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.
MAIN PROJECTS
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
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