MANILA, Philippines — Rockwell Land Corp. plans to spend as much as P14 billion for its capital expenditures this year, bulk of which will be used for land development of both ongoing and upcoming projects.
“We’re looking at more of the same as last year but it can go as high as P13 billion to P14 billion,” Rockwell Land chief finance officer Ellen Almodiel said in a press conference following the company’s annual stockholders’ meeting yesterday.
Last year, the company spent P12.7 billion for capex.
Almodiel said around 16 percent of the capex this year will be spent on land acquisition initiatives, while bulk will be used for the development of continuing and new projects.
Among the new projects the company is set to launch this year is the 63-hectare Rockwell South at Carmelray, its first premium horizontal residential project located in Canlubang, Laguna.
The company is set to launch the first phase of the project by the third quarter of the year. It will offer a total of 252 lots ranging from 650 to 1,000 square meters (sqm) each.
Phase one of the project is expected to generate P4.6 billion in gross revenue.
“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 and chief executive officer Nestor Padilla said.
Rockwell South at Carmelray will be developed through a joint venture with Carmelray Property Holdings Inc. and San Ramon Holdings Inc.
“The development will come complete with Rockwell’s signature open spaces, landscape and amenities. It will feature function rooms, pocket gardens, dog parks, a multipurpose court, and other recreational facilities, bringing Rockwell Land’s unparalleled standard of living to the South,” the company said.
Apart from the Laguna project, Rockwell Land is also set to launch an P8-billion high-end development in Bacolod this year which will feature eight midrise residential towers, retail component and activity areas across a 10.9-hectare property.
Rockwell will launch the first two towers of the project by September this year.
Source: https://www.philstar.com/business/2019/05/30/1921941/rockwell-land-earmarks-p14-b-capex-year
