NuStar Hotel, land acquisitions: Frederick Go invests P6.8B in Q2 for Robinsons Land projects using REIT funds

Robinsons Land Corp. (RLC) led by bilyonaro Frederick Go stepped up spending for its ongoing development projects and land banking nationwide in the last three months.

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In a report by its auditor SGV & Co., RLC deployed P6.759 billion from April to June this year from the P21.561 billion it raised from the secondary sale of RL Commercial REIT (RCR) shares in 2021.

Nearly half of RLC’s spending last quarter or P3 billion went to beefing up its land bank. The single biggest investment item was for its luxury hotel in Cebu.

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As of end-June, RLC still hadP5.6 billion left from its REIT proceeds.

Here is the breakdown of RLC’s capital expenditures in the second quarter of 2022:

* Land acquisitions Calabarzon P1.9 billion;

* NuStar Hotel and Mall (Cebu Integrated Resort) P1.05 billion;

* Land acquisition in Pasig City P874 million;

* GBF 1 & 2 office project P408 million;

* 200-hectare Montclair estate in Pampanga P282 million;

* Opus lifestyle center in Bridgetowne P280 million;

* Sierra Valley Gardens buildings 1 and 2 in Cainta and Taytay Rizal P193 million;

* Galleria Residences towers 1,2 and 3 P187 million;

* Sapphire Bloc East Tower P175 million;

* Robinsons Cybergate Iloilo triple towers P165 million;

* Land acquisitions in Visayas and Mindanao P144 million;

* Cirrus 42-storey residential in Pasig P142 million;

* Robinsons Place Gapan Nueva Ecija P142 million;

* SYNC 4-tower residential condo in Pasig P113 million;

* Bridgetowne Complex P100 million;

* Westin Sonata Hotel P100 million;

* RLX industrial estate Calamba P77 million;

* Robinsons Place Antipolo expansion P80 million;

* The Residences at The Westin Manila P74 million;

* Gateway Regency Studios EDSA Pioneer P56 million;

* Grand Summit 4-star Hotel in General Santos City P55 million;

* Acacia Escalades building B P34 million;

* Springdale Angono residential project P27 million;

* Robinsons Place La Union P22 million;

* Sierra Valley destination estate P15 million;

* Robinsons Place Dumaguete expansion P10 million;

* Grand Tierra phase 2 P10 million;

* The Radiance Manila Bay South Tower P9 million;

* Summit Hotel/Go Hotels Naga P7 million;

* 33-hectare Bloomfields Complex in General Santos P7 million;

* Magnolia Residences Tower D P5 million;

* Terrazzo At Robinsons Vineyard P4 million;

* Southsquare Village mass housing P2 million; and

* Brighton housing Angono P1 million.