Robinsons Land Corp., the real estate unit of conglomerate JG Summit Holdings Inc., is spending P13 billion this year to finance land acquisitions and construction of real estate projects. Robinsons Land said in a filing with the Philippine Stock Exchange that it would spend 62 percent of the budget, or about P8 billion, for the construction of shopping malls, office buildings and hotels. The company will allot 38 percent, or P5 billion, for building residential condominiums and horizontal housing units.
“These will be funded through cash from operations and borrowings,” Robinsons Land said. Capital spending in 2012 was slightly lower than P13.9 billion in the previous year. Robinsons Land said net income in fiscal year 2011 that ended September rose 10 percent to P4 billion as gross revenues grew 18 percent to P13.3 billion from P11.3 billion a year ago. The commercial centers division contributed P6.23 billion of the real estate revenues for the year, up 8 percent from P5.7 billion last year. The company attributed the increase to higher rental fees and strong take-up of leased areas in recently renovated malls.
The company had seven new shopping malls in 2011 while three expansion projects are in the planning and development stage for completion in the next two years.
Robinsons Land’s residential division booked P4.5 billion in revenues, up 41 percent a year ago due to an increase in the completion levels of existing projects, such as The Fort Residences, East of Galleria and Woodsville Viverde and higher take-up of realized revenues from new projects such as Trion Tower 1, Sonata 1 and Amisa 1 and 2.
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