RLC to expand residential property business
Strong consumer demand despite high inflation in the first half of the year is boosting the confidence of Gokongwei-led Robinsons Land Corp. (RLC), with the developer planning at least two more project launches in the residential segment later this year.
This comes after the launch of two residential projects worth P21 billion, according to RLC senior vice president and general manager John Richard Sotelo.
“Market response has been good. Honestly, we expected it to be good, but not this good because whatever you say, it’s still a high-interest rate environment,” Sotelo told reporters on the sidelines of the Economic Journalists Association of the Philippines’ forum on Monday.
“Inflation is still a bit high, but the response has been quite good,” he added.
Since the beginning of the year, RLC has launched two new projects: a new tower at Le Pont Residences and two new towers at its Mira condominium project, both in Quezon City.
With a projected interest rate cut next month that could help spur consumer spending, Sotelo said they were expecting to maintain the high demand.
The developer plans to launch at least two new projects in the second half of the year, either for the middle class or premium segment. Combined, these projects could be worth up to P17 billion, according to Sotelo.
“If trends continue, then you should see us continuing to launch more projects,” he said, adding that their premium segment was “doing better than the rest.”
More expensive residential projects tend to do well despite high interest rates and inflation, as customers in the premium segment can withstand higher prices compared with customers in the middle-income segment.
