RLC rolling out 11 new residential projects

MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of Gokongwei holding firm JG Summit Holdings Inc., is rolling out 11 new residential projects to fill in the strong demand for low-to middle-income housing.

In a filing with securities regulators, RLC said it is awaiting the issuance of a license to sell a total of 5,008 housing units covering 11 new projects.

These projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights , Brighton Parkplace North, Montclair Highlands , Sitio Andalucia, St. Bernice Estates, Nizanta Gardens , Vimana Verde Residences and Grand Tierra.

RLC said it plans to develop at least three new housing projects a year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.

For its residential buildings division, RLC said it plans to build at least three new projects annually. As of end-September  2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu , of which 16 had been completed and 13 projects under various stages of development.

“The company’s business plan for its residential buildings division is to develop new projects in response to actual and anticipated market demand.

The company believes that the potential for growth is in the affordable to middle-cost high-rise condominium developments and in the middle-cost to high-end horizontal residential segments of the market,” RLC said.

For its commercial center division, RLC had 10 new shopping malls in the planning and development stage for completion in the next two to three years to sustain its growth momentum.

For its fiscal year ending September 2009, RLC had opened five malls: Pulilan, Bulacan; Tagaytay; Davao; Tacloban and Gen. Santos City and a redeveloped mall in Tarlac City. It currently operates 26 shopping malls, comprising six malls in Metro Manila and 20 malls in other urban areas throughout the Philippines, with a gross floor area of approximately 1.43 million square meters.

The commercial centers division’s main revenue stream is derived from the lease of commercial spaces. Historically, revenues from lease rentals have been a steady source of operating cash flow for the company.

RLC expects that the revenues and operating cash flow generated by the commercial centers business shall continue to be the driver for the company’s growth in the future.