Posted on
December 16, 2012 09:48:06 PM [ Businessworld Online ]
PROPERTY
DEVELOPER Robinsons Land Corp. plans to widen its existing Ilocos Norte complex
to include a new wing separate from the existing mall and a budget hotel,
citing strong retail demand in the northern Luzon province, the company said in
a statement last Saturday.
“We are building an expansion mall to
accommodate strong demand for more commercial space,” Arlene G. Magtibay,
Robinsons Land commercial center division general manager, said in the
statement.
Robinsons
Ilocos Norte, which opened in Dec. 2009, is Robinsons Land’s first mall in the
Ilocos region, according to the company’s Web site.
The mall now
has two floors and a total floor area of roughly 22,220 square meters, serving
over half a million residents of Ilocos Norte and nearby towns.
Robinsons
Land is expanding in the province despite its locals’ reputation for frugality.
“We had
approached Ilocos Norte cautiously in the past, aware that Ilocanos are famous
for being frugal. But we were pleasantly surprised that the mall has performed
quite well and our customers are themselves the ones encouraging us to expand
the mall,” Ms. Magtibay noted.
The new mall
wing, to be located on a 1.8-hectare lot across Robinsons Ilocos Norte in San
Nicolas town, is scheduled for groundbreaking tomorrow and will add 35,415
square meters in gross floor area and 16,000 square meters in gross leasable
area, the statement read.
Upon
completion, the new mall segment will feature air-conditioned and al fresco
areas, garden landscaping, as well as two cinemas, several restaurants, retail
stores, an activity and events area, and a four-level, 622-slot parking area.
It will be
anchored on the second floor by tenants Robinsons Appliances and Handyman.
A food court
will be located on a second-floor bridgeway connecting the new wing with the
existing mall, Robinsons Land said.
A Robinsons
Land-owned Go Hotel is also set to rise near the planned wing, but details on
the proposed budget hotel were not immediately available.
OTHER
PROJECTS
Robinsons
Land has developed a number of residential enclaves in Ilocos Norte’s capital
of Laoag City: Hanalei Heights, a 22-hectare subdivision; Brighton Parkplace, a
five-hectare subdivision jointly developed with the Ablan family; and Brighton
Parkplace North, a 3.8-hectare subdivision jointly developed with the Lazo
family.
The company
has also developed Sittio Andalucia, a 7.5-hectare subdivision jointly
developed with BCS Realty Holdings & Development Corp. in Bantay town in
neighboring Ilocos Sur.
Robinsons
Land, incorporated in 1980, is the property arm of listed conglomerate JG
Summit Holdings, Inc.
It has built
32 malls, 33 residential projects and eight office buildings to date.
For the 2012
fiscal year -- which runs from Oct. 1 to Sept. 30 -- the company had allotted
P13 billion for capital expenditures, slightly less than the previous year’s
P13.9 billion, from cash operations and debt, Frederick D. Go, Robinsons Land
president, said last April.
More than 60%
of the funding was to be spent on malls, office buildings and hotels, while the
remainder was for residential condominiums and housing units.
The company
grew its net income by 10.16% to P3.36 billion in the nine months ending June
from P3.05 billion last year on the back of improved revenues across all
business segments.
Last week,
the developer inked an initial deal with Okada-owned Universal Entertainment
Corp. wherein it would take stakes in Okada-controlled Tiger Entertainment
Resorts and Leisure Entertainment, Inc. and Eagle 1 Land Holdings, Inc.,
respectively. The deal, which is set for closing on Jan. 31 next year, will
allow Robinsons Land to build commercial and residential facilities at Tiger
Resorts’ planned Manila Bay Resorts integrated casino and resort complex.
Shares of
Robinsons Land lost 15 centavos or 0.70% to P21.35 on Friday last week from
P21.50 last Thursday. -- Franz Jonathan G. de la Fuente
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