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.