Rockwell Land earmarks P12-B for 2013 projects
MANILA, Philippines - Rockwell Land Inc., the upscale property development arm of the Lopez group, is spending P12 billion for 2013 project launches that will capture a broader market.
The company is also building its first development in Cebu.
On the sidelines of the company's stockholders' meeting on Wednesday, May 29, Rockwell Land president and CEO Nestor Padilla said they would launch in June a second residential brand -- Primaries -- which would cater to the middle-income market.
The first project under this brand, 53 Benitez, is a two-tower mid-rise residential condominium offering 345 units in New Manila, Quezon City. Rockwell Land eyes to generate P2.2 billion from the project.
“While maintaining our strong foothold in the high-end segment, we are optimistic at an overwhelming reception of Primaries from the local market,” Padilla said.
“With this new subsidiary, we will offer homes that are essential and universally functional with well planned living spaces and built with quality. More importantly, our target market’s value for money is emphasized with our product offerings,” he added.
Rockwell Land is also launching its first project outside Metro Manila, following its acquisition of 3.1-hectare lot in Lahug, Cebu.
Padilla said the company would shell out up to P3 billion for the Cebu project, which is expected to generate P4.6 billion in revenues over the next 4 years.
Rockwell Land targets a net income of up to P1.5 billion in 2013, up from P1.1 billion in 2012.
Boosting income are office and service apartment developments. The company is constructing its third office tower in Ortigas Center, and is opening The Edades, a service apartment for expats, in the first quarter of 2014.
“The company believes that by maintaining a healthy and stable recurring income, it will provide itself with a solid buffer for the cyclical nature of the property market,” Padilla said. - Rappler.com