Rockwell Land mulls IPO

The planned initial public offering (IPO) of Lopez-controlled property firm Rockwell Land Corp. may take place either late this year or early 2009 depending on market conditions, a top company official said.

“If there’s a window later this year then we might do it this year. But we’re definitely considering doing an IPO for Rockwell, ”said Elpidio Ibanez, president of First Philippine Holdings Corp., the parent firm of Rockwell.

Rockwell is eyeing to raise around $100 million through the maiden offering of its shares to the public to fund the development of the Lopez Tower and The Grove, a mid-cost residential project in Pasig.

The Grove, which will rise on a five-hectare property formerly owned by General Milling Co. along C-5 in Ortigas, will have five high-rise residential towers and a small commercial component to be developed over five to seven years.

Estimated to cost about P12 billion, the project is slated for construction early next year with the initial phase costing P8 billion.

Rockwell will also need around P4 billion for the development of the 50-story Lopez Center, the last project in the Rockwell Center, a prime 15-hectare community with condominium projects, sports and leisure clubs, and a lifestyle shopping center.

The company is in talks with three to four locators for its planned call center building as part of a redevelopment plan for the property. 

The plan involves the construction of three office buildings and a residential enclave.

Rockwell Land is a joint venture among the Lopez-controlled firms Manila Electric Co. Benpres Holdings Corp. and First Philippine Holdings.