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Robinsons Land plans P15-17 billion capex

Posted on October 21, 2014 11:00:00 PM [ BusinessWorld Online ]

ROBINSONS Land Corp. (RLC) set its capital expenditure (capex) budget for the year ending September 2015 at P15-17 billion, with spending focused mainly on shopping centers, office buildings and hotels in various parts of the country, its president said.

On the sidelines of a ceremony marking the company’s 25th anniversary as a listed company, RLC President and Chief Operating Officer Frederick D. Go told reporters that spending is in the ballpark of the P16 billion spent in the fiscal year just concluded.

“For fiscal year 2015, we are looking at P15 billion to P17 billion. A lot of our capex will be going to the development of shopping centers and part of it will be for offices and hotels,” Mr. Go explained, adding that RLC is “very bullish on the economy and consumer spending that is why upgrades and construction of properties are continuous.”

Its biggest project for 2015, according to Mr. Go, is the opening of Robinsons Galleria Cebu, which will include a 76,000-square-meter shopping center and a 220-room Summit Hotel.

“That’s a fairly big project for us as that would be the third mall and second hotel in Cebu,” Mr. Go said, adding that “the mall is set to be opened on August 2015, and six month after is the hotel.”

The developer will also open Robinsons Place Las PiƱas next week as well as Robinsons Place San Jose, Antique, Robinsons Galleria Cebu and the expansion of Robinsons Place Novaliches next year, increasing its gross leasable area (GLA) by 11%.

Other than the development and expansion of malls that will be operational by next year, RLC said that it is also pushing to open the 82-room Summit Hotel within the Robinsons Magnolia area within the quarter.

“Another thing, we are quite excited about is Terra Tower, which is only five minutes from the Ortigas area,” Mr. Go said.

“We have enough space to build over 10 high-rise buildings so Terra Tower would be the first of many. Of course, we’re hoping for the Terra tower to have great success that will encourage us to build the next tower and the next and the next,” he added.

For residential operations, Mr. Go stressed: “Everything depends on market conditions. We have something in the pipeline, but a lot really depends on timing before we decide when to launch it or not.”

On Tuesday, RLC shares ended trading at P23.75, up 55 centavos or 2.37%. -- Chrisee Jalyssa V. Dela Paz      
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