2006 Annual Report - Lopez Holdings Corporation

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otheR inVestMents
Rockwell land corporation
Rockwell Land Corporation’s Joya Towers & Lofts
was 100% sold in 2006. Launched in 2004, Joya was the
first to introduce the Loft concept to the local market.
Over 40% of sales went to the overseas Filipino market,
as migrants looked for worthy Philippine investments
as well as temporary residences for when they are
visiting the country. Joya units will be delivered to proud
homeowners in 2008.
Meanwhile, Number One Rockwell, the company’s 7th
residential development project and launched only in
December 2005, was 55% sold as of yearend 2006. The
East Tower was 73% sold while the West Tower, which
started selling only in the fourth quarter of the year
was 30% sold. The two towers are pioneering the Z-unit
design in the Philippines and will be completed in 2010
after breaking ground in 2007.
Rockwell Land registered higher revenues at ∏2.93
billion, mainly due to higher revenue recognition. Total
revenues recognized from condominium sales amounted
to ∏1.83 billion, 23% higher than ∏1.49 billion in 2005.
Meanwhile, retail revenues grew by 6% YoY on account
of higher rental and car park revenues. Net income
improved by 28% to ∏369 million from ∏288 million the
previous year.
Rockwell Land’s expertise in property development and project management is
well received by the strong take-up of newly launched condominiums
Joya Towers & Lofts, the second high rise to
go up on the east side is completely sold
Rockwell to build bpo facility
Rockwell Land Corporation will put up a BPO (business
process outsource) building on a portion of the Meralco
property beside The Medical City.
The first BPO building, to break ground in June 2007,
will be from 10 to 15 storeys and will accommodate over
8,000 seats. It will be finished in a year. If demand is strong,
two other BPO buildings can be built immediately.
The demand for BPO facilities has been picking up
since 2005 as US-based contact centers and software
developers have chosen to locate in the Philippines.
Business administration BPO, also known as back office
operations, has likewise grown as multinationals locate
their shared services in the country.
The Philippines has become a regional and global hub
for shared backroom operations, such as bookkeeping and
accounting, account maintenance, accounts receivable
collection, accounts payable administration, payroll
processing, asset management, financial analysis and
auditing, management consulting, hiring, human resources
and payroll administration, financial reporting, tax reporting
and the like.
These developments are increasing demand for BPO
space for the foreseeable future.
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