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Tuesday, April 16, 2024

Robinsons Land launching P20-b worth of new residential projects this year

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Robinsons Land Corp., the property unit of the Gokongwei Group, plans to launch P20 billion worth of new residential projects this year on expectations of strong demand for residential units both from domestic end-buyers and foreign investors.

Robinsons Land president Frederick Dy said in a message in the 2019 annual report the company’s bullish outlook was mainly driven by solid remittances from overseas Filipino workers, attractive lending rates and the availability of mortgage financing from banks.

The target project launches, however, could change considering the impact of the new coronavirus pandemic on the domestic economy.

Robinsons Land plans to increase the mall leasable space by three percent to 1.62 million square meters with the opening of a mall in La Union and the expansion of Robinsons Place Antipolo and Robinsons Place Dumaguete.

By 2021, the property firm will expand its mall footprint in Metro Manila by opening a premium mall within Bridgetowne, and three new provincial malls in Nueva Ecija, Bataan and Batangas.

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The four new developments will add nine percent to it total leasable space to 1.77 million square meters.

For the office sector, Robinsons Land plans to develop five new office projects that will increase net leasable area by 16 percent to approximately 686,000 sq. m. by the end of 2020.

It aims to complete the development of three new office projects that will expand net leasable space by 14 percent to 784,000 sq.m. in 2021.

With the country’s tourism sector booming prior to COVID-19, the Gokongwei-owned property unit was looking to expand the hotel portfolio by increasing the number of rooms by 10 percent to 3,452 with the opening of Summit Hotels Naga, Go Hotels Naga and Go Hotels Tuguegarao in the next 12 months.

The company plans to add 15 percent more keys in 2021 through Westin Sonata, Summit GenSan and Go Hotels San Nicolas to end with 3,957 operational rooms.

Meanwhile, the company’s industrial and integrated developments division plans to triple leasable space to 100,000 sq. m. with the completion of two additional industrial facilities in Muntinlupa and Calamba in 2020.

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