Meralco set to expand real estate business

MANILA, Philippines - Manila Electric Co. (Meralco) will aggressively expand its real estate business which generated P7 billion in sales in the first quarter of 2010.

In a report, Meralco chairman Manuel Lopez said the company will aggressively expand its real estate business, Rockwell Land Corp., “as we pursue growth opportunities for our service subsidiaries.”

Meralco is the country’s biggest power distributor with over four million customers in its franchise area.

Based on a report submitted to the Philippine Stock Exchange, Meralco said its real estate subsidiary, Rockwell Land, generated revenues of P7 billion, up 14 percent due to positive responses to new projects.

Meralco said the increase in sales was due to a number of buyers closing sales ahead of the anticipated price increase in condominium units under construction.

Lopez said revenues were recognized from the sales of Rockwell Land’s projects such as The Grove, Edades Tower and Garden Villas, plus the remaining units of One Rockwell.

Construction of One Rockwell is now 63 pecent complete as of end-March with December as the first hand-over date for units in the East Tower.

Rockwell Land also unveiled the model unit of Edades Tower and Garden Villas and the next towers of The Grove. The Grove offers affordable units with ingenious use of space while Edades Tower and Garden Villas in Makati offer different view of the cityscape concentrating the niche markets.

Meralco said retail sales at the Power Plant Mall during the quarter continued its run from the close of 2009 with fashion and cinema as the anchors.

“With our positive outlook come our uncompromising yet exciting growth strategies. Our projects remain unmatched and draw the traditions of art intertwined with our commitment to the environmental well-being of the community we build,” Nestor Padilla, Rockwell Land president and CEO, said.

The power firm said Rockwell remains focused on creating self-contained inner-city developments with retail spaces, office buildings and wellness centers.