MANILA, Philippines — Property developer Rockwell Land Corp. expects high interest rates to pose a risk to sales but remains optimistic because of its developments in the provinces, lining up three projects sprawling 201 hectares (ha) across Bulacan and Batangas.
Valerie Jane Soliven, Rockwell president and chief operating officer, said in a virtual stockholders’ meeting on Wednesday that the 17-year high interest rates, along with rising inflation, could potentially discourage discretionary spending in the market.
“However, we are optimistic in the markets that we are serving. In particular, we are confident in the resilience of our core luxury segment and the growth of regional and horizontal markets,” she said.
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Rockwell is set to build a 100-ha development in San Jose Del Monte, Bulacan, this year.
Projects in the pipeline
Other projects in the pipeline include the 63-ha mixed-used hub and a 38-ha residential project in Batangas.
“Our commitment to provincial development remains steadfast as evidenced by our ongoing expansion and development efforts in the provincial areas,” Soliven said.
In July, the company is also set to launch 1 Rockwell in Cebu City, the first office building in its 2.8-ha IPI Center community.
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Rockwell chair Nestor Padilla said they currently have a land bank of 500 ha, the majority or 90 percent of which are in key cities of Pampanga, Laguna, Batangas, and Bulacan.
“Our presence in these strategic cities has given us the optimism to develop more products, allowing us to excite our core market with new offerings,” he said. —Tyrone Jasper C. Piad