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| Robinsons Land sets aside P15 Billion for projects over 2 years |
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Philippine Daily Inquirer
Last updated 02:55am (Manila time) 10/06/2006
PROPERTY firm Robinsons Land Corp. is earmarking P15 billion for the next two years -- P7 billion in 2007 and P8 billion in 2008 -- for new malls and office buildings, land acquisition and housing projects in the next two years, company vice chairman Lance Gokongwei said Thursday.
Funds will come from the recent public offering of Robinsons Land shares and new fixed-rate borrowings, Gokongwei said.
About 40 percent of the budget will be for malls to be put up in Dumaguete City, Bulacan province, the Paco area in Manila, Tagaytay City and Davao City, and for renovation of malls in Manila’s Ermita area and Bacolod City, he said.
About 30 percent will be used for new office spaces that will cater to business processing outsourcing (BPO) companies, he added.
Another 30 percent will be for land acquisition, housing and hotel development, he said.
Robinsons Land at present has 116,000 square meters of leasable BPO space. It plans to make available another 80,000 square meters in the next 18 months, Gokongwei said.
“There are a lot of opportunities in the Philippines that were created by the overseas Filipino workers’ market, BPO growth and a favorable interest rate regime,” he said.
The company said its sale of 932.8 million new and secondary shares at P12 per share generated P11.2 billion. Elizabeth L. Sanchez, with INQ7.net
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