ROBINSONS LAND CORP. of the Gokongwei family is setting aside P7 billion to P8 billion for projects next year.
The company will undertake eight projects next year to take advantage of the boom in the office space and residential markets, RLC president Frederick Go said.
These projects include a third tower for Cybergate Center in Mandaluyong, which caters to business process outsourcing (BPO) firms. Cybergate Tower 3, which spans about 43,000 square meters of leasable space will have 37 floors. To be built next to RLC's recently completed Tower 2 in the same area, Tower 3 is scheduled for completion in the first quarter of 2008.
Go said RLC would also construct next year another office building in Quezon City . He, however, refused to divulge the details of these projects.
"We will continue to cater to the demand from the strong BPO and call center market," said Danilo Ignacio, general manager for RLC's high rise buildings division.
Portion of next year's budget will go to ongoing projects such as the 38-storey Fifth Avenue Place residential condominium in Fort Bonifacio; the 30-storey Gateway Garden Ridge in Mandaluyong; One, Two and Three Adriatico Place in Ermita, Manila; McKinley Park condominium in Fort Bonifacio; townhouse project Otis 888 Residences in Paco, Manila, and the Woodsville Viverde Mansions in Parañaque.
Go said RLC would use mostly internally generated cash to finance its projects.
RLC earlier said it would spend P15 billion in the next two years for new malls, offices, land acquisitions and housing projects after raising fresh capital from the stock market. RLC is earmarking 40 percent of its P15-billion budget for new malls in Dumaguete, Bulacan, Paco (in Manila ) , Tagaytay and Davao as well as for the renovation of existing malls in Ermita ( Manila ) and Bacolod . About 30 percent of the budget will be spent for new office spaces catering to BPO firms.
RLC is one of the largest BPO lessors in the country with 116,000 square meters of leasable BPO space. It plans to construct an additional 80,000 square meters of leasable space in the next 18 months.
