Robinsons Land to build 4 new malls

Robinsons Land Corp., the real estate arm of JG Summit Holdings, Inc., plans to build four new shopping malls this year to bring the total to 33, amid an the upbeat outlook for the property sector. One of its new shopping malls will be built at its Magnolia property in Quezon City, which has an existing residential condominium project, Robinsons Land President Frederick Go said on Thursday. "We have a very good outlook [for the property sector]," he told reporters on the sidelines of the firm’s corporate bond listing on the Philippine Dealing and Exchange Corp. (PDEX). He cited increased money sent home by Filipinos abroad, as well as the expansion of business process outsourcing (BPO) companies. Robinsons Land is spending P9 billion this year on various projects, mainly to expand its residential and commercial properties. It also plans to acquire land for mixed-use development, he said. Go said their residential sales had grown by 12 percent during the five months of their fiscal year that started last October. Robinsons Land recently launched its mid-rise condominium project called the Escalades South Metro in Sucat, Parañaque under its new unit Robinsons Communities. It will build the first of the eight towers in the second quarter. Robinsons Land has listed its P10-billion fixed rate bonds on the PDEX, the first corporate bond listing for the year. There are now 18 PDEX-listed bond instruments issued by 10 companies worth P114.3 billion. The share price of Robinsons Land closed flat at P14 on Thursday. — NPA, GMANews.TV