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ROBINSONS Land Corp. (RLC) told the Philippine Stock
Exchange on Friday that it entered into a joint venture agreement
with a unit of Security Bank Corp. and a mining firm for the
development of a property at the Makati central business district.
In a disclosure, the Gokongwie-led
real estate firm said the joint venture with Security Land Corp. and
Taganito Mining Corp. (TMC) involves the construction of a mixed-use
office and residential project within the 5,567-square-meter
property along Ayala Avenue corner Rufino and Valero Streets.
“RLC is very excited about the
prospects of developing with highly reputable partners the most
strategic available premiere address along Ayala Avenue. Together
with our [joint venture] partners, this agreement will add
prominence to our office and residential inventory as we pursue a
superior brand building in the Philippines,” Frederick Go, RLC
president and chief operating officer, said.
The company, through its Housing
and Land Development division, also entered into a joint venture
agreement with Davao-based Lapanday Prime Development Corp. that
will develop an initial 12.9-hectare property in Barangays Tigatto
and Waan, Davao City into a middle-income development.
Last year, the property
developer’s profits jumped 41.8 percent to P2.44 billion as its
revenues climbed 29 percent to P 8.99 billion due to real-estate
sales. It has earmarked P10 billion for capital expenditures and
plans to launch at least three housing projects a year, including
the Brighton Parkplace, Monte del Sol, Costa Verde, Wellington
Courtyard, Forest Parkhomes North, Blue Coast Residences, Brighton
Parkplace North, Hanalei Heights and Montclair Highlands.
For the next five years, RLC has
allotted from P12 billion to P15 billion for 16 malls nationwide.
For the fiscal year starting in October, the property developer
opened Robinsons Mall Otis and the new Midtown Wing in Robinsons
Manila. In the next few months, the company is set to open other
malls in Pulilan, Bulacan and Cabanatuan, Nueva Ecija. Also in the
pipeline are malls in the cities of Dumaguete, Cebu and Davao.
--Likha C. Cuevas-Miel
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