Roxas & Company Inc., the holding company of the Roxas group, earmarked P579 million in capital expenditures for fiscal year 2015-2106 to finance expansion of its real estate business.
RCI said in a regulatory filing that of the P579-million programmed spending for 2015-2016, some P209 million would go for the completion of Anya Resort and Residences and P370 million for new projects.
RCI said it planned to complete phase two of Anya Resort and start the hotel component of the project in the first quarter of 2016.
It said in line with the plan to diversify its real estate portfolio, the company would aggressively pursue acquisition of new properties in greater Metro Manila for potential low”to”medium”density residential development.
The group also plans to open first five Go Hotels by the first half of 2016.
The five Go Hotels will be located along Quirino Avenue in Parañaque City near the Ninoy Aquino International Airport; North Edsa, Timog Circle and Cubao in Quezon City; and in Malate, Manila.
RCI’s property unit Roxaco Land Corp signed in 2013 a deal with Singapore’s Vanguard Hotels Group to build a minimum of five “Go Hotels” in Metro Manila and in select provincial destinations
RCI said also aimed to increase its ownership in Fuego Hotels to 100 percent from current 75 percent and enlarge its property management operations through investment or partnership.
It said for solar power venture, the company was set to complete the development of 30-megawatt solar power project in Nasugbu, Batangas by second quarter of 2016.
RCI reported a consolidated net income of P135.1 million in the fiscal year ending September 2015, down 94 percent from last year’s net income of P2.28 billion, which included a one-time gain from partial sale of stake investments in sugar milling firm for P2.03 billion.
Consolidated sales in fiscal year increased 25 percent to P250.4 million from P199.8 million a year ago, on higher real estate sales of Anya Resort and Residences phase 2.
