Rockwell Land Corp., the Lopez Group’s upscale property development arm, is planning to raise at least ₱10 billion from a bond offering to partially fund its various capital expenditures.

In a disclosure to the Philippine Stock Exchange, the firm stated that its board of directors has approved a public bond offering of up to ₱20 billion under a shelf registration, with an initial tranche of up to ₱10.0 billion.

Rockwell appointed First Metro Investment Corp. (FMIC) and BDO Capital and Investment Corp. (BDO Capital) as Joint Issue Managers. FMIC, BDO Capital, PNB Capital and Investment Corp. and RCBC Capital Corp. will serve as Joint Lead Underwriters for the transaction.

The firm saw a dip in first-half profits as higher expenses and interest payments offset revenue growth, despite residential sales rising amid a condominium glut.

The firm’s financial report showed that consolidated net income declined to ₱2.07 billion in the first half of 2025 from ₱2.09 billion in the same period last year. Attributable profit is two percent lower at ₱1.91 billion from ₱1.95 billion.

Rockwell registered ₱9.63 billion in consolidated revenues, higher by eight percent from last year’s ₱8.88 billion. Residential development accounted for 78 percent of the total revenues in 2025, higher than last year’s 76 percent.

Total earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₱4.11 billion, higher than last year’s ₱3.76 billion, driven by higher EBITDA from residential development.

Residential development and commercial development contributed 62 percent and 38 percent to the total EBITDA, respectively.

Residential Development generated ₱7.5 billion in total revenues for the period. Bulk of the revenues came from the sale of real estate, including accretion from interest income.

“While there is reported condo over supply in the market, the Company remains largely unaffected. The over supply is primarily concentrated in the mid-market projects which is different from Rockwell’s portfolio that mainly targets the high-end market,” Rockwell said.

EBITDA from this segment amounted to ₱2.56 billion, 13 percent higher than the same period last year at ₱2.26 billion, mainly attributable to projects with higher construction progress.

Commercial Development revenues amounted to ₱2.14 billion, slightly higher than 2024’s ₱2.13 billion. This segment contributed 22 percent to total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig City.

Retail Operations, which include retail leasing, interest income, and other mall revenues, generated revenues of ₱1.38 billion, seven percent higher than last year’s ₱1.29 billion due to improved average rental and occupancy rates.

Office Operations generated ₱635 million, which is equivalent to seven percent of the total revenues. Office operations include office leasing, sale of office units and other office revenues.

Hotel Operations contributed one percent of the total revenues. Its revenues amounted to ₱123 million and costs and expenses at ₱94 million. Resulting EBITDA is at ₱29 million.