ROBINSONS Land Corp. (RLC) continues to sell property in its residential project in Chengdu, China despite the onslaught of the coronavirus disease 2019 (COVID-19) pandemic.
In a disclosure to the stock exchange on Monday, the Gokongwei-led real estate company said it had sold 76% of 564 condominium units and 73% of 64 duplex villas opened for sale from its project in China.
“RLC has noted the warm reception of the market to the high-rise condominium units and low-rise duplex villas released for sale,” it said.
“Despite the lingering effects of the global COVID-19 pandemic, RLC has sold [units] in just a few days of selling, after release of the sales permit,” it added.
RLC said it recently received the sales permit for additional components of Phases 1 and 2 of its residential project in China. The company operates in Ban Bian Jie located in the Wuhou District of Chengdu.
The 220,000-square meter project was launched in mid-2018 and is composed of two phases, which consist of high-rise residential buildings, townhouses and shophouses. RLC said when it sold condominium units and duplex villas recently, the average price per square meter was higher than when it sold the first phase.
However, for its operations in the Philippines, RLC said all 52 of its malls are currently closed, save for select essential stores like supermarkets, pharmacies and banks. About half of its hotel properties are also on limited operations due to the lockdown in place in view of the COVID-19 pandemic.
What remains in operation are RLC’s office buildings and industrial facilities. The company has 23 office developments that contributed P5.32 billion or 17% of RLC’s total revenues last year. It also has at least three properties under its industrial and integrated development division, which added P459 million or 2% to RLC’s total revenues last year.
The company posted a 6% increase in net income last year to P8.69 billion, on the back of a P1.02-billion increase in revenues to P30.58 billion. Shares in RLC at the stock exchange increased 44 centavos or 2.88% to P15.70 each on Monday. — Denise A. Valdez
