MANILA, Philippines - Upscale property
firm Rockwell Land Corp. is allotting P8 billion for its capital expenditure
program this year to include its venture into townhouse development and
serviced apartments.
In an interview yesterday, Rockwell
Land vice-president Ellen V. Almodiel said the company is expanding at an
accelerating pace to capitalize on a resurgent property market and an improving
economy.
Almodiel said this year’s capital
budget is 15 percent higher than what the company spent in 2011.
She said the company aims to
differentiate itself in the property market by expanding its product range,
customer base and geographical reach.
To diversify its revenue sources, the
company decided to enter into horizontal development with its first townhouse
project, 205 Santolan.
Situated on a 1.8-hectare property
located near the Santolan-Ortigas Avenue intersection, the low density project
will make available a total of 105 units. It broke ground in February 2012 and
is targered for turnover to the buyers by June next year.
Rockwell is looking to construct
another townhouse project in a newly-acquired property in Benitez, Quezon City.
It will have about 51 units.
Almodiel said the company is
completing the development of the 50-story Edades building in Rockwell Center,
which will feature six floors of serviced apartments. Plans involve the
construction of around 114 studio, one-bedroom and two bedroom units with total
net leasable area of 7,186 sqm.
Other projects for this year include
the 19-story Lopez Tower within the Rockwell Center, which will serve as the
headquarters of the Lopez Group of Companies. It is slated for completion in
2014.
The company’s flagship project,
Rockwell Center, now consists of seven high- rise residential buildings, a
high-end shopping mall (Power Plant Mall), an exclusive leisure club (Rockwell
Club), a graduate school and two office buildings owned by Nestle Philippines
and the Phinma Group.
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