Rockwell Land to spend P14B in 2018 for projects

HIGH-END property developer Rockwell Land Corp. is spending P14 billion this year for the construction of more projects across the country.

The company is set to launch this year three residential projects—the second tower of the P15- billion The Arton residence in Katipunan, Quezon City in partnership with Japanbased Mitsui Fudosan, Inc.; a 600-unit residential and hotel project in Mactan, Cebu called Aruga Mactan; and an affordable housing development in Lipa, Batangas.

Rockwell Land senior vicepresident for business development Davy Tan told a news conference in Makati City on Wednesday the Aruga project alone could generate up to P6 billion in sales, while the second tower of the Arton project can potentially result in P4 billion sales.

Arton’s first tower was launched in July 2017, selling P1 billion worth of units two months upon launching.

The Arton project will have a total of three towers with 24, 28, and 34 stories, respectively. The development will comprise 1,700 units of studios and up to 3-bedroom units with sizes ranging from 27 square meters to 103 sqm.

For Aruga Mactan’s hotel component, the company said the

Prices for Rockwell Land’s residential projects have already risen by 15 percent dur with a good chunk of the takeup coming from local investors.

“About 70 percent comes from the local markets while foreign [take-up] only consists of 15 to Valerie Lopez-Soliven said.

P5B for land bank expansion

- are budgeting up to P5 billion through 2019 for the acquisition of more land across the country.

With its existing land bank already spanning 50 hectares, Rockwell expects to increase its portfolio to 284 hectares by next year if it successfully closes acquisition deals with several land owners.

“If we probably close 50 percent of the land bank [negotiations], we will have 64 hectares. If 100 percent, we will get 284 hectares,” Tan said.

The property developer is targeting to maintain net income growth of 15 percent this eyar while revenues are expected to grow by 13 percent.