Rockwell Land to borrow P5 billion for 2024 expansion

MANILA, Philippines — Rockwell Land Corp. is gearing up for expansion as it beefs up its war chest.

In a stock exchange filing, the property company of the Lopez Group said its board approved a P5 billion term loan facility of up to seven years with Metropolitan Bank and Trust Co.

Rockwell Land will use the proceeds of the loan to fund capital expenditures, land acquisitions and other investments.

Rockwell Land spent a total of P11.5 billion for project and capital expenditures for the first nine months of 2023.

The company said the bulk of the expenditures pertained to land acquisitions and development costs, mainly that of The Arton, Mactan and Nara Residences.

Last year, Rockwell Land announced expansion plans of almost 200 hectares of development in Cebu, Bulacan and Batangas.

The company is into residential and commercial development, including cinema operations and hotel segment.

Commercial buildings in its portfolio include the Power Plant Mall, 8 Rockwell and Edades Serviced Apartments in Makati City, Santolan Town Plaza in San Juan, Metro Manila, Rockwell Business Center in Ortigas, Pasig and RBC Sheridan in Mandaluyong.

Its other retail spaces are found at several of the high-rise condominiums developed by the group.