Lopez-owned property developer Rockwell Land Corp. has allotted P16 billion for two projects that are set to be launched this year, company officials said.
In a briefing last week, Rockwell officials said the company would start on the one-hectare Lopez Center in Makati City and the 5.5-hectare The Grove along C5 Road, Pasig City.
The projects, company officials said, would push through even if Rockwell’s planned $100-million initial public offering (IPO) is shelved, as the firm could tap private equity for funding.
“We have that flexibility to source our funding from the banking sector. I guess funding for the projects is not a main issue. We have been approached by equity investors… even private equity is an option,” Rockwell Land Assistant Vice-President for Business Development Ninalyn S. Cordero said.
The Grove will transform the former site of General Milling Corp. along C5 Road into a residential haven that will target the mid-range market.
It will feature five towers of high-rise condominiums.