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Robinsons to build 16 malls in 5 years

By Jenniffer B. Austria

ROBINSONS Robinsons Land Corp. is spending P12 billion to put up 16 malls over the next five years—or an average of three malls a year—in a bid to catch up with market leader SM Prime Holdings Inc., its top official said yesterday.

The listed property unit of JG Summit Holdings would also open four malls this year—one each in Cabanatuan City in Nueva Ecija, Pulilan in Bulacan, and in Ermita and Paco both in Manila—company president Frederick Go told reporters following Robinsons Land’s stockholders’ meeting.

The four new malls would bring the company’s malls to 24 and their total gross floor area to 1.4 million square meters this year from 1.3 million last year, Go said.

By comparison, the Sy family had 30 SM malls in 2007 and is poised to open three more and to expand two others this year, which would bring the total gross floor area of its malls to 4.1 million square meters.

The SM group is opening SM Supercenter in Rosales in Pangasinan, SM City in Baliuag in Bulacan, and SM City in Marikina City. It is also expanding SM City in Fairview, Quezon City, and SM Megamall in Mandaluyong City.

Go said several of the company’s new malls would rise up in the provinces including Mindanao, and some would cater for business process outsourcing firms.

He said the company also had six housing projects, a high-rise condominium, and a hotel in Tagaytay City in the pipeline—including two new office buildings in Mandaluyong City and in Ortigas Center.

The company would also manage a 120-room boutique hotel in Tagaytay City, he said.

Go said earlier that Robinsons Land was setting aside P10 billion for capital expenditures this year against P7 billion last year.

The company now counts 20 shopping centers, 23 residential condominiums, five office buildings, 27 housing and land developments and three hotels.

Its net income rose 48 percent to P1.82 billion last year after revenue increased 24 percent to P5.96 billion.

Revenue from its high-rise buildings jumped 60 percent to P2.3 billion.