Rockwell Land income eclipses prepandemic numbers

MANILA, Philippines  — Lopez family-led developer Rockwell Land Corp. saw its earnings last year surpass prepandemic levels, with net income surging by 35 percent to P3.1 billion on higher sales in its residential business.

The company’s net income in 2019 was P2.96 billion.

Rockwell Land on Thursday said revenues reached P18.5 billion from P16.5 billion, buoyed by an 18-percent growth in residential developments.

Residential revenues reached P14.4 billion, while the retail segment climbed by 27 percent to P2.2 billion due to better occupancy, higher rental rates, and new store openings.

READ: Rockwell Land taps P5-B loan from BDO

Reservation sales, an indicator of future revenues, reached P20.3 billion after the developer launched Edades West in Makati City and other expansion projects in the provinces, including Lincoln at IPI Center in Cebu City and Rockwell South at Carmelray in Laguna. However, this was still lower than the P21.2-billion reservation sales recorded in 2022.

New projects

“The real estate industry remains progressive, and Rockwell Land is bolstered by its promising performance from the previous year,” the company said in a statement.

READ: Lopez family’s Rockwell plans major development push outside Manila

The developer behind the Rockwell Center complex in Makati said it would also launch new projects outside Metro Manila within the year.

These include a 100-hectare estate in Bulacan province and an 85-ha beach community in the municipality of Lian in Batangas.

Rockwell Land currently has at least 25 residential and commercial projects, mostly in the capital.

The company announced earlier this month it would get a fresh P5-billion loan from Sy family-led BDO Unibank Inc. to bankroll expansion projects. —Meg J. Adonis