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Robinsons wins Mitsubishi land

By Jenniffer B. Austria | Feb. 23, 2015 at 11:01pm [ ]

Robinsons Land Corp., the property arm of the Gokongwei group, has won the bidding for the 18.5-hectare property owned by Mitsubishi Motors Philippines Corp. along Ortigas Avenue Extension in Cainta, Rizal.

Robinsons Land president and chief executive Fredrick Go said in an interview at the sidelines of the company’s P12-billion bond listing at Philippine Dealing & Exchange Corp. the company was informed it had won the auction for the property.

“We were informed that we won the bidding of the Mitsubishi property. We are currently the largest developer in the eastern corridor and by getting the property, this adds to our landbank,” Go said.

Go said the financial closing for the property was expected over the next couple of months. He said Robinsons Land planned to develop the property into an integrated mixed-use township.

Go did not disclose the winning bid.

Meanwhile, Go said Robinsons Land planned to launch four or five projects this year across all brands, with sales value of P6 billion to P12 billion per project.

Robinsons Land launched P8 billion worth of residential developments in 2014.

Go said while the company continued to launch residential projects, it would be more aggressive with shopping malls, office buildings and hotel projects.

He said the outlook for the residential sector remained positive this year, given the strong demand for housing projects. He said there was also a lot of supply coming in from other property developers.

Robinsons Land allocated P17 billion in capital expenditures this year, primarily for the construction of malls, office buildings, hotels, residential projects and also for land acquisitions.

Net income surged 35.4 percent in the quarter covering October to December 2014 to P1.39 billion from a year ago, on rental income of shopping malls and office developments.

Consolidated revenues in the October-December period grew 9.1 percent to P4.78 billion from P4.38 billion posted in the same period a year ago.

Rental income rose 13.6 percent to P2.21 billion from P1.94 billion a year earlier, supported by strong revenues from shopping malls division which opened seven new malls in 2014.

Hotel operations rose 11.4 percent to P446 million from last year’s level of P401.2 million while real estate sales were flat at P1.6 billion.

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