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Robinsons Land earmarks P30B for project

Posted on April 19, 2013 07:59:59 PM [ BusinessWorld Online ]
DEVELOPER ROBINSONS Land Corp. has allotted P30 billion to develop Bridgetown, a mixed-use complex set to rise in Quezon City, an official said.
"We are preparing the masterplan of a new comprehensive mixed-use project that we will be calling Bridgetown," Mybelle V. Aragon-Gobio, Robinsons Land senior vice-president, said in a text message on Friday when asked for an update on the Gokongwei-led company’s project.
The property in Libis was acquired from listed Republic Glass Holdings Corp. in November last year.
Asked how much Robinsons Land will spend for the project, Ms. Aragon-Gobio said: "P30 billion is the total. That’s for the entire project; it’s a long-term development. No timetable yet, but the first phase will likely be an office building."
For the fiscal year ended Sept. 2012, Robinsons Land’s Office Buildings Division posted revenues of P1.40 billion, 5.26% up from P1.33 billion in fiscal year 2011 due to new office space made available for lease at Robinsons Cybergate Tower 3 and the completion of Cybergate Plaza, both in Mandaluyong City near Robinsons Forum-Pioneer.
In a separate development, Robinsons Land said in a disclosure on Friday that its board approved the payment on June 6 of 36-centavo cash dividends from the firm’s unrestricted earnings to all stockholders on record as of May 10.
Robinsons Land was incorporated in 1980 and is the property arm of listed conglomerate JG Summit Holdings, Inc. As of end-September last year, the company operated 32 shopping malls, 34 residential projects, eight office buildings, and nine hotels.
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 -- rose 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 advanced by 55 centavos or 2.20% to P25.55 each last Friday from P25.00 last Thursday. -- Franz Jonathan G. de la Fuente
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