UNFAZED by the current economic slowdown, Robinsons Land Corp. (RLC), a member of the mighty Gokongwei group, has launched a new residential project within the six-hectare Robinson’s Cybergate City at Pioneer, Ortigas Complex.

Called Two Gateway Place, the project, which will be the fourth residential development within the City, will have 331 units.

Frederick Go, president of Robinsons Land, said there will be no delays in the implementation of the company’s projects despite threats of the rising inflation.

“We are not slowing down,” he said. “But I see the industry to be more careful in terms of projects to launch to protect the margins.”

RLC will sell a bedroom unit, with an area of 34 square meters (sq.m), for P2.3 million and a 70.96-sqm two-bedroom unit for P4.8 million.

The project, which will be completed by December 3012, is expected to generate as much as P1.6 billion in sales.

Go also said Robinsons Land will proceed with the construction of another office tower to serve the growing business process outsourcing (BPO) sector.

The Cybergate City is a modern 24/7 urban and business community consisting of residential condominiums like One Gateway Place, Gateway Garden Ridge and Gateway Garden Heights and BPO office buildings Robinsons Cybergate Center Towers 1-2-3 and Cybergate Plaza.

RLC admits its steel and cement expenses have increased by 25 percent because of inflation. It has already adjusted its prices by 10 percent to recover the rising costs.

The company is selling P2-billion worth of corporate notes to fund its capital expenditures. The notes will mature in five years.

The placement, distribution and sale of the notes will be managed by the Hongkong and Shanghai Banking Corp. Ltd.

RLC is investing heavily in the next five years to put up 16 additional shopping malls in various parts of the country.

Source: Business Mirror