Gokongwei-led Robinsons Land Corp. (RLC) is set to build an “integrated mixed-use township” on its newly acquired 18.5-hectare Ortigas property after winning the bid for the lot in a recent auction.
“We we’re informed that we won the bidding for the Mitsubishi property along Ortigas Avenue Extension,” Frederick Go, president of RLC, told reporters after the listing of the firm’s P12-billion debt notes on Monday.
“We’re the largest developer in Ortigas CBD [central business district], in the eastern corridor. We’re a very active developer in this part of town. The Mitsubishi property, that is a new land bank for us,” Go said, noting that the deal for the P18.5-hectare complex is yet to be closed in the next one to two months in accordance with the bidding process.
He did not disclose their bid offer but said it was apparently better than that of other parties including the SM Group, which reportedly submitted the secnd-highest bid.
The 18.5-hectare land bank will be used for the development of a mixed-use township with residential, mall and office components and will start development next year.
Go also said that the company will launch four to five residential projects this year ranging in value from P6 billion to P12 billion.
He said the projects will consist of both horizontal developments and high-rise projects. “A combination of horizontal Robinsons Homes and other three high rise brands – Luxuria Residences and Communities,” Go said.
He added that RLC is also focused on opening three malls this year — Robinsons Galleria Cebu, Robinsons Place Antique and Robinsons Nova Place in Novaliches, Quezon City — as well as launching its fifth office tower, Robinsons Cyberscape Gamma in Ortigas, adding to the commercial office buildings Robinsons Cyberscape Alpha and Robinsons Cyberscape Beta.
The RLC executive noted that the company opened three hotels in the last three months, including GO Hotels Butuan, GO Hotels Cyberalpha and Summit Hotel Magnolia.
“Obviously, there is a lot of predictability in what we do for malls, offices, and hotels.
But for residential, I cannot predict because a lot of it is driven by market demand. It depends. The market is still pretty strong, the market’s really good. There are a lot of buyers out there but of course, there is a lot of supply. That’s why it’s really hard to predict. There is no oversupply — it’s just that there is a lot of supply,” Go said.
RLC has listed its P12-billion bond offer on the Philippine Dealing and Exchange Corp. (PDEX). Proceeds will partly finance its P17 billion capital spending this year.
Incorporated in 1980, RLC is the real estate investment arm of Gokongwei family’s holding firm JG Summit Holdings Inc.
RLC’s subsidiaries include: Robinsons Inn Inc., Robinsons Realty and Management Corp., Robinsons (Cayman) Ltd., Robinsons Properties Marketing and Management Corp. and Altus San Nicolas Corp., Altus Angeles Inc. and GoHotels Davao Inc.