LISTED developer Rockwell Land Corp. announced on Monday that it will use P9 billion of its P15.3-billion retained earnings for capital expenditures (capex) for the period 2022-2023.

“At the regular meeting of the board of directors (BoD) of the corporation held today, the BoD approved the appropriation of P9 billion out of the total retained earnings of P15.3 billion as of Dec. 31, 2021, for capital expenditures covering the period 2022-2023,” the company told the stock exchange.

Rockwell Land and Juan D. Nepomuceno (JDN) Realty through their joint venture Rockwell Nepo Development Corp. broke ground in March for “The Manansala” project at Rockwell Center Nepo in Angeles, Pampanga.

The project is the first residential building in the mixed-use Rockwell Center Nepo.

Encompassing 4.5 hectares, Rockwell Center Nepo, Angeles is “poised to offer a similar experience as the flagship Rockwell Center in Makati City,” Rockwell Land said in a statement.

“The development is set to have three residential towers and the first Power Plant Mall outside of Metro Manila,” it added.

The Manansala, which is scheduled for turnover in 2025,  will have lifestyle amenities such as swimming pools, a function room, a fitness gym, and a multi-purpose court, as well as 78% open space.

“Through this joint venture between Rockwell Land and JDN Realty, Pampanga’s well-heeled market will find elevated lifestyle experiences delivered to them within their burgeoning region of Central Luzon,” the company said. — Arjay L. Balinbin

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