Robinsons Land Corporation is earmarking capital expenditures (CAPEX) of about P15 billion in the next two years for new malls, offices, land acquisitions and housing projects after raising fresh capital from the stock market.
The firm disclosed to the Securities and Exchange Commission (SEC) yesterday that is earmarking 40 percent or P6 billion of the budget for new malls in Dumaguete, Bulacan, Paco (Manila), Tagaytay and Davao as well as for the renovation of existing malls in Ermita and Bacolod.
It is currently constructing The Midtown Wing, an expansion area in one of its most successful malls, Robinsons Place Manila, Robinsons Place Otis 888, a strip mall fronting a residential development, and Robinsons Place Dumaguete.
The Company will likewise start construction of malls in Bulacan and Tagaytay soon as it continues to search for ideal locations in key Metro Manila and provincial areas nationwide.
RLC said the five new shopping malls are in the planning and development stages for completion in the next two years while plans are already being made for the development of more malls.
The firm said about 30 percent or P4.5 billion of the P15-billion capex will be spent for new office spaces catering to BPO firms.
RLC is currently constructing nine buildings: Fifth Avenue Place and McKinley Park Residences in Fort Bonifacio Global City, Gateway Garden Ridge and One Gateway Place in Robinsons Pioneer Complex, One Adriatico Place, Two Adriatico Place, and Otis 888 Residences in Manila, and office buildings Robinsons Cybergate 2 and Robinsons Cybergate 3.
The balance of the funds will be spent by RLC on its housing and hotel businesses.
Among the ongoing projects of Robinsons Homes are Bloomfields Tagaytay, Bloomfields Davao, Richmond Hills and Monte Del Sol both in Cagayan De Oro, Mirado Dos in San Fernando and Costa Verde in Davao City.
RLC president Frederick Go said they are building a 100-room 4-star quality hotel together with a open-type mall in Tagaytay as part of the development of a six hectare property which includes a residential subdivision.
He said they will break ground for the hotel in a month and expect to complete it in two to three years adding that this will be managed and operated by the company—unlike its two hotels in Ortigas which are managed by foreign hotel chains.
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