By Neil
Jerome C. Morales (The Philippine Star) | Updated March 4, 2013 - 12:00am
MANILA,
Philippines - Robinsons Land Corp. (RLC), the property arm of tycoon John
Gokongwei Jr., will launch four malls this year to add to its portfolio around
the country.
The new malls
of RLC’s Commercial Centers Division will be located in Malolos, Bulacan;
Santiago, Isabela; Roxas City and Butuan.
RLC will
formally launch the shopping malls on March 11.
As of
end-September, the Commercial Centers Division operates 32 shopping malls
composed of seven malls in Metro Manila and 25 malls in other urban areas
throughout the Philippines.
It plans
seven new malls and two expansion projects within the next two years.
RLC, which is
also into residential development and hotel operations, allotted P13 billion
for its capital spending this year as it takes advantage of the property boom.
Of the
capital allotment, two-thirds will be spent for the development of malls,
office buildings and hotels while the remaining 33 percent will be taken up by
residential condominium projects and housing units.
Aside from
its core property businesses, RLC is entering the gaming business. Late last
year, the property development arm of Gokongwei flagship firm JG Summit
Holdings Inc. sealed a deal with Japanese billionaire Kazuo Okada to jointly
develop a $2-billion hotel and casino complex in the 100-hectare Entertainment
City along Roxas Boulevard.
Okada’s Tiger
Resorts & Leisure Corp. is one of four groups that were granted a license
by the Philippine Amusement & Gaming Corp. to operate a casino on a
reclaimed land along Manila Bay.
The
government intends to turn it into the world’s number two gaming destination
ahead of Singapore and Las Vegas and behind only Macau.
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