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Thursday, March 28, 2024

Rockwell allocates P14b for 2017 capex

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Rockwell Land Inc., the property unit of the Lopez Group, said capital expenditures this year will increase 16.6 percent to P14 billion from P12 billion in 2016 primarily to construct residential and leasing projects.

Rockwell Land vice president for finance Ellen Almodiel said the company planned to launch two residential and three commercial projects this year.

One residential development lined up this year is a two-hectare  project in Katipunan, Quezon City called the Arton by Rockwell.

Almondiel said the project would contain three high-end residential buildings that would generate P4 billion in sales each.

She said while several residential buildings were built along Katipunan catering to students within the area, there was no residential development for the high-end market yet.

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The project will offer 1,700 units priced at P140,000 per sqm.

Meanwhile, Rockwell Land is also set to complete two commercial developments this year that will add 70,000 square meters of leasable space to its portfolio.

Among these are Santolan Town Plaza in San Juan City and a two-tower office project in Mandaluyong City.

The company is also set to open by end-December 2017 the  6,000-sqm expansion phase of the Power Plant mall.  The expansion phase will add 50 new stores and two additional cinemas.

Rockwell Land will have a total of 220,000 sqm of leasable space by end of 2017. The group’s leasing business currently accounts for 20 percent of revenues.  

The group is also venturing into tourism with the development of a resort called Punta Engano in Mactan, Cebu.  

Construction of the 300-room resort with six private villas is set to start in the third quarter of 2017 while completion is expected by 2021.

The company will also complete by 2019 the 200-room Aruga Hotel in Makati.

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