Rockwell Land Corp.'s focus on the upscale market is paying off, with the developer reporting strong sales growth in its residential segment, the largest contributor to its revenues, and remaining largely unaffected by widespread supply glut in the condominium market.

“While there is a reported condo oversupply in the market, the Company remains largely unaffected,” Rockwell stated in a disclosure to the Philippine Stock Exchange. “The oversupply is primarily concentrated in the mid-market projects, which is different from Rockwell’s portfolio that mainly targets the high-end market.”

The contrast shows the challenges faced by other developers, who have been compelled to trim excess inventory of ready-for-occupancy (RFO) units in their affordable- to middle-income projects.

During the recent Colliers Philippines third-quarter property market briefing, Colliers Director of Research Joey Bondoc noted that the remaining unsold RFO inventory amounted to 30,400 units as of the third quarter, about an eight-year supply.

The lower- to upper-middle-income segments accounted for 47 percent of RFOs, a decline from 59 percent in 2024, while the affordable segment made up 35 percent.

Bondoc attributed the overall decline in middle-income RFOs to growing sales—spurred by lower interest rates and inflation—and a reduction in supply due to fewer project launches and slower completions.

For Rockwell, the residential development segment generated ₱11.75 billion in the first nine months of 2025, contributing 78 percent of total revenues for the period. The bulk of this came from real estate sales, including interest income accretion.

EBITDA from this segment rose to ₱4.25 billion, an increase of 23 percent from ₱3.46 billion in the same period last year, mainly due to projects achieving higher construction progress.

Consolidated revenues for the period reached ₱14.996 billion, up seven percent from ₱14.02 billion a year earlier. Total EBITDA climbed to ₱6.56 billion from ₱5.67 billion, driven by the growth in residential development.

The overall EBITDA margin registered at 44 percent of total revenues, higher than last year’s 40 percent. Residential and commercial development contributed 65 percent and 35 percent, respectively, to the total EBITDA.

Consolidated net income was ₱3.49 billion, up from ₱3.09 billion. Attributable net income grew 11 percent to ₱3.12 billion from ₱2.81 billion in the first nine months of 2024.

Rockwell's commercial development revenues amounted to ₱3.24 billion, slightly higher than the ₱3.10 billion posted in 2024. 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.