Robinsons Land Corp. has deployed a quarter of the P21.561 billion funds it raised from the initial public offering of its real estate investment trust company over the last four months.
RLC led by bilyonaryo Frederick Go spent a total of P5.66 billion of the RL Commercial REIT (RCR) IPO funds from September to December 2021.
The biggest outlay of P1.415 billion was used for the ongoing construction of RLC’s Nustar Resort in Cebu City. The P25 billion integrated resort project is on track to open in 2022.
RLC also funneled a total of P900 million to buy land in Pasig (for the further expansion of Bridgetowne) and Calabarzon.
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RLC forked out P827 million for its Terrazo housing project inside the Mediterranean-inspired community in Dasmarinas, Cavite.
Another major item on RLC’s spending list is the P720 million it contributed to its 50-50 joint venture Shang Robinsons Properties which is building Aurelia Residences, a high-end condo in Bonifacio Global City.
RLC also burned over half a billion pesos for various structures in its sprawling Bridgetowne township in Pasig – P340 million for GBF office towers 1 & 2; P104 million for Cirrus office tower; and P82 million for Opus Mall.
Here is the breakdown of how RLC spent its REIT funds from September to December 2021:
1) NuStar Hotel and Mall (Cebu) P1.415 billion
2) Terrazo At Robinsons Vineyard P826.473 million
3) Shang Robinsons Properties (Aurelia BGC) P702.208 million
4) Land acquisition (Pasig City) P594.655 million
5) GBF office Towers 1 and 2 (Bridgetowne) P340.518 million
6) Land acquisitions (Calabarzon) P299.615 million
7) Sierra Valley Gardens buildings 1 and 2 (Cainta) P203.881 million
8) SYNC – S Tower (Pasig) P201.347 million
9) Robinsons Place Gapan P186.074 million
10) The Sapphire Bloc – East Tower P178.613 million
11) Montclair (Pampanga) P143.703 million
12) Robinsons Place Antipolo Expansion P136.176 million
13) RLX Mexico Pampanga P134.061 million
14) Westin Sonata Hotel P116.982 million
15) Cirrus (Bridgetowne) P104.029 million
16) Summit Hotel GenSan P90.16 million
17) Gateway Regency Studios P83.427 million
18) Opus Mall (Bridgetowne) P82.012 million
19) Robinsons Place La Union P70.861 million
20) Galleria Residences Cebu – Tower 2 P64.929 million
21) Galleria Residences Cebu – Tower 3 P48.172 million
22) Galleria Residences Cebu – Tower 1 P44.009 million
23) Springdale Angono P37.222 million
24) Acacia Escalades (Quezon City) building B P37.962 million
25) Summit Hotel Naga / Go Hotels Naga P20.406 million
26) Robinsons Place Dumaguete Expansion Phase 1 P16.764 million
27) The Radiance Manila Bay – South Tower P12.413 million
28) The Magnolia Residences – Tower D P10.491 million
29) The Residences at The Westin Manila Sonata Place P7.946 million
30) Robinsons DoubleDragon P6.946 million
31) Southsquare Village P5.345 million
32) Bloomfields General Santos P5.019 million
33) Brighton Bacolod P2.833 million