Posted on 07:47 PM, June 25, 2010 [ BusinessWorld Online ]
GOKONGWEI-LED property developer Robinsons Land Corp. is redeveloping its flagship Robinsons Galleria mall in Ortigas Center until early next year.
The facelift is expected to keep the 20-year old mall in step with shifting demands of customers. Bulk of the renovation and expansion work will be at the second level, where the parking lot will be converted into a veranda that will have restaurants to cater to families during weekends. It will also be a "hangout place" for professionals, the firm said in a statement.
"We are increasing space for retail outlets to make Robinsons Galleria more appealing to those who may want to look for a place to go to after work, and also to accommodate new retail players and formats," Robinsons Land President Frederick D. Go said in the statement.
With the redevelopment, area for lease in Robinsons Galleria will expand to almost 100,000 square meters (sq. m.) from 96,000 sq. m. Tenants will also increase to about 450 from 395. Full occupancy is expected by next year.
"The ongoing redevelopment project will further enhance the appeal of our flagship Robinsons Galleria mall, which is an integral component of the first mixed-use development in the area," Mr. Go added.
The renovation will allow the mall to cater to new markets, which include working moms, employees of business process outsourcing companies, and residents from nearby residential condominiums and subdivisions, the firm said.
Under the renovation plan, the property developer will create a "Sports Loop" and "Jumpstreet," which will host retailers catering to the "active individuals" and moms with young children, respectively. A new technology lounge will also be opened.
The Sports Loop and Jumpstreet are expected to be operational by September while the veranda will serve customers by December or January next year.
The property developer has allotted P9 billion for capital spending this year, of which 40% will be for the construction of new malls.
Shares in Robinsons Land, whose profits dropped by 2.78% to P926.92 million in the first quarter, were unchanged on Friday at P14.50 each. -- Neil Jerome C. Morales