Rockwell expects P11-b sales
Rockwell Land Inc. expects to raise P11 billion in proceeds from the sale of a recently-launched fifth tower at the master-planned residential development in Rockwell, Makati.
Rockwell Land president Nestor Padilla said in an interview the residential condominium, called The Proscenium Residences, would have a total of 563 units, selling at P215,000 per square meter.
The 59-story building will be the tallest among the five towers within the 3.6-hectare development designed by world-renowned architect Carlos Ott.
Rockwell Land said the building’s 563 units would include 100 studio units, 122 one-bedroom units, 241 two-bedroom units and 100 three-bedroom units.
The tower is expected to be completed by 2020.
The company said since launching the first tower in the Proscenium in 2012, the price of condominium units increased from P175,000 per square meter to current P215,000 per square meter.
Meanwhile, Rockwell Land vice president for finance Ellen Almodiel said the company remained aggressive with project launches and lined up three new projects with P4.6 billion.
Rockwell Land is also expanding the Power Plant Mall that will add roughly 6,000 square meters of additional space. Total capital spending is estimated at P600 million.
The expansion of the premier upscale mall to house top fashion brands and food and beverage outlets is slated for completion by 2017.
The property firm is allocating P3 billion to develop a one-hectare lot at the corner of United and Sheridan Streets in Mandaluyong City with the project called RBC United.
Under the plan, RBC United will initially will offer nine floors of prime office space and two floors of retail shopping.
Another P1 billion will be set aside for the development of a 1.3-hectare lot in San Juan City to be called Retailscaped Santolan.
Retailscapes Santolan will have a shopping mall and office component.
These projects are expected to add 68,000 square meters of leasable space to the company’s office and retail space portfolio.
Rockwell Land focuses on ramping up its recurring income streams to complement the residential business.
Rockwell Land expects to complete this year 8 Rockwell, the company’s first traditional office building, which would add 32,371 square meters of leasable space.
The company expects these projects to double its commercial development portfolio to more than 200,000 square meters of gross leasable space.