Robinsons Land Corporation is building four malls this year as it continues to beef up its sources of recurring revenues from leasing operations.

At the sidelines of the listing of the firm’s bonds Thursday, RLC president Frederick Go said a significant portion of their P9-billion capital expenditures (capex) this year will be spent on the development of a 5.22-hectare lot in Quezon City.

RLC had bought the project site, which was the former Magnolia ice cream operations, from San Miguel Properties and plans to develop it into a masterplanned residential and commercial complex.
Go said the project will be a gated community that will also include a mall, one of the four the firm will start building this year. The project is called The Magnolia Town Square.

Aside from the Robinsons Mall, on the site will also rise The Magnolia Residences, which is a two-hectare residential community of four high-rise condominium towers.

RLC listed its P10 billion fixed rate bonds due July and August 14 on the Philippine Dealing and Exchange Corporation Thursday, the fist corporate bond listing for the year.

PDEX said the RLC listing brings the total number of debt instruments listed on PDEX to 18 issued by 10 companies, with a total level of P114.3 billion.

The listed bonds due July and August 14 with coupon rates of 8.50 percent and 8.25 percent per annum, respectively, and both with tenors of 5 years and 1 day, are rated Aaa by Philippine Ratings Services Corporation.

RLC joins the list debt issuers in the secondary market infrastructure from the real property sector, the first sector to utilize the market venue, with the maiden listing on PDEX in August 2008 coming form this sector.

Since that time, the real property sector continued to build its significance in the PDEX market, with sectoral aggregate of P19 billion level of debt securities listed on PDEX.