Rockwell Land Inc., the property arm of the Lopez Group, plans to spend between P4 billion and P5 billion for future residential and mixed-use development projects.
Rockwell Land chief finance officer Ellen Almondiel said in an interview following the annual stockholders’ meeting the group aimed to increase its land bank to 12 percent of total assets from 3 percent at present.
He said if ongoing talks were finalized, Rockwell Land would acquire 64 hectares this year to add to existing 50 hectares. He said another 220 hectares would be added to the group’s land bank by 2019.
The property firm said it was looking at Metro Manila and north and south Luzon for the planned land acquisitions. It said it was also open to joint venture partnerships to achieve the target.
It said the budget for land acquisition would primarily come from bank loans and internally generated funds.
Rockwell Land plans to launch three new residential projects this year with the total sales value of P10.7 billion. Slated for launching in the third quarter is the company’s first resort development in Mactan, Cebu.
The 5.3-hectare property will have over 200 residential units and a 200-room hotel that will serve the growing tourism industry.
Rockwell Land intends to sell half of the hotel room inventory to interested investors.
Rockwell Land is also set to unveil Arton’s second tower in Quezon City. The project will offer 500 units with the total sales value of P4 billion.
The three-tower Arton is a joint venture of Rockwell Land and Japan’s largest real estate company Mitsui Fudosan Inc. The whole development is scheduled for completion by 2023.
“Our venture into the Quezon City area surprised us with robust sales. Riding on this success, we will officially open inventory for Arton North this June with different sizes per unit type to cater to different market profiles,” Rockwell Land president and chief executive Nestor Padilla said.