Roxas eyes JVs; to cut landbank

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    Roxas and Co. Inc. (RCI) said it is looking at joint ventures, if not further reduce what is left of its landbank, after a series of sale since last year to finance obligations.

    The company has a total landbank of 2,495 hectares based on its regulatory filings.

    This follows after the company last month announced selling a portion of its landbank to the National Grid Corporation of the Philippines (NGCP), a 2.7 hectare property located in Banilad Batangas.

    “As Roxas and Company Inc. closed 2020 and enters a new calendar year, it will be enhancing its existing strategy of selling non-essential assets, reducing debt, and growing its core businesses,” the company said.

    “Over the past two years, the Roxas Group sold raw land to major property developers, Sta. Lucia Land Inc. and SM Prime Holdings Inc. as part of its strategy to deleverage and enhance the value of its Nasugbu, Batangas landbank,” it added.

    In 2020, RCI sold non-performing assets to reduce overall debt, including the sale of the land and building in Cubao at the beginning of the year and sale of raw land to NGCP for its Calaca-Nasugbu transmission line project.

    Sold were the 6.67-hectare beachfront Natipuan property in Nasugbu, Batangas, to Sta Lucia Land and a 12.9-hectare eco-tourism property on the Tagaytay-Nasugbu highway.