Robinsons Land Corporation (RLC), one of the country’s leading developers, is allotting P25.5 billion for capital expenditures this year, about the same amount it spent in 2021, as it gears up for a recovery in the economy.
During the firm’s annual stockholders’ meeting, RLC President and CEO Frederick D. Go said the capex will be funded through internally-generated cash from operations and borrowings.
“We believe that the worst is over. And we look forward to achieving more milestones and cementing our leadership in the years to come. We are encouraged by the recorded improvements in consumer activity in the first three months, particularly February and March,” noted Go.
He added that, “We believe that revenge spending and revenge travel, as border restrictions are gradually lifted, will provide the much-needed boost in the recovery of our retail and hospitality businesses,” he noted.”
“Our offices, meanwhile, will benefit from the return to work strategies of companies nationwide, and globally. For our residential business, we are preparing to launch projects to address pent up demand for housing,” said Go.
Meanwhile, he said “We will continue to expand the geographic reach of our industrial business to capture opportunities in the logistics sector. Our existing land bank in the Philippines has now reached over 800 hectares with a market valuation of about P128.4 billion.”
This year, Go said Robinsons Malls will continue to ramp-up its portfolio bringing lifestyle centers closer to consumers with the opening of Robinsons Place Gapan in Nueva Ecija and the expansion of Robinsons Place Antipolo.
Once completed, these projects will increase total gross leasable area by 3 percent to 1.62 million square meters.
With return-to-work strategies in full swing and expected to sustain demand, Robinsons Offices is preparing to deliver new inventory of office spaces in Bacolod, Cebu and Iloilo.
Robinsons Hotels & Resorts will capitalize on the anticipated return of foreign tourists, as well as the foreseen improvement in domestic tourism within Metro Manila and in leisure destinations.
“We plan to operate over 3,600 keys with the opening of Summit Naga, Go Hotels Naga, Go Hotels Tuguegarao, and Fili Urban Resort Hotel in Cebu in 2022,” Go said.
For its Residential Division comprised of RLC Residences and Robinsons Homes, RLC plans to launch future-ready projects to capture the growing demand from domestic end-buyers and foreign investors.
Meanwhile, Robinsons Logistics and Industrial Facilities (RLX) will work towards becoming the fastest growing logistics facility provider in the country with additional warehouses in the pipeline.
RLC will also continue to make substantial progress in the development of our landmark Destination Estates – the 30-hectare Bridgetowne in Pasig and Quezon City, the 18-hectare Sierra Valley in Cainta, and the 200-hectare Montclair in Pampanga.
Overseas, the company expects an earnings boost in 2022 upon the recognition of revenues from Phase 2 of its Chengdu Ban Bian Jie project in China.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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