Robinsons Land spending P22 billion for projects this year

MANILA, Philippines — Robinsons Land Corp. (RLC) plans to spend around P22 billion this year to continue expanding its footprint nationwide.

The Gokongwei-led property developer said the P22 billion, which would come from its retained earnings, would be used for domestic capital expenditures for 2024.

“The earmarked amount is for the continuing capital expenditures of the company for subdivision land, condominium, residential units and other real estate properties for sale, development and expansion of investment properties and property and equipment,” RLC said.

The capex will be funded through internally generated cash from operations and borrowings.

RLC operates 54 shopping malls as of end-2023, eight of which are in Metro Manila and 46 are situated in other urban areas throughout the country.

The company has three new malls and three mall expansion projects in the planning and development stages and which are set for completion in the next two years.

RLC also has a pipeline of new offices for completion in the coming years to ensure business growth, with the GBF Center Tower 1 eyed for launch this year.

Its office division, Robinsons Offices has so far completed 31 office developments in strategic locations around the country.

For its residential division, RLC currently has several projects that are scheduled for completion in the next one to six years.

RLC’s residential division has 90 residential condominium projects under the RLC Residences brand and 40 housing subdivisions under the Robinsons Homes brand, of which 100 have been completed and 30 are still ongoing as of end of last year.

RLC likewise has a diverse portfolio covering luxury hotels and resorts, upscale deluxe hotels, mid-market city and resort hotels and essential service value hotels.

It ended 2023 with 26 hotels consisting of 13 Go Hotels, seven Summit Hotels and Resorts, one Grand Summit Hotel, four international brands and one Fili Hotel.

Moving forward, the company said it would continue to make substantial progress in its landmark destination estates.

Robinsons Destination Estates focuses on strategic land bank acquisition in collaboration with corporate land purchases, exploration of real estate infrastructure projects and partnerships that create growth opportunities.

“To strengthen earnings, the division will likewise explore innovative real estate formats, new business ventures and strategic partnerships for its mixed-use developments,” RLC said.