Robinsons Land Corp. (RLC) announced plans to expand its malls, hotels and offices portfolio in line with the growth prospects of the Philippine economy, President and Chief Operating Officer Frederick Go said.
He told an annual stockholders meeting on Wednesday the company would continue to expand “as we remain optimistic on the growth prospects of the Philippine economy.”
“To date, we have grown the business to 39 shopping centers, 10 office buildings, 14 hotel properties and over 90 residential projects,” Go said.
“With several projects in the pipeline, RLC continues to rapidly expand its portfolio. Through the years, we have built a solid nationwide real estate brand with a wide geographical reach,” he said.
The company will expand Robinsons malls from 3 to 11: three new malls this year, four malls by 2016, and four in 2017. It will bring the total inventory of leasable area to 1.39 million square meters (sqm) by 2017.
For offices, RLC will open four offices by 2018, which include Terra Tower to be opened this year; Bonifacio Summit Center in 2016; and Giga Tower and Cyberspace Gamma in 2017. Its total net leasable area will be 450,000 sqms.
The firm is set to open three new hotels by 2020: Summit Magnolia this year, Go Hotels Davao by 2016, and Westin Hotel by 2020.
RLC raised P12 billion fresh funds from a bond offering, which will partly finance the firm’s P17 billion capital spending this year.
Incorporated in 1980, RLC is the real estate investment arm of Gokongwei family’s holding firm JG Summit Holdings Inc.
RLC’s subsidiaries include: Robinsons Inn Inc., Robinsons Realty and Management Corp., Robinsons (Cayman) Limited, Robinsons Properties Marketing and Management Corporation and Altus San Nicolas Corp., Altus Angeles Inc. and GoHotels Davao Inc.