MANILA, Philippines – The John Gokongwei-led Robinsons Land Corporation is setting aside a record P17 billion ($379.55 million*) for the fiscal year 2015 to put up 3 more shopping centers and a mall expansion.
Robinsons currently has 38 shopping malls in the country.
“We are looking at capital expenditures of P15 to P17 billion, mostly more shoppings centers,” Robinsons president Frederick Go said in an interview at the sidelines of the company’s 25th listing anniversary with the Philippine Stock Exchange (PSE).
The 3 new shopping malls are located in Las Piñas, Antique, and Cebu while the expansion of a commercial center in Novaliches will also be completed in 2015.
The new malls will raise the mall’s leasable space by 11%, Go said.
The company remains focused on growing its recurring assets, including hotels and office buildings, while continuously offering residential developments, Go said.
“We have residential projects in the pipeline but the launching of these projects will depend on the timing and market conditions,” Go said.
Go expects the residential market to remain good after 3 to 4 years of strong sales.
“In general, the outlook for the property industry remains very good. We’ve had 3 to 4 years of good run. The market should be steadier at this point,” Go said.
For hotels, Robinsons will open before end-2014 an 82-room Summit Hotel in Quezon City and a 220-room Summit Hotel in Cebu in 2016.
Robinsons also expressed interest in the proposed Clark Green City of state-owned Bases Conversion Development Authority.
The company purchased terms of reference for the Clark Green City bidding to thoroughly study the proposed projects, Go shared.
Clark Green City is near the Clark International Airport and 30 minutes from the deep-sea port of the Subic Bay Freeport Zone via the Subic-Clark-Tarlac Expressway (SCTEX).
Based on the Clark Green City District Plan, the new city will have 5 districts: government, central business, academic, agri-forestry research and development, and wellness and eco-tourism. – Rappler.com
($1 = P44.79)