RLC sets ₱22-B capex to expand malls, condos, logistics
The Gokongwei Group’s property development arm Robinsons Land Corporation (RLC) plans to expand its residential, mall, and logistics businesses to the tune of ₱22 billion in capital expenditures.
During the firm’s annual stockholders’ meeting, RLC President Lance Gokongwei said "In 2024, we remain committed to investing in our diversified portfolio, expanding the breadth of our products, and introducing customer-driven innovations to deliver sustainable value in an ever-evolving environment."
He said they will be increasing their malls’ total gross leasable area by four percent or 67,000 square meters this year from the 1.63 million sqm as of the end of 2023 with the planned opening of Robinsons Pagadian and Opus Mall in Quezon City.
RLC’S office business will grow by 11 percent or 84,000 sqm this year with the addition of GBF Tower 1 and Cyberage Iloilo 3. Total GLA stood at 741,000 sqm as of the end of 2023. "Demand for residential property remains robust, driven by both domestic end- buyers and foreign investors. In response, RLC Residences and Robinsons Homes plan to introduce new upscale and highend projects in ideal locations, enabling Filipinos to live their best lives," Gokongwei said. For its residential business, RLC will be launching these year additional towers of Le Pont Residences in Pasig, Mira in Quezon City, and Mantawi Towers in Cebu this year.
Meanwhile, RLC will be expanding its logistics and industrial facilities by 30 percent or 67,000 sqm from the current 227,000 sqm with the launch this year of RLX Sierra Valley 2, RLX Calamba 2C, RLX San Fernando 2.
RLC posted a 53 percent growth in attributable net income to ₱4.07 billion in the first quarter of 2024 from the same period last year due primarily to a one-time gain.
The firm said that, excluding one-time gain on the reclassification of its Gotyme investment, net income reached ₱3.34 billion, up by 21 percent year-on-year.
Consolidated revenues saw a 19 percent growth to ₱11.03 billion compared to the same period last year.
RLC said its investment portfolio, led by the malls and hotels businesses, saw revenues improve 17 percent versus same period last year to ₱7.90 billion, accounting for 72 percent of the consolidated revenues.