Listed property developer Rockwell Land Corp. is set to spend P10 billion to P12 billion in capital expenditure this year to expand its hotel and leisure portfolio, a company official said.
At a press briefing on Thursday, Rockwell Land Chief Financial Officer Ellen Almodiel told reporters the company is looking to boost its capital expenditures this year from P7.4 billion last year.
The budget covers the projects the firm will launch this year, comprising three residential developments and two hotel projects, Almodiel noted.
During the firm’s annual stockholders’ meeting also Thursday, Rockwell Land president and chief executive officer Nestor Padilla said the firm is looking at expanding its hotel and leisure portfolio.
The projects are Aruga Hotel, the first urban resort-themed hotel in Makati to be located at its flagship Rockwell Center, and a 300-room resort in Mactan, Cebu.
Completion date of the boutique hotel is set in the first half of 2019.
“The resort will also have private villas which will give guests direct access to the beach,” Rockwell said.
The 11-acre Mactan resort will offer a mix of retail and hotel amenities as well as local, regional, and internationally recognized restaurants.
Construction of the leisure development is expected to start in the third quarter of 2017, with the project to be completed in 2021.
“The strong interest from our roster of investors and partners to roll out new ventures outside Metro Manila is evidence of not only the strength of Rockwell’s leisure and hotel business but also reflects our collective vision to develop prime tourist locations like Mactan Island as the country experiences a tourism renaissance,” Padilla said.
The firm claimed the Rockwell Mactan project would generate P300-400 million annually.
Padilla said the firm is set to launch the residential projects that include Edades Suites, the East tower of The Vantage at Kapitolyo, and East Bay Residences.
Padilla told shareholders that the firm is interested in entering the horizontal housing market, and will probably develop a 37-hectare lot it recently acquired in Lipa, Batangas.
The project is a mix of mid-marker and affordable housing that may range from P4 million to P5 million per unit.
The project will be developed in three phases, with phase one involving 300 to 400 housing units.