Rockwell to expand further in Visayas

Source:https://www.nararesidencesbyrockwell.com/rockwell-in-visayas-further-expands-nara
-residences-tops-off-one-nara-tower-new-bacolod-and-cebu-projects-soon-to-launch/

Facts:

 The firm will be pouring in P3 billion for the land and development cost of the project,
and expects a total revenue contribution of P4.6 billion for the next four years.

 Nara Residences is Rockwell’s first development in Bacolod, and offers a range of studio
to three-bedroom condominium units and residential lots. Residents will also enjoy its
mix of lifestyle amenities, retail areas, and 80% of open spaces. The finishing of its first
residential tower’s structure brings it closer to completion, with turnover of One Nara set
for 2023.
 The project is set to be replete with residential, commercial, office, retail, and leisure
components, spanning 30-hectares—nearly twice the size of Rockwell’s flagship
development in Makati City.
 Marking its beginnings will be the Rockwell Business Park, with its first phase offering
commercial lots for sale.
 In Cebu, the brand likewise expands its presence through a joint venture with
International Pharmaceuticals Inc. with Amb. Manuel M. Lopez, Nestor J. Padilla, and
Rockwell Land SVP and Treasurer Mike L. Lopez present during the signing.
 The partnership is set to build a mixed-use property with residential, office, and retail
components in what was formerly the site of the IPI headquarters along Pope John Paul
II Avenue. This marks Rockwell’s third property in Cebu, and will cater to the central
location’s diverse market.
 Rockwell strengthens its foothold in the Visayan region with more thoughtfully-curated
communities.
 These developments are steadily taking shape, as a distinct Rockwell lifestyle in Visayas
comes to fruition.

Issue:

During the pandemic a lot of business has closed and for other business that have continued,
their employees switch to work from home set up to continue operate. The hybrid work set up
will have an immediate impact on office take-up as organizations try to decrease operational
expenses. This has had an impact on market rental prices, but it's good to see some tenants,
particularly in the BPO (business process outsourcing) industry, [continue] to rent.

Analysis:

A project initiation phase is required since it is the first step of the project management life
cycle, during which businesses decide if the project is necessary and how beneficial it will be
to the project. The purpose is to define the project at a high level and connect it to the
business case that the project is attempting to address. It guarantees that a solid foundation is
laid for a new project. It is difficult to explain the project and what commercial value it will
bring without project launch.

Recommendation:

After reviewing this project, I propose that a project initiation occur first since it is during this
stage that critical decisions that influence the project's direction and resource requirements are
made, such as selecting project stakeholders and drafting the project charter. The stakeholders
agree on a clear aim to keep everyone on the same page about how the project should proceed.
Especially this project talks about the expansion of the Rockwell for rentals and condo in
Visayas which has a lot of concerns to consider. Numerous checks will be performed before
to, during, and after the project's execution to guarantee that no errors occur. misconceptions,
and that the project remains on track.