PROPERTY DEVELOPER Rockwell Land Corp. will start a 30-hectare mixed-use development in Bacolod in central Philippines next year as it eyes more projects in the countryside due to changing consumer demand amid a coronavirus pandemic.
In a statement to the stock exchange on Tuesday, the company said more consumers prefer horizontal living spaces with wide open areas. Health experts say physical distancing is key to prevent the coronavirus from spreading.
“The shift in market behavior because of the crisis has led to changes in our plans to deliver more exciting developments,” Rockwell Land Chief Revenue Officer Valerie Jane Lopez- Soliven said in the statement.
“This includes a new 30-hectare self-contained inner city mixed-use development in Bacolod set to launch in 2021,” she added.
Rockwell Land is developing a 10.9-hectare property in Bacolod, which will have vertical residential condominiums and retail spaces. The first residential project in the property started in December.
The company is also studying plans to develop projects in Cebu and Iloilo, and a joint-venture opportunity for expansion in Pampanga.
“We will continue to make chances as necessary during these uncertain times,” Rockwell Land President and CEO Nestor J. Padilla said in the same statement. “For now, the rest of our efforts will focus on the project completion.”
Earnings at Rockwell Land plunged 53% to P606.95 million in the first half from a year earlier after Luzon was locked down to contain a coronavirus pandemic starting in mid-March. Revenue fell by 40% to P4.14 billion.
Rockwell Land shares gained 1.97% or three centavos to P1.55 at the close of trading on Tuesday. — Denise A. Valdez