By James A. Loyola
Robinsons Land Corporation (RLC), the property development arm of the Gokongwei Group, is planning to open four malls in 2018 and launching two residential projects towards the end of this year.
In an interview after the firm’s annual stockholders’ meeting, RLC President Frederick D. Go said they will open malls in Ormoc, Leyte; Pavia, Ilo-Ilo; Tuguegarao, Cagayan; and Valencia, Bukidnon.
“They are all community malls. Meaning, they have about 150 to 180 stores, shops and restaurants within the mall,” Go explained.
RLC is also looking at launching two high-rise residential projects later this year or early next year. “We’re not sure. For the first six months of the calendar year, we have not launched yet anything but maybe towards the end of the year we might launch,” said Go.
He said these will be Magnolia Tower 4 in Quezon City and the second residential tower of its Robinsons Galleria Cebu complex.
“Tower 1 is 70 percent sold so what I told my people is they bring it up to, say 90 percent and launch tower 2. But all of these are dependent on market conditions depending on sales of Tower 1. Our focus now is to try and move the existing inventory,” said Go.
Meanwhile, RLC is also expanding its warehouse leasing business which it entered recently with the construction of warehouses in Parañaque.
“We’re looking at areas like in Laguna,” said Go explaining that “it’s a proven business model. We know the cost of building a warehouse, we know the rent of a warehouse. So I think it’s a business segment we’d like to enter.”
Go said RLC is also starting development of its latest township called Sierra which is an 18-hectare propery in Cainta, Rizal that they acquired from Mitsubishi Corporation in 2015.