Rockwell Land eyes P10B in bank loans

REAL estate developer Rockwell Land Corp. on Wednesday said it intended to secure P10 billion in term loan facilities from two LOCAL BANKS TO fiNANCE ITS CAPITAL EXPENDITURES, LAND ACQUISITIONS, AND PLANNED INVESTMENTS.

In a filing with the stock exchange, Rockwell said that its board of directors had greenlit a P5-billion, 10-year term loan facility with Philippine National Bank (PNB) as well as a P5.0 billion seven-year term loan with

Rizal Commercial Banking Corp. (RCBC).

The latest measures follow the board’s approval last month of a P5.0 billion, seven-year term loan facility with Metropolitan Bank and Trust Co. (Metrobank).

The developer of the Rockwell Center complex in Makati gave no further details about the latest transactions.

Last June, the company announced expansion plans involving the development of nearly 200 hectares in Cebu, Bulacan, and Batangas.

For Cebu, Rockwell said it was planning to launch a 2.85-hectare mixed-use development — its third project in the province — featuring a “unique retail concept.”

It also plans to construct a 100-hectare horizontal neighborhood in Bulacan and an 85-hectare beach community in Lian, Batangas, with the first phase of residential lots scheduled to be launched this year.

Rockwell Land President Valerie Soliven earlier stated that developments in these key areas were part of the company’s diversification strategy.

The property developer saw its net income expand to P2.7 billion in the first nine months of 2023 from P2.2 billion a year earlier, while consolidated revenues grew to P13.3 billion from P12.5 billion.

Rockwell Land’s share price was unchanged at P1.59 on Wednesday amid a 0.23-percent climb for the benchmark Philippine Stock Exchange index.