Lopez-led property arm eyes expansion prospects in Cebu

CEBU, Philippines - Following the announcement of its P2 billion investments in Cebu, Lopez-controlled property Development Company Rockwell Land Corporation is looking at expanding its foothold in Cebu’s real estate market.

“We are looking for opportunities to expand in Cebu,” said 32 Sanson General Manager Paolo Ernesto V. Reyes.

Although, Rockwell is now focusing on the completion of its flagship condominium project in Cebu called “32 Sanson” located in Lahug, Reyes said Cebu’s fertile market for real estate attracts more investments from big developers like Rockwell Land.

By the end of 2016, Rockwell will complete the five low-rise, five-story towers development to provide a total of 355 posh residential condominium units, located at the 3.2 hectare property in Lahug, acquired by Rockwell Land from a prominent family in Cebu.

This early, Reyes said the project has sold 10 percent of its expected condo inventories, and that he is confident that the company will be able to introduce more projects in the next few years.

The publicly-listed development company, Rockwell is known for its classy development projects in Manila, including the Rockwell Power Plant mall. However, he said the company has no clear plans of entering into retail development project in Cebu yet.

Reyes said the 32 Sanson project layout is designed to make an emphasis on Cebuano’s touch, condominium unit designs is expected to hit the discriminating, and elegant taste of the Cebuano market.

“Cebu is one of our ‘zoom’ cities for expansion. There’s always market for good products in Cebu,” he said referring to the building of more condominium projects by other giant developers in the country, including the new entrants of the real estate development sector.

Although, he said opportunities for real estate business are all over, owing to the good economic prospects of the Philippines, he said the company’s main focus now is on Cebu.

Rockwell Land was established in 1995. It is currently owned by Meralco (51 percent) and First Philippine Holdings (49 percent). 

In 2012, the company registered net income of  P1.1 billion, up by 23 percent from 2001.

The company booked P6.7 billion in revenues in 2012, up by 10 percent from year-ago level. The bulk came from residential development, which grew by 11 percent to P5.8 billion.

With bold ambition, Rockwell Land’s ground-breaking master plan transformed the lands of Meralco’s former thermal plant site into a high-end living environment now the Rockwell Center.

In 1995, the newest member of the Lopez Group simultaneously developed five high-rise luxury residential condominium—a move unheard of in the 1990’s.

With its entry in Cebu, although quite late compared to the presence of its closest competitors in the industry, the company is confident of the wider opportunities for growth in the province. (FREEMAN)