Share price of Rockwell Land Corp. rose 236 percent Friday in its maiden listing, after saying it expects net income to break the P1-billion level this year.
The stock reached a high of P7.71 per share before closing at P4.90 apiece.
Rockwell Land listed all outstanding 6.22 billion common shares at a listing price of P1.46 apiece. It listed the shares by way of introduction after Manila Electric Co. declared a 51-percent property dividend for its 51-percent stake in the company.
Rockwell Land president Nestor Padilla said in an interview following the listing ceremony that the company would aim for a P1-billion net income this year from P915 million in 2011.
Padilla said growth would come from the real estate and retail development.
The company has lined up three real estate projects to generate substantial revenues and ensure the company’s growth over the medium-term period.
One of the projects in the pipeline is a mixed-used development project situated on a 3.6-hectare property adjacent to Rockwell Center in Makati.
The project, currently known as “The Greater Rockwell” project, involves the construction of additional five residential towers to be complemented by 15,000 square meters of retail, 10,000 sq. m. of office space and a 700-seater performing arts center.
Rockwell Land will also build a 20-story office building with retail component within the Rockwell Center in Makati. The project, called Lopez Tower, will become the headquarters of different companies within the Lopez group.
Construction of the tower is scheduled by the middle of the year and is expected to be completed over the next three years.
Another project of Rockwell Land is the 205 Santolan, the company’s first townhouse community venture. The property is situated on a 1.8-hectare land located near the Santolan-Ortigas Avenue intersection.
The project is a 105-unit low-density community complete with master-planned landscaping and amenities. It broke ground in February and is scheduled for turnover to the buyers by June 2013.
(Published in the Manila Standard Today newspaper on /2012/May/14)