Rockwell Land Corp. said Wednesday it posted a net income of P1.2 billion in the first half, exceeding last year’s full year profit of P1.08 billion, as it remains aggressive with project expansion despite the pandemic.
Rockwell Land said during the annual stockholders’ meeting it would launch two new flagship projects in Pampanga province and Bacolod City.
Rockwell Center Nepo, Angeles is an P8.5-billion mixed-use development in joint venture with the Nepomuceno family. The project will feature four mid-rise residential buildings and a Power Plant mall.
“We are excited to be part of the skyline of Angeles, Pampanga. Once the project is completed, the community will feature four mid-rise residential buildings and its very own Power Plant Mall,” Rockwell Land president and chief executive Nestor Padilla said.
The project plans to launch its first residential building this month.
Rockwell is also expanding its presence in the Visayas with the launch of Rockwell Center Bacolod, a 30-hectare development which is twice the size of the first Rockwell Center in Makati.
The property will be developed as a mixed-use community with commercial centers, residential spaces and lifestyle and leisure areas.
The first phase consisting of commercial lots is scheduled to be launched by year-end and is expected to bring in P1.4 billion in revenues.
Other residential launches slated for the year are the expansion of projects in Cebu, Batangas, Quezon City and Makati.
Rockwell executive vice president and chief finance officer Ellen Almondiel said the residential launches this year would have total sales value of P21 billion.
The company said these new projects would strengthen its recovery from the impact of the pandemic.
Rockwell Land earmarked P14 billion in capital expenditures this year, primarily for project completion.
“We will always hold tight to our vision of creating beyond ordinary communities amidst any situation,” Padilla said.
“We remain optimistic to launch several projects, especially with the continued trust our clients have given our brand after seeing how we all handled the first year of the crisis,” he said.