[ Manila Bulletin Online ] April 18, 2008
By JAMES A. LOYOLA
Robinsons Land Corporation aims to take advantage of the strong growth in consumer spending by undertaking to build 16 new malls nationwide over the next five years at a cost of about P12 billion.
In an interview after the firm’s annual stockholders’ meeting yesterday, RLC president Frederick Go said they are also putting up four residential condominiums, six residential subdivisions, one hotel and two office buildings.
Go said all the property needed for the construction of the new malls have already been acquired and are part of RLC’s 67-hectare land bank for malls. The firm is opening five malls this year consisting of two in Manila, one in Tagaytay, one in Cabanatuan and one in Pulilan, Bulacan.
Other malls in the pipeline include those already under construction in Dumaguete, Davao and Cebu. He said some malls will cost over P1 billion but most will cost less since they will be in the provinces.
"We will continue to take advantage of the growing business process outsourcing industry and its complimentary nature by allotting leasable are in some of our new malls for BPOs," said Go adding that about four to five of the malls in the pipeline will have BPO components.
He said RLC’s office buildings will remain a major and fast growing source of recurring revenue with the soaring rental rates brought about by the demand for office space.
"For fiscal year 2008, we will complete the construction of Robinsons Cybergate Tower 3 and will commence construction of Robinsons Cybergate Plaza. These new buildings will add another 90,000 square meters of office space to our portfolio," Go said.
Plans are also underway for another 40,000 square meter office building in Ortigas Center which is currently master-planned as a mixed-use complex which will include a deluxe hotel.
Go said they also have in the pipeline 29 residential condominiums for launch and construction, aiming to launch three projects per year. However, overseas marketing will defocus from the United States and focus on Filipinos in the United Kingdom and Europe.
However, the bulk of sales this year of 85 to 90 percent is expected to be generated from the local market while the share from overseas is seen to drop from the peak of 20 percent due to the global credit crunch.
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