Robinsons plans 5 malls, hotel

Inquirer
Last updated 09:58pm (Mla time) 09/03/2006

Published on page B4 of the September 4, 2006 issue of the Philippine Daily Inquirer

ROBINSONS LAND CORP. of taipan John Gokongwei is building new malls and possibly a new hotel in Tagaytay City in the next two to three years as it continues to remain bullish on the economy.

In a draft prospectus filed with the Securities and Exchange Commission (SEC), RLC identified five new malls that may open between 2007 and 2008: in Paco (Manila), Davao City (Davao del Sur), Tagaytay City, Dumaguete City (Negros Oriental), and Pulilan (Bulacan).

These sites will add 130,000 square meters in terms of gross floor area to the company's existing 18 malls with a total floor area of 1.2 million square meters.

RLC said it was also expanding Robinsons Place Manila by another 62,672 square meters to include boutiques with luxury brands and a first-class restaurant. The expansion of Robinsons Manila may be completed in the first quarter of 2008.

Expansion of Robinsons Place in Bacolod is also ongoing to include themed retail areas that may showcase regional Philippine cuisine, brands and products and other retail services. This will result in an additional 5,529 square meters and may be completed by the third quarter of 2008.

RLC's commercial center division, which develops, leases and manages shopping malls, accounted for 49 percent of RLC's total revenues as of the first half of 2006 and roughly 68 percent of total income in the same period.

RLC is also beefing up its hotel portfolio with plans to build one in Tagaytay City. The hotel is currently in the design phase and may be completed in 2009. The proposed hotel will consist of 54 hotel rooms, 36 serviced apartments, five luxury villas and conference facilities. As of June 30, RLC's hotel division accounted for 13.6 percent of its total revenues. The property giant now has three hotels and an apartelle offering a total of 820 rooms. These are Crowne Plaza Galleria Manila (263 rooms), Holiday Inn Galleria (285 rooms), Cebu Midtown Hotel (197 rooms) and Robinsons Apartelle (75 rooms).