Posted on March 11, 2013 10:30:45 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Robinsons Land Corp. expects to increase its leasing portfolio to over one million square meters by yearend after opening four new provincial malls worth a total of P6 billion in the fourth quarter, the company said in a statement yesterday.
Robinsons Place Isabela in Santiago City, Isabela will open in October, while Robinsons Place Roxas in Roxas City, Capiz will open in November, the statement said, adding that Robinsons Place Butuan in Butuan City, Agusan del Norte and Robinsons Place Malolos in Malolos City, Bulacan will both open in December.
All in all, the four new malls will bring the firm’s network to 36 establishments and add approximately 102,500 square meters to the company’s gross leasable area (GLA) to accommodate over 780 new tenants.
In comparison, Robinsons Land opened three malls in 2012 (Robinsons Place Pangasinan, Robinsons Place Palawan, and Robinsons Place Magnolia), redeveloped Robinsons Metro East, and expanded Robinsons Place Bacolod and Robinsons Place Tacloban.
“We have a ‘first-mover advantage’ as the markets there have growing consumer markets and have been underserved for years. Business growth is also strong there,” Frederick D. Go, Robinsons Land president and chief executive officer, said during the malls’ launch at Crowne Plaza Galleria Manila, Quezon City yesterday, citing the new malls’ strategic locations.
Mr. Go told reporters on the launch’s sidelines that the four malls are expected to cost “at least P6 billion” and will push the company’s total leasable area to “over one million square meters.”
The company’s Commercial Centers Division, which handles malls, contributed P1.8 billion or 48% of Robinsons Land’s revenues in the first quarter ending December of its October-September fiscal year.
Incorporated in 1980, Robinsons Land is the property arm of listed conglomerate JG Summit Holdings, Inc.
As of end-September last year, the company had 32 shopping malls, 34 residential projects, eight office buildings, and nine hotels.
Robinsons Land and its subsidiaries are engaged in the business of selling, acquiring, building, developing, leasing and disposing of real properties such as land, buildings, shopping malls, commercial centers and housing projects, hotels and mixed-used property projects.
The company earned P1.189 billion in net income in the first quarter of its fiscal year ending September, up 3.12% from P1.153 billion in the same three months in 2011 on the back of improved revenues across business segments.
In the same comparative periods, revenues -- consisting of real estate and hotel operations -- climbed by 9.75% to P3.726 billion from P3.395 billion, while costs expanded by 10.61% to P1.783 billion from P1.612 billion.
Shares of Robinsons Land lost five centavos or 0.20% to close at P24.35 apiece yesterday from P24.40 on Friday last week. -- F. J. G. de la Fuente