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TO keep up with competition, the real property arm of the Gokongwei
group announced it is ramping up its mall expansion nationwide even
as it plans to build more hotels to cash in on the growing tourism
industry.
Frederick D. Go, Robinsons Land Corp. (RLC)
president, told reporters that the company plans to spend around P12
billion to P15 billion for the 16 malls it will build all over the
country in the next five years. The company already acquired all the
sites for the additional malls, he said.
In its fiscal year starting October, the
property developer opened Robinsons Mall Otis and the new Midtown
Wing in Robinsons Manila. In the next few months, it is set to open
malls in Pulilan, Bulacan and Cabanatuan, Nueva Ecija. Also in the
pipeline are malls in the cities of Cebu, Davao and Dumaguete.
The additional mall space will increase the
company’s gross floor area of 1.3 million square meters to 1.4
million square meters by year-end. Go said four or five of these
malls will have a business process outsourcing (BPO) office
component, similar to its existing ones.
Besides its commercial and residential
businesses, RLC is also looking at expanding its hotel operations
with new developments in the pipeline, starting with a new unit
under construction in Tagaytay City called Summit Ridge. The
boutique hotel, which will have 220 rooms, will rise from the
six-hectare property that the company owns. It is scheduled to open
its doors to the public next year.
RLC will also start building luxury hotels in
its Sonata property in Ortigas and in its Amisa project in Cebu. The
timetable for these developments has yet to be set.
The company said it may invest more in hotels,
which comprises 12 percent of its total revenues. RLC said it is on
the lookout for good properties to acquire and add to the 280
hectares of land bank under its portfolio.
“We have no properties yet in Palawan but
definitely we’re looking there. We’re looking everywhere,” Go
said.
“We think there’s really a turnaround in the
performance of hotels [since] tourism numbers are really up. There
is a lot of domestic and international travel going on and you can
see that in the numbers of Cebu Pacific. We think the tourism and
hospitality industry will likewise remain strong so we think there
[are] some good opportunities to invest in hospitality [sector],”
he added.
Besides the malls and hotels, RLC will also be
launching four residential condominium projects, six subdivisions
and two office space buildings this year.
-- Likha C. Cuevas-Miel
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