Rockwell Land Corp., the property development arm of the Lopez family, on Wednesday bared expanding its development activities in Cebu, Bulacan and Batangas by an aggregate 200 hectares.
The company is set to launch the 2.85-hectare mixed-use community called the IPI Center by Rockwell, its third project in Cebu, this year.
“We are looking forward to our newest Cebu project with the Wong and Castillo families of International Pharmaceuticals Inc., which is located in the heart of the city. We’ll first offer residential units through Lincoln, inspired by the well-received Proscenium tower in Makati, and will soon be complemented by a retail area that we envision will excite the market,” Rockwell chairman and CEO Nestor Padilla said at the company’s annual stockholders’ meeting.
Rockwell will also develop a new horizontal neighborhood in San Jose, Bulacan. The 100-hectare project is a hillside escape and wellness retreat for future residents.
The company will also develop another 85-hectare beach property in Lian, Batangas as its first premium horizontal beach community in the area.
Padilla also announced the appointment of Valerie Soliven as president and COO. Both are pioneers at Rockwell and expected to lead the company to double digit growth in the next few years.
Rockwell reported net attributable net income in the three months this year rising 14 percent to P600 million from previous year’s P524 million.
Revenue grew 10 percent to P3.65 billion from P3.31 billion.
Residential development accounted for 73 percent of the total revenue, higher than last year’s 66 percent.
Residential development generated P2.65 billion, the bulk of which came from the sale of condominium units, including accretion from interest income.
Commercial development revenue reached P1 billion, 12 percent lower than the previous P1.14 billion due to prior year recognition of sale of One Proscenium. This segment contributed 27 percent to total revenue, excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig.
