RLC bets big on warehousing, dorms, coworking spaces
Gokongwei-led property developer Robinsons Land Corp. (RLC) has identified warehousing, dormitory and coworking space businesses as new areas of growth.
These three new businesses are seen to complement the continued expansion of RLC’s shopping mall, hospitality, offices and residential development businesses.
During the company’s stockholders’ meeting on Wednesday, RLC president Frederick Go said the company —which now has 48 operating shopping malls—was set to end this year with 1.5 million square meters of retailing footprint. Four malls are set to open this year, in the following locations: Ormoc, Pavia (Iloilo), Tuguegarao and Valencia (Bukidnon).
In 2019, it will open another mall in San Pedro (Laguna) and expand the existing mall in Magnolia (Quezon City) and Antipolo.
For offices, leasable space is expected to reach 518,000 square meters this year and 613,000 square meters next year.
In the hotel business, hotel rooms are seen to increase by 23 percent this year to 3,086 with the opening of Dusit Thani in Mactan, Cebu, Summit Tacloban and GoHotel Iligan. By 2019, room count is targeted to grow further to 3,448 with the opening of GoHotel Naga, GoHotel Tuguegarao and Summit Greenhills.
In residential development, RLC is set to launch new residential projects valued at as much as P7 billion this year.
Recently, RLC debuted into the warehouse property business with the recent opening of the first facility in Mandaluyong, which has a gross leasable area of 32,000 square meters. Go said the second warehousing hub would be built in Cabuyao, Laguna, with 33,000 square meters of space. Plans are underway for the third hub in Calamba.
Go said RLC wanted to start building its first dormitory in Metro Manila this year.
“Not everybody can afford to buy a condominium unit but a lot of people can afford to rent,” Go said, adding that this was “consistent with our goals and our objective is to provide housing for everyone.”
As digitization and e-commerce gain traction in the Philippines, Go said offering coworking space would likewise be a new growth area for RLC. —DORIS DUMLAO-ABADILLA
