MANILA, Philippines — The Lopez family’s Rockwell Land Corp. will get a fresh P5-billion loan from Sy-led BDO Unibank Inc. to bankroll the property developer’s expansion projects.
In a stock exchange filing on Thursday, Rockwell Land said its board of directors had approved the 10-year term loan facility from BDO.
“The proceeds of the loan will be used to fund capital expenditures, land acquisitions and other investment,” Rockwell Land said in its disclosure.
This follows the company’s announcement in February that it will seek loans from Philippine National Bank and Rizal Commercial Banking Corp. for expansion projects. Rockwell Land had said that it wanted to secure P5 billion worth of loans from each bank.
Bulacan, Batangas projects
Last year, the developer behind the Rockwell Center complex in Makati City announced plans to develop mixed-use and other real estate projects outside Metro Manila.
READ: Lopez family’s Rockwell plans major development push outside Manila
A 100-hectare estate will stand in Bulacan province, while an 85-hectare beach community is planned in the municipality of Lian in Batangas province.
In Cebu City, the company has begun converting the old International Pharmaceuticals Inc. (IPI) office into the mixed-use community IPI Center by Rockwell, its third project in Cebu province that will span 2.85 hectares.
Rockwell Land currently has at least 25 residential and commercial projects, mostly in the capital.
Its projects in other regions include Rockwell South in Laguna and Narra Residences on Negros Island.