MANILA -- Lopez-owned developer Rockwell Land Corp. is maintaining its PHP14 billion capital expenditures this year, as it launches new projects and beefs up its land bank to support continued growth.
Senior Vice President for Residential Development Val Soliven told reporters after the company’s stockholders’ meeting on Wednesday that they hope to introduce to the market their first resort development in Mactan, Cebu, and the second tower of their premium high-rise development in Quezon City next month.
Soliven said the horizontal affordable housing project in Lipa, Batangas will be launched towards the last quarter of the year.
The company said the Aruga Cebu resort and residences, The Arton’s second tower and the housing project cost PHP12 billion.
Rockwell Land Chief Finance Officer Ellen Almodiel said the firm will spend PHP4 billion to PHP5 billion for land purchases over the next two years.
Senior Vice President for Business Development Davy Tan said they target to acquire 14 hectares of land this year and 220 hectares more next year, in addition to their current 50 hectares. The developer has announced its plans to increase its land bank from 3 percent to 12 percent of its total assets.
“Aside from properties we will be closing in Metro Manila, we are currently in advanced discussions for mixed-use projects in both the North and South of the Metro. We are very excited about this growth as it will allow us to introduce different products and share the Rockwell lifestyle to new markets,” noted Tan.
Almodiel is optimistic on continued growth this year. “We are still looking at very healthy growth this year. We are expecting to track last year’s growth,” she said.
Rockwell Land reported its highest net income to date at PHP2.1 billion in 2017, a 15-percent increase from PHP1.82 billion the previous year. (PNA)