By Jerome C.
Morales (The Philippine Star) | Updated April 20, 2013 - 12:00am
MANILA,
Philippines - Robinsons Land Corp. (RLC), the property development arm of the
Gokongwei Group, is putting up its second business center in Metro Manila at a
cost of about P30-billion.
The
Bridgetown Business Park will form part of the firm’s aggressive expansion of
its recurring income portfolio.
“We are
planning a major business park along the C-5 area, very close to the Ortigas
central business district,” said RLC president and CEO Frederick Go.
Construction
of the first office building in Bridgetown Business Park, which will primarily
cater to business process outsourcing (BPO) firms, will start in the second
half, Go said.
“Over time, I
think that is easily a P30-billion project.”
RLC’s sole
business center in Metro Manila is the Robinsons Cybergate complex in
Mandaluyong City composed of the 18-story Robinsons Cybergate Center Tower 1,
27-story Robinsons Cybergate Center Tower 2, 27-story Robinsons Cybergate
Center Tower 3 and 12-story Robinsons Cybergate Plaza.
RLC’s Office
Buildings Division has so far completed eight office buildings in Metro Manila
and Cebu City. Office leasing revenues rose to P1.4 billion in fiscal year 2012
that ended in September, up from P1.33 billion a year ago due mainly to new
office space available for lease in Robinsons Cybergate Tower 3 and completion
of Cybergate Plaza.
Go said in
the long run, Bridgetown Business Park can help triple or quadruple RLC’s gross
leasing area.
Aside from
office buildings, RLC will also provide retail support in the business complex.
particularly in the form of a full-scale shopping center, Go said.
RLC is also
expanding its recurring income portfolio through new shopping centers.
The property
firm set aside at least P6 billion for four new malls that will start
commercial operations this year. RLC’s Commercial Centers Division launched
four new shopping centers located in Malolos, Bulacan; Santiago, Isabela; Roxas
City and Butuan that will allow the company to reach one million square meters
of net leasable area.
Aside from
its core property businesses, RLC is entering the gaming business. Late last
year, the firm sealed a deal with the group of Japanese billionaire Kazuo Okada
to jointly develop a $2-billion hotel and casino complex in the 100-hectare
Entertainment City along Roxas Blvd.
“When you
agreed to negotiate there’s no deadline,” Go said regarding the closing of the
partnership with Okada.
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