By Faye Almazan
LOPEZ-LED Rockwell Land Corp. said the shift in market behavior amid the coronavirus disease 2019 (Covid-19) pandemic led to changes in its development plans.
In a statement, the listed property developer said it is transitioning developments in Bacolod to offer more lots as it sees an increased demand for horizontal living spaces with wide open areas.
“We will continue to build beyond ordinary communities. The shift in market behavior because of the crisis has led to make changes in our plans to deliver more exciting developments,” Rockwell Land Chief Revenue Officer Valerie Soliven said during the company’s virtual stockholders’ meeting last week.
Soliven added this includes a new 30-hectare self-contained inner city mixed-used development in Bacolod, which is eyed to be launched in 2021.
Meanwhile, Rockwell Land President and Chief Executive Officer Nestor Padilla said the company would continue to make necessary changes.
“We will continue to make changes as necessary during these uncertain times. For now, as we stay true to our vision of providing beyond ordinary communities, the rest of our efforts will focus on the project completion of Proscenium, Vantage, Edades Suites and 32 Sanson’s Solihiya Tower,” Padilla said.
He also pointed out the development of more “safe” Rockwell communities in Cebu and Iloilo, alongside a possible joint venture expansion project in Pampanga in the future.
Rockwell recorded a 40-percent weaker revenue in the first half to P4.1 billion from P6.9 billion in the same period last year caused by the quarantine measures imposed to contain Covid-19.
Likewise, its net income for January to June declined by 44 percent to P702 million from P1.3 billion year-on-year.
Residential development accounted for 80 percent of its total revenues, slightly lower than the 81 percent it posted in 2019.
Office development revenues, on the other hand, climbed 6 percent during the period.
Shares of Rockwell rose 3 centavos, or 1.97 percent, to close at P1.55 apiece on Tuesday.