Posted on May 01, 2013 09:42:57 PM [ BusinessWorld Online ]
PRIMARIES Development Corp., the newly formed “affordable” segment arm of upscale developer Rockwell Land Corp., plans to launch in Quezon City within the year 53 Benitez -- the subsidiary’s first project -- as part of the parent firm’s effort to widen its market.
“Primaries is expected to commence operations by mid-2013 with the launch of its first project, 53 Benitez, located in Quezon City,” Rockwell Land said in its 2013 annual stockholders’ meeting definitive information statement, referring to the project currently ongoing at the corner of P. Tuazon Boulevard and Councilor C. Benitez Street.
Officials were not immediately available to elaborate on 53 Benitez.
Last March, Rockwell Land cited plans to launch Primaries, the company’s second property brand, “to cater to the broader segment in 2013,” but no details were disclosed.
“Primaries (formerly Rockwell Homes, Inc.), a wholly owned subsidiary of the company, was incorporated last September 2012. The subsidiary envisions itself to be the preferred developer in terms of providing exceptional and quality living at a more affordable price,” Rockwell Land said in its definitive information statement.
The parent firm added that it incorporated in September last year Stonewell Development Corp., another wholly owned subsidiary to engage in socialized housing, but plans for Stonewell were not immediately available.
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.
This year, Rockwell Land said it is poised to launch residential projects in the cities of Cebu, Quezon, and San Juan, as well as in Batangas province, on properties acquired the previous year.
“In 2012… land and development costs mainly pertain to land acquisitions in San Juan City, Quezon City, Cebu City, and Sto. Tomas, Batangas for future residential development projects. The company expects to launch these projects in 2013,” the disclosure read.
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.
The company earned P1.12 billion in net income last year, up 23% from P914.90 million in 2011, fueled by strong sales and the timely completion of existing projects.
Revenues, mostly from the sale of condominium units and lease income, climbed by 10% to P6.74 billion from P6.15 billion, while total expenses grew by 4.44% to P5.17 billion versus P4.95 billion.
“The company expects strong reservation sales to continue in 2013 with the launch of the third tower of The Proscenium and the launch of the properties in Quezon City and San Juan City, which were both acquired in 2012,” Rockwell Land said.
Rockwell Land shares were traded at P2.92 apiece last Tuesday, unchanged from their close on Monday. Financial markets were closed yesterday in observance of Labor Day. -- Franz Jonathan G. de la Fuente