MANILA, Philippines - Property developer Rockwell Land Corp. on Monday reported a 23% growth in profit to P1.1 billion in 2012. 

Rockwell Land said its reservation sales surged 87% to P9.2 billion last year, as buyers snapped up projects such as The Grove, 205 Santolan and the first two towers of Proscenium. 

Its first townhouse development, 205 Santolan, is set for delivery in September 2013. The Proscenium's Kirov and Sakura towers, launched in November 2012, generated P2.5 billion sales in its first month. 

Rockwell's total revenues jumped 10% to P6.2 billion, mostly from residential development. Contruction of The Grove, Edades and 205 Santolan helped contribute to the growth in revenue recognition. 

In the third quarter of 2012, 620 units at Towers A and B of The Grove were handed over to their owners.

At the same time, revenues from recurring income business, which includes retail and office leasing, and cinema operations, grew 3% to P965.3 million. 

Rockwell spent P7.9 billion in capital expenditures in 2012, 79% higher than a year ago. The funds were used to acquire lots on San Juan, Quezon City and Cebu City.