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Mall opens at old site of Magnolia plant

Posted on August 12, 2012 10:58:14 PM {BusinessWorld Online ]

PROPERTY FIRM Robinsons Land Corp. opens today a shopping mall at the site of the former Magnolia Ice Cream House in New Manila, Quezon City.

AN ARTIST’S rendering shows the Robinsons Magnolia shopping mall fronting a planned mixed use development set to rise at the old site of an ice cream factory.

Magnolia’s old facility was built in 1970 and served as a production line and retail outlet until the factory’s transfer to a five-hectare plant in General Trias, Cavite.

Robinsons Land then acquired the prime property in 2008 for around P1.6 billion from San Miguel Properties, Inc.

“We promise to bring a brand new shopping experience in Robinsons Magnolia which will house several top brands and retailers and restaurant and food formats,” Arlene G. Magtibay, Robinsons Land commercial centers division general manager, said in a statement released over the weekend.

This will be the company’s third mall in Quezon City after its flagship Robinsons Galleria on the corner of EDSA and Ortigas Ave. and Robinsons Nova Market (formerly Robinsons Place Novaliches).

With 108,000 square meters (sq. m.) of gross floor area and a gross leasable area of 42,000 sq. m., Robinsons Magnolia will house a number of retail tenants, with anchors Robinsons Department Store, Robinsons Supermarket, True Value, and Robinsons Appliances.

Meanwhile, other amenities include four cinemas, a food court, and over 1,000 parking spaces, Robinsons Land said.

Robinsons Magnolia will form part of the mixed-use Magnolia Town Square, which will include four residential towers to be dubbed The Magnolia Residences.

One-bedroom units measuring 36 sq. m. to 47 sq. m., as well as two-bedroom executive units measuring 78 sq. m. to 79 sq. m. will soon be up for sale at The Magnolia Residences, Robinsons Land said.

Robinsons Land, incorporated in 1980, is the property arm of listed conglomerate JG Summit Holdings, Inc.

It has built 29 malls, 33 residential projects, eight office buildings, and five hotels as of end-2011.

In addition to Robinsons Magnolia, more malls are opening this year in Malabon City, Butuan, Roxas City, Bulacan, and Isabela, the company earlier said.

For the 2012 fiscal year, the company has allotted P13 billion for capital expenditures -- nearly equal to P13.9 billion in the year previous -- which will be sourced through cash operations and debt.

More than 60% of the funding will go to malls, office buildings, and hotels, while the remainder will be earmarked for residential condominiums and housing units.

For the semester ending March, Robinsons Land hiked its net income by 9.80% to P2.24 billion from year-ago levels as revenues went up by 13.58% to P7.11 billion.

Robinsons Land’s commercial centers division, which handles malls and other leasing operations, grew its revenues by 14.85% to P3.48 billion during that period and accounted for roughly half of total revenues. -- FJGDLF   
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