Davao City; Tanza, Cavite and Quezon City. – Conrado Diaz Jr.