Stock News 2009: Robinsons earmarks P8 billion for expansion

Image via WikipediaMANILA, Philippines - Robinsons Land Corp. (RLC), the real estate development arm of Gokongwei flagship firm JG Summit Holdings Inc., is setting aside around P8 billion this year to bankroll the construction of new shopping malls, office buildings, residential units and a chain of budget hotels.
RLC president and chief operating officer Frederick Go said the company intends to open five new malls this year which will make available an additional 71,000 square meters of gross leasable space.
At the start of its fiscal year ending September 2009, RLC had completed and opened Robinsons-Pulilan and Tagaytay as well as the first phase of the redevelopment of its Luisita mall.
Other malls targeted for opening this year are in Davao, Tacloban and Gen. Santos.
RLC’s shopping mall network will increase to 26 by the end of September this year from 21 the previous year.
“The company’s business plan for the commercial centers division over the next five years, subject to market conditions, is to sustain its growth momentum via development of new shopping malls and expansion of existing ones,” Go said.
Aside from this, RLC will continue to take advantage of the resilient demand for office space by allotting leasable area for BPOs (business process outsourcing) as needed in its malls. It started construction of Robinsons Cybergate Plaza, which will have 20,000 square meters of net leasable office area.
“While demand is still strong, we expect rental rates to be under pressure this year with the increase in office space supply. However, we are confident that our office buildings will maintain high occupancy because of their better locations, geographic spread, and the fact that they are anchored in our mixed-use developments,” Go said.
RLC is completing the 108-room Summit Ridge Hotel Complex in Tagaytay, which is slated to open this June.
To cater to a wider section of potential clients, RLC launched a new concept in the hospitality business with its budget Go Hotels, offering affordable and value-for money accomodation. These hotels will rise in RLC’s malls and 24-hour convenience stores.
The first site of the Go Hotel is in Robinsons Pioneer Cybergate complex, which is expected to be completed in the next fiscal year.
As for its housing projects, RLC has a pipeline of over 30 residential buildings planned for the mid term, five of which will be launched this year. Among these include the second residential tower of Sonata Private Residences, the second tower of additional buildings in Woodsville, and the first tower of the recently-acquired Magnolia property.
Go said the company aims to launch three new housing projects annually.
“Our business model remains the same-searching for joint venture partners in provincial areas that will allow us to expand into new localities with less upfront capital tied up to land acquisition. The lower price points of our products in this division should give us more traction in a property downturn,” Go said.
At the same time, RLC said it remains to be on the look out for opportunities to pick up good value assets that might become available in the midst of these challenging times.
Zinnia B. Dela Peña
March 10, 2009

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Stock News 2009: Robinsons Cybergate Center Tower offers top grade building facilities

Image via WikipediaRobinsons Land Corp. (RLC), the country's top developer of premium office spaces, continues to offer the best value for locators from business process outsourcing industry through it's recently-completed Cybergate Center Tower 3.
At Robinsons Cybergate Center Tower 3, tenants will get to enjoy various tax and fiscal incentives since it is located within Robinsons Cyber Park, a PEZA-certified IT Park.
This building has been designed by seasoned professionals to offer locators with large floor plate of about 2,100 sq.m. of contiguous space, as well as widely spaced column ideal for BPO/call center type offices to give them more flexibility in organizing their work areas.
High-speed telecommunication and broadband data lines are made available through major telecommunications providers. The design also provides for interfloor communication trunking and telecom risers for additional trunking installation.
Cybergate Center Tower 3 has synchronized generator sets and a redundant generator to ensure 100 percent back-up for an uninterrupted power supply, as well as an automatic sprinkler system for protection against fire. The building has 11 high-speed elevator units.
It uses a Variable Refrigerant Volume (VRV) Air-conditioning System, a new generation technology, which allows users to control its operation to generate savings on electrical consumption, especially after standard office hours. This system is ideal for offices operating flexible hours.
Cybergate Center Tower 3 is located within the Robinsons Pioneer Cybergate Complex, which has its own transport terminals and is adjacent to the MRT station. This convenience is seen to make it easier to hire skilled workers since accessibility is one of the prime considerations of BPO recruits.
Aside from restaurants and convenience store integrated into the building, Cybergate Center Tower 3 shares the complex with Forum Robinsons, a specialty mall where employees get to relax, shop, dine and be entertained after a day’s work and several Robinsons-built residential towers.
Meanwhile, RLC recently “top-off” Cybergate Plaza, the fourth office building within the same complex in response to the continued uptake of traditional and BPO office spaces. This office building will have a total of six leasable office floors with ample parking and is expected to be ready to handover this year.
Zinnia B. Dela Peña
March 10, 2009

http://www.robinsonsoffices.com/jan-mar2009.html

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Stock News 2009: Robinsons Land earnings jump 29% to P3.15 billion

Image via WikipediaRobinsons Land Corp. (RLC), the property arm of Gokongwei investment holding firm JG Summit Holdings Inc., said its net earnings rose 29 percent in its fiscal year ending September 2008 to P3.15 billion on the back of solid growth in operating lease revenues and sales.
In a financial report filed with securities regulators, RLC said consolidated revenues grew 26 percent to P11.18 billion from only P8.89 billion as sales from lease operations improved 35 percent.
RLC president and chief operating officer Frederick Go said the financial results were better than expected amid tough challenges in the real estate industry.
He said the company will continue to pursue projects in industry segments that have promising potentials to further boost its cash flow.
“We will continue to produce projects that cater to the demands of the consumer market. Our solid balance sheet and stable recurring income will allow us to pursue more projects in the coming year,” Go said.
RLC’s commercial centers division contributed P3.7 billion or 33 percent while its high-rise division accounted for 50.44 percent or P5.64 billion of the company’s gross revenues.
As of Sept. 30 last year, RLC operated 21 shopping malls, comprising six malls in Metro Manila and 15 malls in other urban areas throughout the Philippines, and had another 13 projects that are in the planning and development stage scheduled for completion in the next two to three years.
Among the new malls in the pipeline are Robinsons Dumaguete, Tacloban, Gen. Santos, Cebu and San Niccolas in Ilocos.
The strong rental sales, however, were offset by flat revenue growth in RLC’s hotel operations and a drop in interest income.
The 2008 net income includes an extraordinary adjustment to reduce provision for deferred income tax amounting to about P300 million. The adjustment was necessitated by the reduction of the legislated corporate income tax rate starting January 2009 from 35 percent to 30 percent.
The residential buildings division registered revenues of P4.76 billion, up 69 percent from the previous level mainly due to higher realized sales of condominium units in East of Galleria in Ortigas, Gateway Garden Ridge and Gateway Garden Heights in Pioneer, Mandaluyong and Otis 888 Residences in Manila.
The office buildings division, on the other hand, reported a 24-percent growth in revenues to P883 million due to stable recurring lease income from six of RLC’s office buildings, which have become the choice corporate addresses of reputable multinational companies as well as BPO (business process outsourcing) firms.

Zinnia B. Dela Peña 

January 24, 2009

http://www.robinsonsoffices.com/jan-mar2009.html

Stock News 2008: EEI Corp. secures Qatar contract

Image by webzer via FlickrMANILA, Philippines - EEI Corp., one of the Philippines’ largest construction companies, secured a contract in Qatar.
The company, subsumed under the Yunchengco Group, won a bid for the $12 million Qatargas 3 and 4 Onshore Project for GAMA Qatar Company under the Chiyoda-Technip joint venture, EEI said in its disclosure to the Philippine Stock Exchange (PSE). It is expected to undertake pipe erection work of inlet facilities.
Since construction is expected to begin by January, the company will deploy an estimated 1,500 workers in the next few months.
Currently, more than half of its 18,000 workforce is deployed abroad. An estimated 1,400 are assigned in a New Caledonia nickel mining project while 8,000 are in Saudi Arabia, engaged in various projects under the Al Rushaid Construction Co.
The company’s foreign project order backlogs is estimated at $391 million.
Earnings of EEI reached P363 million for the first nine months, 76 percent higher than profits reported during the same period last year.
Consolidated revenues for the nine-month period hit P5.52 billion, 41 percent higher than last year’s P4.6 billion owing to its overseas business.
Shares of EEI fell P0.02 to P0.72 during Thursday’s trading at the PSE.
12/04/2008 | 06:02 PM
http://www.gmanews.tv/story/137521/EEI-Corp-secures-Qatar-contract

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Stocks News 2008: Cityland seeks SEC approval to sell P1B in short-term debt

Image via WikipediaMANILA, Philippines - Listed property developer Cityland, Inc. sought regulatory approval Tuesday to sell short-term commercial paper to the public worth P1.15 billion, a bulk of which will be used to pay off maturing debts.
The firm told the Securities and Exchange Commission it planned to use P770 million of the proceeds to settle loans worth P1.03 billion as of June 30.
Of the debts, about 86% are composed of commercial paper issued on Dec. 17. The rest is owed to Amalgamated Bancorporation and Security Bank Corp., the company said.
Cityland said it also intends to use over a quarter of the proceeds to finance its 39-storey mixed-use condominium project called The Manila Residences.
It said it would spend the money on the project over 12 months. The balance will be used to pay for interest on the notes.
Cityland said it would offer almost three-fourths of the commercial debt paper to general public, while the balance would be made available to big investors.
The company said the debt paper would be offered in four equal tranches, the first to start as soon as gets approval from the commission.
Cityland said the notes would mature in a year and would have a rate of 6.88%. It said the proceeds of the sale would not be used to acquire property within the next twelve months.
Cityland also sought an exemption from getting an underwriter for the offer, saying it was capable of selling the debt paper on its own.
The real estate developer said that it would renew the maturing debts to financial institutions if it does not raise the money from the offering.
The company, formerly known as Statehouse Development Corp., acquires and develops land for mixed-use medium- and high-rise buildings in Makati City and Mandaluyong City.
It also sells affordable houses in Pasig City and residential subdivisions and farm lots in Bulacan and Cavite.
Cityland is the developer of the Pasig Royale Mansion, Oxford Mansion, Windsor Mansion and Brentwood Mansion. Launched on Aug. 21, the newest Brentwood Mansion will rise along Evangelista St., New Santolan in Pasig City.
It is a 12-storey commercial and residential building with features and amenities such as a clubhouse and swimming pool, and 24-hour security.
11/05/2008 | 01:14 AM

http://www.gmanews.tv/story/131378/Cityland-seeks-SEC-approval-to-sell-P1B-in-short-term-debt

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Stock News 2008: Robinsons Land to sell P1.5-B receivables

Image by mheisel via FlickrRobinsons Land Corp. (RLC), the property arm of Gokongwei flagship JG Summit Holdings Inc., has entered into an agreement with Home Funding Inc. (HFI) for the sale of up to P1.5 billion worth of receivables.
HFI is a special purpose company formed pursuant to the Securitization Act of 2004.
In a disclosure to the Philippine Stock Exchange, RLC said the receivables, will come from certain contracts to sell with the company’s buyers for securitization.
The agreement effectively provides covered buyers with an additional option for long-term financing on their condominium purchase.
The assignment of receivables will be implemented in several tranches subject to certain conditions, including the approval by the Securities and Exchange Commission of the securitization plan, RLC said.
Securitization is a financial transaction in which assets are pooled and securities representing interests in the pool are issued. Assets that can be securitized include auto loans, student loans, mortgages, credit card receivables, lease payments, accounts receivables and corporate or sovereign debt.
In a typical arrangement, the owner or originator of assets sells those assets to a special purpose vehicle (SPV). This may be a corporation or some form of partnership established specifically to facilitate the securitization. It may hold the assets or collateral on its balance sheet or place them in a separate trust. In either case, it sells bonds to investors, the proceeds of which will be used to pay the originator for the assets.
RLC earlier forged a strategic alliance with JP Morgan Chase Bank NA to tap the cash management services of the New York-listed global financial services company.
According to RLC, the increased efficiency to be brought about by JP Morgan’s cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for the property firm’s growing number of buyers based in the US, Europe and Asia.
RLC has earmarked P10 billion for its capital expenditures this year which include the construction of six new malls, new office buildings and residential subdivisions.
Its latest project within Bonifacio Global City is Trion Towers, a three-tower, high-rise condominium project which would rise on a one-hectare property at the corner of McKinley Parkway and 8th Avenue. Each tower would have 49 stories and house 700 residential units.
Construction of the project will start this year and is expected to be completed in three years.
RLC would launch another high-rise residential project geared towards the upper income market in a one-hectare lot near Forbes Park.
Zinnia B. Dela Peña
February 17, 2008

http://www.robinsonsoffices.com/jan-mar2008.html

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Stock News 2008: Property firm to launch new condominium project in Bonifacio Global City

Image via WikipediaLISTED PROPERTY developer Robinsons Land Corp. is set to launch its fifth high-rise condominium project in the upscale Bonifacio Global City in Taguig within the next three months.
Mybelle V. Aragon-Gobio, Robinsons Land vice-president for business development, said the company is scheduled to unveil a twin-tower residential project by the second quarter of this year.
Frederick D. Go, Robinsons Land president and chief operating officer, told BusinessWorld in an interview Thursday night that the company envisions a "luxury" project, with units costing a minimum of P5 million each.
"It will be called St. Regis, a name synonymous to luxury and timeless elegance," Mr. Go said.
Last property with a view
He said St. Regis will be located at the vacant 9,118-square-meter lot located along the Millionaire’s row at the corner of McKinley Drive and Fifth Avenue, in Bonifacio Global City.
"It [the property] is seen as the last remaining premier lots that has superior vantage point in the whole Global City complex with a spectacular viewpoint of Manila Golf and Manila Polo Club," Mr. Go said.
Planned as the "lifestyle gateway" to Global City, Robinsons Land said the lot is composed of two mega-block lots — the first measuring 5,747 square meters, and the second block measuring 3,371 square meters.
Mr. Go however declined to say how much has the company allotted for the construction of St. Regis.
Robinsons Land, the real estate development arm of the family of taipan John Gokongwei, currently has three sold-out projects in Bonifacio Global City.
These are the 38-storey Fifth Avenue Place, the 43-storey Mckinley Park Residences and the 43-storey Fort Residences.
Since the projects are already sold-out, Ms. Aragon-Gobio said Robinsons Land has decided to begin preselling its forth project in Fort Bonifacio, the 49-storey The Trion Towers.
Tri-axial
Located in a 9,819-square-meter lot at 8th Avenue and McKinley Parkway, The Trion Towers is the first three-tower residential complex in Fort Bonifacio.
"This new icon of the city skyline boasts of an ingenious tri-axial design which allows all of the units to enjoy privacy, good quality daylight, natural ventilation and multiple views of the city," Ms. Aragon-Gobio said in an interview.
"The groundbreaking design, the buildings’ height, and the triangular formation of the towers all contribute to uniqueness and grandness that The Trion Towers embody, setting it apart from other residential developments," she added.
Ms. Aragon-Gobio said The Trion Towers features 2,146 condominium units with a selection of one-, two-, or three-bedroom units ranging from 37 square meters up to 118 square meters. The minimum unit cost is P3 million.
She said construction of the project is scheduled to be completed by 2011.
"One major design aspect is the introduction of buildings in a triangle formation, where each tower is linked by a bridgeway via a podium-like activity theme park — all buildings will be designed to fittingly embrace the ’central park’, fully maximizing the residential wellness, green-livability and value of the property," she said.
Robinsons Land is the real estate arm of JG Summit Holdings, Inc., one of the country’s largest conglomerates with interests in branded consumers foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.
Shares of Robinsons Land were unchanged at P14 each after last Friday’s trading.
Jeffrey O. Valisno
February 11, 2008
http://www.robinsonsoffices.com/jan-mar2008.html