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Rockwell expects P22.5B from residential unit sales

Posted on May 31, 2015 09:56:00 PM [ BusinessWorld Online ]

ROCKWELL Land Corp. expects three residential projects to bring in some P22.5 billion in revenues, a company official said last week.

ROCKWELL Land Corp. is launching the fifth and final tower of the Proscenium, a mixed-use project rising on a 3.6-hectare lot, in September this year. -- E-ROCKWELL

Rockwell Land President Nestor J. Padilla told reporters it is launching the fifth and final tower of the Proscenium, a mixed-use project rising on a 3.6-hectare lot owned previously by Colgate-Palmolive Philippines, in September this year.

The luxury building will generate P10.5 billion in revenues from the sale of 563 units at an average price of P200,000 per square meter.

So far, the first three towers at Proscenium -- Kirov, Sakura, and Lincoln -- are 76% sold as of last month. Lorraine, the fourth tower, is offering 177 units in the market.

Likewise, Rockwell Land is rolling out two new projects in Pasig and Muntinlupa cities that will add 230,000 square meters of gross floor area to its portfolio, equivalent to five to seven years of inventory.

They will be introduced under Rockwell Primaries, the listed firm’s subsidiary catering to the broader segment of the market, with combined revenues pegged at P12 billion.

The Pasig project -- called The Vantage at Kapitolyo -- will be Rockwell Primaries’ first high-rise project on a half-a-hectare lot in Barangay Kapitolyo.

The property developer will also turn the 6.5-hectare premium property in Sucat into an exclusive condominium village touted to be Rockwell Primaries’ biggest project to date.

Rockwell Land has earmarked P13 billion this year to finance the development of its residential and commercial projects.

The Lopez-led real estate company is doubling its office and retail space in the next five years to 200,000 square meters to increase its recurring income stream.

Rockwell Land is considering raising public ownership in the company from the current 12%-13% to boost liquidity that will allow the market to price its shares correctly, but a definite timetable was not provided.

Shares of Rockwell Land added 1.80% or three centavos to finish at P1.70 apiece. -- Krista Angela M. Montealegre           

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