Robinsons Land building new tower in Davao City
Robinsons Land Corp. (RLC) will develop a new office tower in Davao City to expand its footprint in the country’s second-largest island group.
In a regulatory filing on Tuesday, the Gokongwei-led developer said the nine-story office building was slated for completion in the first half of 2027.
The project will rise on part of a property that RLC had acquired from Great Earth Marketing and Development Corp., it said.
The project will also “showcase a modern and iconic facade, complemented by a premium lobby design that redefines office space standards in the region,” RLC said.
Once completed, this will add to the developer’s Mindanao portfolio. Currently, this consists of eight shopping malls, three GoHotels, one Grand Summit Hotel and two office buildings.
In the first semester this year, RLC grew its earnings by 5 percent to P6.88 billion on gains across all its businesses.
Revenues climbed by 8 percent to P23.03 billion.
RLC Offices posted a 5-percent uptick in its top line to P4.11 billion due to rental escalations in its premium portfolio. Occupancy averaged 87 percent in the January to June period.
Earlier, RLC announced plans to spend P100 million until 2026 to improve its office buildings and attract more third-party logistics firms, Fortune 500 companies and bigger business process outsourcing players.
In the next five years, RLC will shell out P125 billion in capital expenditures. This is part of its bigger goal of “premiumizing” its brands.
RLC president and CEO Mybelle Aragon-GoBio earlier told reporters they wanted to double their net income to P25 billion by 2030, mainly by upgrading their projects across the developer’s business units.
Apart from office buildings, this includes the expansion of RLC’s portfolio of upscale condominiums and introduction of luxury and ultra-luxury hotels.
RLC also recently launched The Jewel, which will consist of a mall, four office towers and a five-floor basement parking area with a projected gross leasable area of around 320,000 square meters. This would make it RLC’s biggest project in a single location.
