Press release: ROBINSONS Land Corp. (RLC), the listed real estate developer of Gokongwei-led JG Summit Holdings Inc., will launch four new malls this year, which will include a shopping center within the mixed-used Magnolia Residences development in Quezon City.
The company earlier said it will focus on its new residential brand Robinsons Communities which will develop projects in suburban areas catering to middle income buyers.
RLC’s residential division also caters to the high-end segment through Robinsons Luxuria while Robinsons Residences caters to buyers with a preference for developments located in central building districts.
The fourth brand, Robinsons Homes, will handle the company’s subdivision projects in the provinces.
The company listed its P10-billion fixed-rate bonds on the Philippine Dealing and Exchange Corp. on Thursday, the first such listing this year.
The bonds are due in July and August 2014, and carry coupon rates of 8.5 percent and 8.25 percent per annum respectively.
RLC president and chief operating officer Frederick Go said the debt sale is the largest for RLC, and one of the most successful being four times oversubscribed.
The bonds also carry the highest credit rating of PRS Aaa by the Philippine Ratings Services Corp.
RLC earlier said the bond proceeds will be used to finance its capital spending program. For 2010, the company has allotted up to P9 billion, roughly the same amount that it did in 2009.
RLC said net income for the first quarter of the current fiscal year, which starts October, rose 28 percent to P869.2 million. This, on the back of combined revenues which added 10 percent to P2.49 billion.
