Rockwell Land Inc., a premier property developer of residential and commercial projects, has acquired a 5.9-hectare property in Sto. Tomas, Batangas as it plans to venture into the socialized and affordable housing segment of the real estate market.
Rockwell Land president Nestor J. Padilla said in an interview at the sidelines of the annual stockholders’ meeting of First Philippine Holdings Corp. the company’s venture into affordable housing segment was in preparation for the enactment of a bill requiring condominium developers to build socialized housing projects.
“There is already a draft bill. So we are already preparing for that,” Padilla said.
The company’s venture into socialized housing sector will enable it to diversify into new markets and expand its footprint in Luzon.
Socialized housing projects refer to house and lots costing not more than P400,000 per unit.
Under the draft bill Balanced Housing Development Act, “owners and/or developers of proposed subdivision and condominium projects shall be required to develop an area for socialized housing equivalent to at least 20 percent of the total subdivision or condominium net saleable floor area or total subdivision or condominium project cost within the same city or municipality….”
The draft bill also seeks to address the housing backlog by enabling property developers to help the government in its socialized housing program.
Meanwhile, Rockwell Land closed two new long-term lease agreements. These are the retail and office venture on a 1.3-hectare property in San Juan and another one-hectare property at the corner of United and Sheridan Streets in Mandaluyong City.
ockwell Land is also expanding its Power Plant Mall by adding another 5,700 square meters of additional leasable space and two cinema theaters. Construction is expected to start by the middle of this year for completion by 2017.
Rockwell is the real estate unit of Lopez Group that is primarily engaged in the residential development of high-rise condominiums and retail and office leasing.