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Roxas land unit sets aggressive expansion

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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