May 29, 2013

Rockwell invests P30 B on 2 projects; Possible follow-on offering

Rockwell Land Corp. is allocating nearly P30 B over the next few years for two multitower residential developments, one in Makati and another in Cebu.

Specifically, he said the property firm allotted P26 B for five towers of the Proscenium in Makati and P3 B to develop a 3.1-hectare lot in Cebu. For this year alone, Rockwell Land will spend P12 B for property developments that will allow its profits to hit as much as P1.5 B.

Revenue contribution from the property in Lahug, Cebu is estimated at P4.6 B for the next four years. Rockwell Land would conduct  a follow-on offering if it acquires a significant project. - WealthSec