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The real-estate arm of the Gokongwei group Robinsons Land Corp. (RLC)
disclosed Thursday it will tap the debt market to finance its
capital expenditures.
In its report to the Philippine Stock Exchange,
the company said it will issue corporate notes worth up to P2
billion through placement with not more than 19 primary
institutional lenders. The debt papers will mature in five years,
with Hong Kong and Shanghai Banking Corp. Ltd. as the lead manager
for the distribution and sale of the debt papers.
The company is setting aside P10 billion to fund
the launching of several housing, commercial and hotel projects it
has lined up for the year.
Residential developments in the pipeline include
Brighton Parkplace, Monte del Sol, Costa Verde, Wellington
Courtyard, Forest Parkhomes North, Blue Coast Residences, Brighton
Parkplace North, Hanalei Heights and Montclair Highlands.
The property firm also entered a joint venture
agreement with the unit of Security Bank Corp. and Taganito Mining
Corp. for the development of a mixed-use office and residential
project within the 5,567-sqm property along Ayala Avenue corner
Rufino and Valero streets in Makati.
It is also setting aside between P12 billion and
P15 billion to develop 16 malls nationwide in the next five years.
This fiscal year that started in October, the property developer has
opened Robinsons Mall Otis and the new Midtown Wing in Robinsons
Manila while in the next few months it is set to open other
Robinsons malls in Pulilan, Bulacan and Cabanatuan, Nueva Ecija.
Also up for development are malls in Dumaguete
City, Cebu City and Davao City. This will increase the company’s
gross floor area of 1.3 million sq. m. to 1.4 million sq. m. by
year-end. RLC also announced it will build its first mall in Ilocos
through a joint venture agreement with Venvi Development Corp.
RLC will be expanding its hotel operations with
new developments in the pipeline, starting with the new hotel being
constructed in Tagaytay City called Summit Ridge.
The company’s profits from October to March
rose 19.7 percent to P1.458 billion year on year as revenues climbed
18 percent to P5.242 billion higher. Earnings before interest,
taxes, depreciation and amortization (EBITDA) also grew 16 percent
to P2.804 billion from a year ago.
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