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THE real-estate arm of the Lopez group has allotted billions of
pesos for the construction of a residential high-rise condominium
and office buildings for business process outsourcing (BPO)
developments this year.
Ninnalyn S. Cordero, Rockwell Land assistant
vice-president for business development, said on Friday the company
will develop the 5-hectare old General Milling property along C5
Road in Pasig City. It will also build BPO office buildings at the
Lopez Center in Makati.
Cordero said the company’s projects will cost
about P16 billion, of which the residential high-rise condo in C5
called “The Grove” would cost P12 billion and the construction
of BPO buildings another P4 billion.
She said the funding will be sourced from the
proceeds of its planned $100-million initial public offering (IPO)
and other financing schemes.
However, Elpidio L. Ibañez, First Philippine
Holdings Corp. president and chief operating officer, had said the
company may delay the IPO to later this year from the original plan
of holding it in the first quarter because of the global credit
squeeze and economic slowdown in the US.
Rockwell has tapped CLSA to serve as underwriter
for the planned IPO.
Bong C. Filart, Rockwell Land vice-president for
project development said that even without the planned IPO, the
project will push through.
“We will be sourcing our funding [from] the
banking sector or even the private equities,” he said.
-- Darwin G. Amojelar
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