By Zinnia B. Dela Peña (The Philippine
Star) | Updated October 20, 2014 - 12:00am
MANILA, Philippines - Robinsons Land
Corp. (RLC), the property arm of taipan John Gokongwei’s holding firm JG Summit
Holdings, remains bullish on the office sector due to the continued strong
demand for business process outsourcing (BPO) services and office space.
RLC is now preparing for the
construction of its second office building in Bridgetown, a P30-billion
business park along C5. The first office tower with a gross leasable area of
35,000 square meters is targeted for completion in the first quarter of 2016.
The Bridgetown project can accommodate
10-14 office buldings.
The company completed last March the
construction of Cyberscape Alpha, which is now 51 percent leased out, while
Cyberscape Beta is 83 percent leased out.
While the take-up of RLC’s new office
buildings seems slow, management said the pace is in line with its own
expectations.
These two buildings are expected to start contributing to the group’s total revenues in the second
quarter of 2015, boosting RLC’s office area 44 percent to 278,000 sqm.
RLC has earmarked P13 billion for
capital spending for the current fiscal year, 37 percent more than what it spent last year. Bulk or 67
percent will go to malls, office buildings and hotels while the remaining 33
percent for residential condominiums and housing units.
The company is opening four new malls
this year and expand one shopping center to end the year with 36 with one million sqm of gross leasable area.
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