MANILA, Philippines - Robinsons Land Corp. (RLC) has allocated P16 to P17-billion capital expenditures next year as it continues to expand its footprint around the country, said Frederick Go, RLC president and chief operating officer.
This is higher than the P15 billion the company allotted for this year.
“Funding will come from debt and internally generated funds,” he said, noting the company’s recurring income from rent has been robust and continues to increase.
“The bulk of income is from our recurring income so we have healthy generated cash flow and then debt,” Go said.
Last week, RLC formally launched the 4.7-hectare Robinsons Galleria Cebu, the company’s third biggest mall in the country and the biggest outside Metro Manila.
Located at the thriving growth area of Gen. Maxilom Avenue, Robinsons Galleria Cebu is RLC’s 41st mall.
It has four commercial levels, with over 300 international, regional and popular brands and six cinemas including two 3D cinemas with a total seating capacity of 1,774.
Robinsons Galleria Cebu is the company’s third mall in the province after Robinsons Place Cebu and Robinsons Cybergate, which are both located along the Fuente Osmeña area.
Next year, the company is scheduled to open at least three malls including Robinsons in Tagum, Davao Del Norte in March; Robinsons Place General Trias Cavite in April; and Robinsons Place in Jaro, Iloilo in June.
Robinsons Place Tagum will have a total gross floor area of 65,800 square meters, of which about 60 percent or 34,439 sqm will be for lease to over 300 tenants while Robinsons Place Gen. Trias will consist of a three-level commercial building, 56,900 sqm of floor area and 33,669.06 sqm of leasable space
Robinsons Place Jaro, meanwhile, will have a gross leasable area of about 23,074 sqm that can house about 250 tenants.
In all, Go said the company hopes to add 20 more malls in the next five years to be built around the country.
Outside the Philippines, RLC is looking at developing its property in Chengu, China as a residential project with a commercial component.