Published on 27 February 2013 [
manilatimes.net ]
Written by Madelaine B. Miraflor
Roxaco Land
Corp., the real estate arm of Roxas and Company Inc., will be allocating P400
million for the planned expansion program for its three projects, which are
expected to fuel the company’s growth starting this year.
Roxas and
Company Chairman and President Pedro Roxas told reporters after the firm’s
annual stockholder’s meeting on Wednesday that the company is going to set its
focus on the expansion of its three projects in Tagaytay and Batangas, adding
that these projects are expected to contribute largely to the firm’s income in
2013.
“We have the
second phase or the expansion of our Anya project in Tagaytay, then we have
also the expansion of our project in Balayan in Orchard, and then the townhouse
project in Nasugbu,” he said.
“Those three
are the ones that are on-going,” Roxas added.
He said that
that Roxas and Company will be allocating P400 million for the expansion
programs for the three projects. Roxas and Company Senior Vice President
Santiago Elizalde said that currently, phase 1 for the Anya project has been 85
percent sold, while the Landing Townhomes in Nasugbu, which caters to the
middle income, is 50 percent sold.
Phase 2 for
the Orchard project, on the other hand, is 25 percent to 30 percent for the
middle income bracket, he added.
“Our
inventory is still good for the next three years in those three projects,”
Elizalde further said.
Armando
Escobar, Roxas and Company Chief Financial Officer, also said that with the
estimated units sold, the firm is looking to boost its net income by P300 to
P400 million this year, recognizing the projected profit that the firm will
generate from the projects.
“These three
projects will only have the biggest impact to our growth this year,” Roxas
said.
As of now,
the firm has at least 200 hectares of potential land bank, depending on how the
firm will resolve its issues with Department of Agrarian Reform (DAR).
“The land
bank that we have, it depends on how we resolve our issues with DAR. We have at
least 200 hectares of potential land bank. We have plans for some of those
areas, study phase, but obviously they will have a potential development,”
Roxas said.
”We would
probably develop it ourselves,” he added.
Roxaco Land
also has another planned development on its pipeline, which is a three-star
hotel in Batangas which signifies the firm’s intention to boost its presence in
the tourism industry.
”We are also
looking at Laiya, Batangas for a three- or four-star hotel in the Coastal
property. We are also ramping up our activities in Fuego Hotels,” Roxas said.
“In the
medium term, [we’re looking to develop our] properties in Palawan, Coron. We do
not have any specific projects in that area but we are looking at some
potential projects mostly in Coron,” he added.
Elizalde said
that as they wind down existing projects, they may also start polishing the
firm’s plan to develop establishments in Puerto Princesa and Coron, Palawan.
“[We’re also
looking at] some joint venture agreements for that,” he added.
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