By James A. Loyola
Rockwell Land Corporation, a member of the Lopez group of companies, is earmarking P12 billion to P14 billion for capital expenditures (capex) this year as it gears up to launch P11.4 billion worth of real estate products in the second semester.
In a press briefing after the firm’s annual stockholders’ meeting, Rockwell Land Chief Finance Officer Ellen Almodiel said the bulk of the capex will be used for the development of existing projects while about 15 percent will be used for land acquisition.
Rockwell Land will be launching its first premium horizontal project, Rockwell South at Carmelray, is seen to generate gross revenues of P4.6 billion and net revenues of P3.9 billion for the first phase.
The firm will initially launch over 250 lots as part of the 63-hectare phase 1 of the development.
“After creating a master-planned community in our current 19.1-hectare Rockwell Center in Makati, we look forward to bring the same success to Rockwell South, set to be another flagship development in a much larger scale,” Rockwell Land President Nestor Padilla said.
This will be Rockwell’s first project that will offer residential lots ranging from 650 to 1,000 sqm each. Its will initially offer 252 lots.
The new development is a joint venture with Carmelray Property Holdings, Inc. and San Ramon Holdings Inc. Its first offering will be 252 lots.
With the company’s geographic growth in emerging cities, an addition of over 10 hectares of land will also be launched this year.
By year-end, Rockwell Land is set to establish presence in Bacolod City with the launch of its high-end development in September 2019.
The P8 billion project will feature 8 mid-rise residential towers, plus retail and activity areas in a 10.9-hectare land. The first phase to be launched will include two towers with a sales value of P2 billion.
Another mid-rise low-density development by Rockwell will merge condominium and townhouse living. The P2.8 billion project called Benitez Suites, is scheduled to launch in November 2019 and will bring the signature Rockwell promise of exclusivity to Southern Quezon City.
With its first tower, Fordham, now 86 percent sold, East Bay Residences by Rockwell Primaries located in Sucat, Muntinlupa is also set to launch its second tower by the third quarter with a sales value of P2 billion.