High-end property developer Rockwell Land Corp. is spending around P12 billion for its projects within the year, as it broadens its presence with the launch of new projects and acquisition of a three-hectare property in Cebu province.
The company is also seeing a significant improvement in its net profit in 2013, specifying that it expects as high as P1.5 billion compared to the P1.1 billion earned in 2012.
“For this year, we are spending about P12 billion in capex [capital expenditures],” Nestor Padilla, Rockwell Land president and chief executive officer, told reporters after the company’s annual stockholders meeting held on Wednesday.
He also enumerated some of the projects that the company are currently developing as well as those about to be launched.
Padilla said that on expanding its market coverage, Primaries Development Corp., the firm’s subsidiary, is set to launch its first mid-rise residential project next month.
“While maintaining our strong foothold in the high-end segment, we are optimistic at an overwhelming reception of Primaries from the local market,” he said.
Rockwell Land also reported that half of its P9.2-billion reservation sales came from its two recently launched projects, the 205 Santolan, its first townhouse development, and
The Proscenium, its high-end residential project to rise in Rockwell.
The Proscenium consists of five towers with a total development and land cost of P26 billion. It registered a sales take-up of P2.5 billon in 2012.
For its investment in Cebu, the company hasn’t identified what kind of project it will develop, but Padilla said that the company is looking to pour in P2 billion to P3 billion for its investment in the province alone.
“We continue to look for signature projects. We’re working for a few. We like Metro Manila obviously but Cebu is very much in our radar screen,” Padilla said.
He also said that the company’s landbank in general is still good for at least three years, while The Proscenium’s project alone will be good for the next eight years.
“If we will sustain 20-percent compounded [growth]year-on-year, then we need to acquire more lots,” Padilla said.
Madelaine B. Miraflor