By Zinnia B.
Dela Peña (The Philippine Star) | Updated January 7, 2013 - 12:00am
MANILA,
Philippines - Gokongwei-led Robinsons Land Corp. (RLC) has set a capital
spending program of P20 billion over two years to expand its mall portfolio and
build more residential projects.
The amount
does not include RLC’s capital budget for a planned $1-billion world-class
gaming complex along Roxas Blvd. in partnership with Japanese gaming tycoon
Kazuo Okada, according to a company official.
The company
plans to open four new malls this year and another three in 2014 to take
advantage of robust consumer spending and a rapidly growing business process
outsourcing industry.
The group’s
total mall leasable area is expected to reach over a million square meters in
two years.
After slowing
down on the residential business, RLC intends to scale up construction of
residential condominiums. Among its
projects include the newly-launched Sapphire Bloc as well as remaining towers
in existing developments such as Sonata, Trion and Magnolia in New Manila.
Located in
Ortigas Center bounded by Sapphire, Garnet and Onyx streets, Sapphire Bloc is
RLC’s biggest lifestyle development project to date. It will offer four
residential towers, the first two of which, called the North and West Towers,
will house a combined 890 units with the first batch of units slated for
turnover to buyers by 2016.
Meanwhile,
the company has decided to go slow on the rollout of its budget hotel line
Gohotels. The group is reducing the number of launches to three this year from
its previous target of five per year.
Two of the
three Gohotels to rise this year are located at Cyberspace Alpha in
Mandaluyong, which will have 200 rooms, and in Iloilo offering around 100
rooms.
There are
currently five Gohotels across the country, located in Mandaluyong, Palawan,
Bacolod, Dumaguete and Tacloban.
Three new
Gohotels will rise next year – the 200-room Cyberspace Alpha in Mandaluyong and
the 100-room Gohotel in Iloilo.
For the
office segment, RLC is hoping to
complete Cyberscape Alpha and Cyberspace Beta in Ortigas by the middle
of the year.
The company
has built 32 malls, 33 residential projects and eight office buildings to date.
RLC is also
keen on beefing up its landbank to sustain its growth. It recently acquired a two-hectare lot in
Libis, Quezon City which will be converted into a residential and office
complex. The property can accommodate up
to seven buildings.
Another
source of growth for the company would be Manila Bay Resorts at the
Entertainment City, which will house state-of-the-art gaming facilities, three
hotels offering a total of 2,000 rooms, upscale residential towers and man-made
beach.
Two of the
hotels are geared towards the high-end segment while the other will be a
four-star structure.
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