MANILA, Philippines - The property arm of tycoon John Gokongwei Jr. has set aside at least P6 billion for four new malls that will start commercial operations this year.
The development of new shopping centers will allow Robinsons Land Corp. (RLC) to breach the one million square meters (sqm) of net leasable area, its top executive said.
RLC’s Commercial Centers Division simultaneously launched yesterday the four new shopping centers located in Malolos, Bulacan; Santiago, Isabela; Roxas City and Butuan.
“Right now these markets have a growing consumer market and have remained underserved in the past couple of years,†RLC president Frederick Go told reporters.
Go said construction cost for the shopping malls, the first major shopping centers in their respective areas, will require a minimum investment of P6 billion.
Given the expansion program, RLC expects to end the year with 36 shopping malls. Net leasable area will grow 10 percent to one million sqm., Go said.
As of end-December last year, the Commercial Centers Division operates 32 shopping malls composed of seven malls in Metro Manila and 25 malls in other urban areas throughout the Philippines.
It plans seven new malls and two expansion projects in the next two years.
RLC, which is also into residential development and hotel operations, allotted P13 billion for its capital spending this year as it takes advantage of the property boom.