RLC sets aside P8B for new malls, office buildings, hotel
An article published in The
Philippine Star, December 18, 2006
By: Zinnia B. Dela Peña
Robinsons Land Corp. (RLC), the property arm
of Gokongwei flagship firm JG Summit Holdings Inc., will spend between P7
billion and P8 billion for the construction of new malls, office buildings
for outsourcing firms, residential units and a hotel.
RLC president Frederick Go said P3 billion of the programmed capital budget
will go to the development of new shopping centers and P2 billion will be
channeled to the construction of high-rise buildings.
Go said the capital budget, which is roughly the same as last year, will
also be used to fund landbanking activities.
Funding will come from internally generated cash and proceeds from the
company's recent share offering.
The new malls will rise in Dumaguete (Negros Oriental), Tagaytay ( Cavite ),
Manila , Davao , and Bulacan. These new malls are expected to be completed
in 2008.
Go said the redevelopment of a portion of Robinsons Galleria mall, called
the West Wing is expected to be completed before the end of the year. This
will result in a better and more complementary tenant mix, which will
include the latest and trendiest shops and food outlets.
RLC is expanding Robinsons Place Manila 's presence in Ermita by another
29,000 square meters along Pedro Gil and M. Adriatico Streets, complementing
its high-rise Condominium project, One Adriatico. The new areas will house
high-end boutiques, restaurants, a variety of specialty food outlets,
amusement centers, and wellness centers. The expansion will be completed by
the end of 2007.
Expansion of Robinsons Place in Bacolod is also ongoing to include themed
retail areas that may showcase regional Philippine cuisine, brands and
products and other retail services. This will result in an additional 5,529
square meters and may be completed by the third quarter of 2008.
The company is also expanding Robinsons Place Lipa and Dasmariñas which will
have a combined additional space of 60,000 square meters including
restaurant strips, amusement areas, and almost doubling the retail space for
its anchor tenant, Robinsons Department Store.
Other projects in the pipeline are a retail and lifestyle complex in Sucat,
Parañaque City and a mall in Tagaytay.
The new malls will add 130,000 square meters in terms of gross floor area to
the company's existing 18 malls with a total floor area of 1.2 million
square meters.
RLC currently operates 18 malls in selected locations across the country
with total gross floor area of 1.1 million square meters.
Go said the company will also build a 100-room hotel in Tagaytay which is
expected to compete with the Taal Vista Hotel. The hotel will be developed
over a period of two or three years.
As for its office buildings, RLC will construct Robinsons Cybergate Center
Tower 3, which will rise on a 43,000 square meter property.
RLC High-Rise Buildings General Manager Danilo E. Ignacio said a
multinational business process outsourcing firm has already made
reservations for five floors of the 27-storey building.
"We continue to see very strong demand for BPO space," Ignacio said.
Ignacio said the company will also build a 27-storey office building in
Quezon City . The building will rise in a 40,000 square meter lot.
Go said the company's goal is to build three malls, three residential
projects, and three high-rise buildings a year.
RLC also hopes to build one BPO building and one hotel a year.