Robinsons to open 10 new malls in next 2 years

ABS-CBN News

Posted at Oct 22 2015 06:01 PM | Updated as of Oct 23 2015 02:17 AM

MANILA - Robinsons Land Corp. is planning to open 10 new malls outside Metro Manila in the next two years as it boosts expansion nationwide.

In 2016, the property unit of the Gokongwei group will open five malls in Tagum, Jaro, Iligan City, Cebu and General Trias.

The firm will also expand existing malls in Ilocos Norte and Tacloban City.

"We hope to increase our gross leasable space by 10 to 11 percent. We're about 1 million gross leasable area now," said Robinsons Land vice president of corporate lease department Lourdes Alano.

Five other malls will be opened in 2017 in Ormoc, Tuguegarao, Naga City, Valencia, and Cabancalan.

Alano said Robinsons Land is planning to open three to five malls annually in the coming years.

"We are doing land banking activities not only in Metro Manila but Visayas and Mindanao area. But there is challenge in acquiring big parcels of land in Metro Manila," Alano said.

Robinsons Land earlier said that by 2019, it is looking to double its net income to P9.4 billion from P4.7 billion in 2014.

Currently, Robinsons Land is the country's second largest mall operator with 39 malls with total gross leasable area of 1.08 million square meters.