Robinsons Land upbeat on newly opened Magnolia mall
By Doris C. DumlaoPhilippine Daily Inquirer
Artist’s perspective of Robinsons Magnolia
MANILA, Philippines—Property developer Robinsons Land Corp. sees its newly opened Robinsons Magnolia shopping complex along Aurora Boulevard turning into its fourth-biggest cash cow among the firm’s 32 shopping malls in the country.
The four-level Robinsons Magnolia, which opened last week, forms part of RLC’s four-tower Magnolia Residences development in the area where the Magnolia Ice Cream House once stood.
In the first nine months of the company’s fiscal year, the shopping mall segment was the biggest revenue contributor to RLC with a share of 49 percent, or P5.2 billion, followed by residential development (P3.31 billion) with 31 percent, and office and hotel portfolios, contributing 10 percent (about P1 billion) each.
Arlene Magtibay, RLC general manager for commercial centers division, said Robinsons Magnolia was 96 percent leased out when it opened last week. She said it was expected to be 100 percent leased out by next month.
“Operational is around 60 percent, with the other tenants expected to open within the next three months in time for the Christmas season,” Magtibay said.
“We do expect Magnolia to be our fourth-biggest revenue contributor,” she said.
The top three biggest revenue contributors among RLC’s shopping malls are Robinsons Manila, Robinsons Galleria and Robinsons Metro East.
The new shopping complex is RLC’s third mall in Quezon City and the eighth in Metro Manila. It has a gross floor area of 108,000 square meters, of which 42,000 sqm are leasable.
“We promise to bring a brand-new shopping experience in Robinsons Magnolia, which will house several top brands and retailers and restaurant and food formats,” Magtibay said.
Robinsons Magnolia has one of the fanciest food courts in the metropolis with its island-like setting. It also features landscaped gardens at the back of the mall fronting the Magnolia Residences, which will have al fresco restaurants. She said it would be in this area where the Magnolia Ice Cream House would be “reincarnated.”
The shopping mall is anchored by Robinsons Department Store, Robinsons Supermarket, True Value and Robinsons Appliances. It has four cinemas (including a 3 D Cinema), a food court and parking capacity for more than 1,000 cars.
Follow Us
Recent Stories:
Short URL: http://business.inquirer.net/?p=77706
Tags: Business , Malls , Philippines , property , Real Estate , Robinsons Land Corp , Robinsons Magnolia
