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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