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Robinsons Land purchases P2.85-b properties

by Jenniffer B. Austria
[ ] October 18, 2011
Robinsons Land Corp., the property unit of retail and airline tycoon John Gokongwei, has acquired P2.85 billion worth of new properties for future development.
Robinsons Land said in a filing with the Philippine Stock Exchange it used a portion of the proceeds from its recent P13-billion stock rights offering to purchase the properties.
The properties acquired for landbank are in Quezon City, Ortigas, Pasig, Malabon, Roxas City, Calbayog City in Samar, and Santiago in Isabela.
The company said it also spent P1.26 billion for the construction of residential projects, P422 million for office buildings and P1 billion for various shopping mall developments.
The company so far has spent P8.1 billion from the P13 billion in fresh capital raised during the stock rights offering.
Robinsons Land president Frederick Go earlier said that the company would spend P30 billion in capital expenditures from 2011 to 2012, mainly to acquire new properties and put up new shopping malls, hotels, office buildings and residential condominiums.
The company earmarked P11 billion for land acquisition for mixed-use development. He said Robinsons Land would acquire most of the properties in Metro Manila.
The property firm raised P13 billion from a stock rights offering in May by offering an additional 1.3 billion shares to existing stockholders.
Robinsons Land’s nine-month net income ending in June this year rose 18 percent to P3 billion from year-ago level. Combined real estate and hotel revenues climbed 17 percent to P9.26 billion against last year’s P8 billion.
Share price of Robinsons Land on Monday gained P0.14 to close at P12.14.

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