Posted on May
29, 2013 10:36:20 PM [ Businessworld Online ]
By Emilia
Narni J. David, Senior Reporter
LISTED
PROPERTY firm Rockwell Land, Inc. projects its net income to grow by at least
25% this year as it launches several new projects this year, company officials
said after its annual stockholders’ meeting yesterday.
The company
is also banking on the growth of the mid-market segment, office spaces and
serviced apartments.
“Our guidance
for 2013 is around P1.4 billion to P1.5 billion which is around 25% to a high
of 30% growth,” said Rockwell President Nestor J. Padilla during a press
conference after the stockholders’ meeting.
The growth
will be attributed to the strong performance of its current projects as well as
those already in the pipeline.
Rockwell Land
will launch 53 Benitez, its first mid-market segment offering in the first week
of June and its serviced apartments Edades Tower will begin selling units by
the end of the year.
The firm will
also unveil its first foray outside of Metro Manila.
Rockwell Land
purchased a 3.1-hectare land in Cebu which it will develop soon.
Other
residential projects in Quezon, San Juan and Batangas are also expected to be announced
this year.
For 2012, the
company posted a P1.12-billion net income representing a 23% increase from
P914.9 million in 2011 fueled by strong sales and timely completion of existing
projects.
“We will
continue to have products in what we call the ultra high-end segment as it will
be strong. But we also see that there is real demand in the broader mid-market
segment,” said Mr. Padilla.
He added
office space market is also “going to continue to have strong demand especially
from traditional tenants which we feel is underserved.”
As part of
its growth strategy, Mr. Padilla said Rockwell Land is also looking to go
“beyond operating [its] own serviced apartments” and will be launching its own
serviced apartment and hotels management company.
Rockwell Land
will be spending P12 billion for its operating expenses. Mr. Padilla revealed
that the firm has set aside P26 billion for its high-end five-tower project The
Proscenium and P3 billion for the development of the Cebu property.
Rockwell
Land, known for its luxury developments, is primarily engaged in the business
of development, sales and marketing, as well as management of residential towers
as well as the development and operation of shopping malls, retail areas and
office buildings.
A bulk of its
projects in the residential and commercial segments are located in Rockwell
Center, the company’s flagship mixed-use district in Makati City.
At present,
Rockwell Land is developing the second and third phases of The Grove, a
5.4-hectare residential complex; Edades Tower and Garden Villas, a 50-storey
residential condominium; 205 Santolan by Rockwell, a 1.8-hectare low-density
townhouse community; The Proscenium, a 3.6-hectare mixed-use development
adjacent to Rockwell Center; and Lopez Tower, a 20-storey building envisioned
to be the headquarters of the Lopez Group of Companies.
Rockwell Land
was incorporated in 1975 as First Philippine Realty and Development Corp.,
adopting its current name in 1995 after the shutdown of the Lopez Group’s
thermal power plant in Makati City.
It debuted on
the stock exchange in May last year by way of introduction.
Shares of the
firm remained unchanged at P2.80 a piece.
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