MANILA -- Upscale property developer Rockwell Land Inc. is spending up to PHP14 billion this year for its new projects, as well as on the acquisition of additional lands.

“PHP12 billion to PHP14 billion still mostly developments. There are some land acquisitions there may be about 15 percent, and the rest are developments both for continuing (projects) and for the new ones,” Rockwell Land chief financial officer Ellen Almodiel said in a press briefing after the company’s stockholders’ meeting on Wednesday.

The company invested PHP12.7 billion in capital expenditure in 2018.

Almodiel said they are currently developing 15 projects, including four projects they intend to launch this year.

Rockwell Land will introduce to the market a residential project in Laguna; the PHP8-billion high-end development in Bacolod; the PHP2.8-billion condominium and townhouse in Quezon City; and the residential project in Sucat, Muntinlupa.

Called Rockwell South at Carmelray, its first premium horizontal project in Canlubang, Laguna will initially launch over 250 lots as part of the 63-hectare first phase of the development.

Its first offering is expected to bring in revenues of PHP3.9 billion.

Rockwell Land president and chief executive officer Nestor Padilla said “after several launches scheduled in the second half of 2019, we are optimistic about more geographic growth in the years after that will allow us to create new Rockwell communities in new markets, including one in Central Luzon.” (PNA)