ROBINSON LAND CORP EYES OFWs
Manila, May 27, 2003 By Zinnia B. Dela Peña (Star) - Robinsons Land Corp. (RLC), the property unit of the Gokongwei’s JG Summit Holdings Inc., plans to set up an international marketing arm to take advantage of the growing demand from overseas Filipino workers (OFWs) and their families.
In documents submitted to the Securities and Exchange Commission, RLC said the international sales force will concentrate on introducing the company’s projects to the OFWs.
RLC intends to focus on products that are more affordable and flexible for the market’s weak appetite, particularly affordable residential lots with option for housing within the price range of P300,000 to P1 million.
In the immediate term, the division will focus on the disposal of its P1.1 billion inventory and take advantage not only of the government’s funding and guarantee programs but also of funding from private financial institutions designed for end-buyer financing to liquify its receivables.
The company also hopes to strengthen its healthy revenue stream by fortifying its position in the development of the more lucrative middle-market residential housing. It is focusing its residential condominium developments in prime Metro Manila locations for the growing middle-income market.
RLC will launch two middle-market residential projects – The Gateway Residences in Pioneer St. Mandaluyong and The Adriatico Residences in Adriatico Street, Manila.
For its commercial centers division, the company is already planning for the development of four more shopping malls. It also plans to pursue long-term leases or joint venture opportunities with landowners in the provincial areas in order to optimize the use of capital.
The firm’s commercial centers remain as RLC’s main revenue contributor, accounting for about 60 percent of real estate sales last year.
It intends to steadily expand its shopping mall business by building three to four new shopping malls a year. It plans to develop leaner commercial centers in provincial cities with a smaller average gross floor area of 25,000 square meters each.
RLC’s objective is to further strengthen its position as the most solid and reputable real estate developer in the country.
As for its hotel division, RLC intends to maintain its higher-than-industry hotel occupancy rates by strengthening its marketing organization to focus on corporate and leisure travelers, as well as to bolster the domestic market with affiliate, Cebu Pacific Air.
RLC owns a successful chain of 11 shopping malls with a total gross floor area of 875,500 sqm. It is also the largest domestic hotel owner with a combined room capacity of 1,145 rooms.
Reported by: Sol Jose Vanzi
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