RLC to provide financing for Cebu project
Lovely Nica P. Lee
Business World
November 30 - December 1
PUBLICLY LISTED Robinsons Land Corp. (RLC) is
teaming up with parent company JG Summit Holdings, Inc. and Robinsons
Savings Bank to provide a financing scheme for its Cebu project.
In a statement, RLC yesterday told the exchange it would offer a financing
scheme for buyers in Amisa, the company’s newest project in Mactan, Cebu.
Zero interest scheme
Named "Super Easy Home Straight Payment," the scheme features a 0% interest
single monthly installment amount from downpayment period with RLC until the
end of the loan term with Robinsons Savings Bank.
This means buyers will get to pay the same amount straight up to a 15-year
maximum loan term, RLC said.
"This way, qualified buyers don’t go through the hassle of looking for bank
financing after full downpayment," RLC said in a statement. "Much like how
auto financing works, the buyers’ loans are pre-cleared with banks first,
and only the downpayment is paid in installment at 0% interest," it added.
"More importantly, there is no more lump sum payment at the end of the
term."
Leisure project
Amisa is a five-hectare leisure community development in Punta Engano,
Lapu-Lapu City.
It is composed of hotels, six residential condominium towers and a 170-meter
beach front, providing a view of the Magellan Bay and northern towns of Cebu.
Robinsons Land group is 60.01% owned by JG Summit Holdings, Inc., one of the
country’s largest conglomerates with interests in branded consumer foods,
agro-industrial and commodity food products, telecommunications,
petrochemicals, air transportation and financial services.
RLC currently operates 18 malls and has built 23 residential subdivisions,
22 residential condominiums, six office buildings and four hotels.
Among its projects are Galleria Regency, East of Galleria, The Trion Towers,
Fifth Avenue Place, Adriatico Residences and One Gateway Place. It also owns
all the Robinsons Malls in the country.
Acquisition
Last September, RLC acquired the Cojuangco family’s Plaza Luisita Center in
Tarlac City, the first business and shopping mall complex in central Luzon.
The company also said it would be jointly developing The Links, a five-tower
condominium project in Mandaluyong City, with George Ty-led Federal Land,
Inc.
Financials
For the period ending in September, RLC increased its net income to P1.82
billion from P1.23 billion, while gross revenues rose by 23.4% to P5.96
billion from P4.83 billion.