MANILA, Philippines - Upscale property firm Rockwell Land Corp. is allotting P8 billion for its capital expenditure program this year to include its venture into townhouse development and serviced apartments.
In an interview yesterday, Rockwell Land vice-president Ellen V. Almodiel said the company is expanding at an accelerating pace to capitalize on a resurgent property market and an improving economy.
Almodiel said this year’s capital budget is 15 percent higher than what the company spent in 2011.
She said the company aims to differentiate itself in the property market by expanding its product range, customer base and geographical reach.
To diversify its revenue sources, the company decided to enter into horizontal development with its first townhouse project, 205 Santolan.
Situated on a 1.8-hectare property located near the Santolan-Ortigas Avenue intersection, the low density project will make available a total of 105 units. It broke ground in February 2012 and is targered for turnover to the buyers by June next year.
Rockwell is looking to construct another townhouse project in a newly-acquired property in Benitez, Quezon City. It will have about 51 units.
Almodiel said the company is completing the development of the 50-story Edades building in Rockwell Center, which will feature six floors of serviced apartments. Plans involve the construction of around 114 studio, one-bedroom and two bedroom units with total net leasable area of 7,186 sqm.
Other projects for this year include the 19-story Lopez Tower within the Rockwell Center, which will serve as the headquarters of the Lopez Group of Companies. It is slated for completion in 2014.
The company’s flagship project, Rockwell Center, now consists of seven high- rise residential buildings, a high-end shopping mall (Power Plant Mall), an exclusive leisure club (Rockwell Club), a graduate school and two office buildings owned by Nestle Philippines and the Phinma Group.