MANILA, Philippines — Premium property developer Rockwell Land Corp. kicked off the fiscal year with an explosive bottom-line surge, driven by robust demand for its high-end residential estates and strategic additions to its commercial leasing footprint. The real estate arm of the Lopez Group reported that its first-quarter net income attributable to the parent company skyrocketed by 67% to ₱1.29 billion in the January-to-March period, up from ₱773 million during the same timeframe last year.
Sustained market interest in premium, integrated micro-cities protected the high-end developer from broader macroeconomic headwinds, allowing the company to post a 45% expansion in total consolidated revenues to ₱6.46 billion.
Residential development remained the foundational engine of Rockwell’s growth, contributing 75% of the company’s total top-line revenue for the quarter.
- Segment Performance: Residential revenues climbed to ₱4.85 billion, propelled by strong real estate sales and steady construction milestones across its portfolio.
- Key Flagship Projects: Growth was specifically anchored by construction accomplishments at Edades West in Makati and Cabo San Diego in Lian, Batangas.
The remaining 25% of consolidated revenues came from the company’s commercial development arm (excluding joint venture shares), which recorded a massive 55% surge to ₱1.60 billion.
The commercial acceleration stems from Rockwell’s aggressive corporate moves late last year. In December, the developer spent ₱21.6 billion to buy out a 74.8% controlling stake in the asset-rich Alabang Commercial Center (ACC), which owns and operates Alabang Town Center (ATC) in Muntinlupa.
[December: ₱21.6B ATC Buyout] ──► [Q1: Revenue Recognition Starts] ──► [Commercial Revenue Up 55%]
The initial integration of these Alabang assets immediately filtered down into the group’s retail operations, which brought in ₱1.14 billion—a spectacular 74% increase from last year due to strong occupancy levels and improved average rental rates across its commercial properties.
Reflecting robust financial health across both core business channels, Rockwell’s earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded by 42% to ₱2.72 billion. The residential sector yielded 60% of total EBITDA, while the high-margin commercial leasing segment delivered the residual 40%.
To maintain this growth momentum, Rockwell deployed ₱3.2 billion in capital expenditures during the first quarter, channeling the capital primarily toward strategic land bank acquisitions and initial construction overhead.
The developer is highly liquid following a successful ₱10-billion fixed-rate bond issuance completed in March. Management confirmed that these fresh institutional funds will be fully utilized to finance several high-yield provincial expansion projects, including Rockwell Center Bacolod, an expanded Power Plant Mall in Angeles City, Pampanga, and the luxury Aruga Hotel in Mactan, Cebu.
