Robinsons Land To Launch Php16-B Residential Projects, 4 Malls In 2016

Robinsons Land Corp., the property arm of conglomerate JG Summit Holdings Inc., will launch up to Php16 billion worth of residential projects this year, as it expands all business segments with a goal to double its income until 2019.

“We are bullish about everything, we are expanding all our businesses… In residential (segment), we are cautiously optimistic. But this year, we are very excited because we have a lot of projects that we can launch,” RLC President and Chief Operating Officer Frederick Go told reporters.

Go said this year’s launches include the Php6-billion project called Westin Residences in Ortigas Center.

In the first quarter of 2016, residential project launches are those located in Cebu City, Pasig City, Mandaluyong City and Negros Occidental, he said.

“We believe we can help (address) the housing backlog (in the country)… I think not just the backlog (because) there are more buyers, there is a lot of demand,” he added.

RLC’s other businesses are shopping malls, hotels and office buildings.

In shopping malls business, Go also bared plan to open 12 malls and expand four existing malls over the next three years until 2018 in a bid to increase gross leasable area (GLA) by 10 percent per year.

“We build three to four (malls) a year. We have 41 now, so by 2019, we should have roughly 53 to 57 malls,” he said.

“The mall story really is about consumer spending which is basically driving the growth of the country. Most of the consumption is believed to be driven by the overseas Filipino workers remittances, the growth of the BPO (business process outsourcing) industry. But there’s also the general economy which is doing well so there’s more consumer spending,” he added.

Go stressed they also continue looking for properties nationwide to build on future malls.

Further, Go said the company is also boosting its hotels portfolio with the opening of eight new hotels from 2016 to 2018.

These are Go Hotels in Davao, Iligan, Naga and Tuguegarao; and Summit Hotels in Cebu, Tacloban and Naga.

Go said it would also construct four office buildings, apart from the office spaces in some of its malls like those in Cebu, Ilocos Norte and Naga, where it had pockets of business process outsourcing (BPO) developments.

This year, RLC has earmarked Php17 billion for its capital expenditures, comprising spending for investment and development as well as land acquisition. (PNA) RMA/LDV/RSM