High-end developer posts strong EBITDA on residential segment gains

Rockwell Land Corp. reported an 8-percent rise in consolidated revenues to %u20B19.63 billion in the first half of 2025, powered by strong residential sales and steady growth in its leasing portfolio, even as higher costs and interest expenses tempered profit gains.

The Lopez-led upscale property developer said residential development remained its main growth driver, contributing 78 percent of total revenues—up from 76 percent a year ago—as demand for high-end projects stayed resilient despite a reported oversupply in the broader condominium market.

EBITDA climbed to %u20B14.11 billion from %u20B13.76 billion, with residential development accounting for 62 percent of the total and commercial development contributing 38 percent. The residential segment’s EBITDA rose 13 percent to %u20B12.56 billion, buoyed by projects with higher construction progress.

“While there is reported condo oversupply in the market, the Company remains largely unaffected,” Rockwell said in its disclosure. “The oversupply is primarily concentrated in mid-market projects, which differ from Rockwell’s high-end portfolio.”

Commercial development revenues reached %u20B12.14 billion, driven by steady retail and office leasing performance. Retail operations generated %u20B11.38 billion, up 7 percent on improved average rental rates and higher occupancy, while office operations brought in %u20B1635 million from leasing and unit sales. Hotel operations added %u20B1123 million in revenues.

Rockwell’s joint venture with Meralco for the Rockwell Business Center in Ortigas contributed %u20B1205 million in net income, up 27 percent year-on-year, aided by higher income from Rockwell IPI (International Pharmaceuticals Inc.).

The company incurred %u20B15.85 billion in real estate and selling costs, reflecting higher project expenses. Interest expenses rose 6 percent to %u20B1876 million, due to higher average loan balances and rates.

Attributable net income came in at %u20B11.91 billion, only 2 percent lower than last year’s %u20B11.95 billion, underscoring the company’s ability to sustain earnings despite higher costs.

With its focus on high-end developments and diversified income streams from retail, office, and hotel operations, Rockwell Land said it remains confident in sustaining growth momentum in the second half of the year.