Rockwell to invest $710m in Manila, Cebu

Reading Time: 1 minute

Rockwell Land, one of the largest premium property developers in the Philippines owned by industrial conglomerate Lopez Group, said it has set aside $710 million for new property projects over the coming years, namely for its multi-tower development in Manila’s business district Makati and for a project in Cebu City, its first outside Metro Manila.

The news emerged during a stockholders’ meeting on May 29. The firm said that $285 million will be spent in 2013 alone.

The project in Makati are five towers of the company’s Proscenium development for which $617 million have been allotted.

Apart from that, Rockwell Land is currently constructing its third office tower in Ortigas Center and plans to open The Edades, a serviced apartment complex for expats with 114 apartments, in the first quarter of 2014. It also said it will more than double its leasable office space to 100,000 square meters from the current 44,000 square meters given high demand from outsourcing firms.

Rockwell posted a net income of $26 million in 2012, up 23 per cent from 2011, the company disclosed to the Philippine Stock Exchange in March. It booked $159 million in revenue, up 10 per cent from the year before. The bulk came from residential developments.

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Rockwell Land, one of the largest premium property developers in the Philippines owned by industrial conglomerate Lopez Group, said it has set aside $710 million for new property projects over the coming years, namely for its multi-tower development in Manila's business district Makati and for a project in Cebu City, its first outside Metro Manila. The news emerged during a stockholders' meeting on May 29. The firm said that $285 million will be spent in 2013 alone. The project in Makati are five towers of the company's Proscenium development for which $617 million have been allotted. Apart from that, Rockwell Land...

Reading Time: 1 minute

Rockwell Land, one of the largest premium property developers in the Philippines owned by industrial conglomerate Lopez Group, said it has set aside $710 million for new property projects over the coming years, namely for its multi-tower development in Manila’s business district Makati and for a project in Cebu City, its first outside Metro Manila.

The news emerged during a stockholders’ meeting on May 29. The firm said that $285 million will be spent in 2013 alone.

The project in Makati are five towers of the company’s Proscenium development for which $617 million have been allotted.

Apart from that, Rockwell Land is currently constructing its third office tower in Ortigas Center and plans to open The Edades, a serviced apartment complex for expats with 114 apartments, in the first quarter of 2014. It also said it will more than double its leasable office space to 100,000 square meters from the current 44,000 square meters given high demand from outsourcing firms.

Rockwell posted a net income of $26 million in 2012, up 23 per cent from 2011, the company disclosed to the Philippine Stock Exchange in March. It booked $159 million in revenue, up 10 per cent from the year before. The bulk came from residential developments.

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid