Robinsons Land earmarks P8B for 8 projects
An article published in The
Philippine Daily Inquirer, December 18, 2006
By: Elizabeth L. Sanchez
Robinsons Land Corp. of the Gokongwei family
is setting aside P7 billion to P8 billion for projects next year.
The company will undertake eight projects next year to take advantage of the
boom in the office space and residential markets, RLC president Frederick Go
said.
These projects include a third tower for Cybergate Center in Mandaluyong,
which caters to business process outsourcing (BPO) firms. Cybergate Tower 3,
which spans about 43,000 square meters of leasable space will have 37
floors. To be built next to RLC's recently completed Tower 2 in the same
area, Tower 3 is scheduled for completion in the first quarter of 2008.
Go said RLC would also construct next year another office building in Quezon
City . He, however, refused to divulge the details of these projects.
"We will continue to cater to the demand from the strong BPO and call center
market," said Danilo Ignacio, general manager for RLC's high rise buildings
division.
Portion of next year's budget will go to ongoing projects such as the
38-storey Fifth Avenue Place residential Condominium in Fort Bonifacio; the
30-storey Gateway Garden Ridge in Mandaluyong; One, Two and Three Adriatico
Place in Ermita, Manila; McKinley Park Condominium in Fort Bonifacio;
townhouse projectOtis 888 Residences in Paco, Manila, and the Woodsville
Viverde Mansions in Parañaque.
Go said RLC would use mostly internally generated cash to finance its
projects.
RLC earlier said it would spend P15 billion in the next two years for new
malls, offices, land acquisitions and housing projects after raising fresh
capital from the stock market. RLC is earmarking 40 percent of its
P15-billion budget for new malls in Dumaguete, Bulacan, Paco (in Manila ) ,
Tagaytay and Davao as well as for the renovation of existing malls in Ermita
( Manila ) and Bacolod . About 30 percent of the budget will be spent for
new office spaces catering to BPO firms.
RLC is one of the largest BPO lessors in the country with 116,000 square
meters of leasable BPO space. It plans to construct an additional 80,000
square meters of leasable space in the next 18 months.