CEBU, Philippines - Robinsons Land Corp. (RLC) is planning to build 20 more malls in the Philippines in the next five years, two of which will be in Cebu province, a top official disclosed yesterday.
RLC President and Chief Operating Officer Frederick D. Go revealed the company is setting aside as much as P17 billion as capital expenditure for fiscal year 2016. The company's fiscal year starts in October.
Go, however, declined to specify how much the Gokongwei-led property firm is allocating for the mall network expansion in the next five years.
"Two out of the 20 malls will probably be in Cebu," Go told reporters. RLC opened yesterday its third mall in Cebu, the Robinsons Galleria, bringing the company's mall network nationwide to 41. The Galleria is RLC's third biggest in the Philippines and the biggest in Visayas and Mindanao.
RLC already acquired a 9-hectare property in Bogo City, northern Cebu for its next mall here, the official said, adding the firm has not yet identified the site for the planned fifth mall in Cebu.
The official could not yet give details about the timeline for the company's upcoming malls in Cebu.
The capital expenditure for next year will be allocated for the construction of malls, office and residential projects, Go said.
Go declined to elaborate on its maiden overseas venture in China when he was asked about it.
In the Philippines, he said the company is focusing its expansion in the provincial areas outside Metro Manila.
While Cebu has seen the sprouting of shopping centers in the metro area in recent years, Go believes that the Cebu market is "very huge".
"It takes time for the market to absorb the inventory. The population size here is big. The purchasing power is strong," the COO said.
Robinsons Land is part of JG Summit Holdings of the Gokongwei family who originated in Cebu. (FREEMAN)