Property developer Rockwell Land Corp. is planning to spend about P14 billion-worth of capital expenditures this year. Majority of this will be used for land development of current and future projects, said the company. The company reportedly spent P12.7 billion for capex.
“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.
Almodiel said around 16 percent of the capex will be appropriated for land acquisition initiatives.
Among the new projects the company is set to launch this year is the 63-hectare Rockwell South at Carmelray, a horizontal residential project to rise 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.
Apart from the Laguna project, Rockwell Land is also set to unveil an P8-billion high-end development in Bacolod this year which will feature eight mid-rise residential towers, a retail component and activity areas across a 10.9-hectare property.
Source: Philippine Star
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