Buoyed by its strong performance and the favorable economic condition experienced by the property sector, premier real estate developer Rockwell Land Corporation recently listed in the Philippine Stock Exchange its common shares by way of introduction resulting from a property dividend declaration by the Manila Electric Company (Meralco) of its 51% stake in the company.
Rockwell Land listed all of the company’s outstanding 6,228,382,244 common shares at a listing price of PHP 1.46 per common share, which is equivalent to the company’s year-end 2011 stockholder’s equity amounting to PHP 9.1 billion. As a result of the property dividend, Rockwell Land now has 48,269 shareholders.
Formed in 1995, Rockwell Land’s flagship project is the Rockwell Center, a 15.5-hectare mixed use development in Makati City, known for its upscale commercial and residential developments. The Rockwell community in Makati is also home to the Power Plant Mall and the Rockwell Club, known for its unique and quiet elegance amidst a community setting.
Currently under construction is The Grove by Rockwell, a 5.4 hectare residential development in Pasig catering to the upper mid market, set to turnover its first two towers by this year. Experiencing strong demand from the market, sales take-up continues to be brisk with Towers A & B at 95% and Towers C, D, E, & F already at 36%. Another ongoing development is The Edades Tower and Garden Villas, a 50-storey development in Rockwell Center with six floors of serviced apartments which has a dedicated lobby and a separate set of amenities. Already 98% sold out and in the construction stage of its superstructure, Edades Tower and Garden Villas is expected to be completed within the first half of 2014.
As the Company continues to move forward, it took a new turn in innovating its product offerings with the recent launch of its first townhouse development, 205 Santolan by Rockwell, located in Quezon City. While the project only began selling last April 27, it is more than 50% sold-out. This new exclusive pocket community will be home to 105 units with sizes ranging between 260 and 400 square meters ready for turnover by next year.
Apart from this, the Company has also launched The Lopez Tower and Museum which will stand tall in Block 9- the area in Rockwell Center where various retail outlets were previously located. The 20-storey tower will be the new headquarters of the Lopez Group of Companies and a new home to all the art and literature collections amassed over the years by the Lopez family. Scheduled start of construction is by mid 2012 with expected completion in three years.
Lastly, the Company looks forward to launching The Proscenium whose conceptual design team is headed by world-renowned Uruguayan architect Carlos Ott. The 3.6 hectares of prime property on the north east side of Rockwell Center will expand the Company’s flagship development with an additional 5 residential towers to be complemented with 15,000 sqm of retail, 10,000 sqm of office and a first of its kind 700-seater performing arts theater.
Rockwell Land registered a net income after tax of P915 million in 2011, up by 14% from P801 million in 2010. Total revenues amounted to P 6.2 billion, up by 26% from P 4.9 billion in 2010. Revenue growth was driven by residential sales due to higher booking of sales and construction completion in 2011 from ongoing projects.
There is an option to have a follow on offering now that Rockwell Land is listed, but no definite plans have been laid out as of the moment.
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