Gokongweis, Security Bank tie up anew for Makati project
May 9, 2008
MANILA, Philippines -
Robinsons Land Corp., the property unit of JG Summit Holdings, has entered into a joint venture to develop a property in Makati, beefing up its residential and office development portfolio.
In a disclosure Thursday, the company said it had inked an agreement with Security Land Corp. and Taganito Mining Corp. to convert a 5,567-square meter property into a mixed office-residential project
Located at the corners of Ayala Avenue, Rufino and Valero Streets in Makati
, the property is owned by Security Land, the joint venture company of Security Bank with a Singaporean company and local firm Taganito Mining.
"Security Land will contribute its property, while RLC and Taganito Mining will contribute funds required to finance the development of the project," Security Bank told the exchange in a separate disclosure.
In a telephone interview, Robinsons Land President and Chief Operating Officer Frederick D. Go said the project will have two residential towers and one office building, but plans will be finalized within six months
The company chief noted that Robinsons Land had partnered with Security Land in its Davao project named Bloomfields Davao, which is under the property firm’s housing and land development division.
"We had a very successful partnership with Security Bank with the Bloomfields Davao project so we decided to tie up again. This agreement will add prominence to our office and residential inventory as we pursue a superior brand building in the Philippines," Mr. Go added.
Robinsons Land has allocated P10 billion in capital expenditures this year. The firm has shopping malls, office buildings, residential condominiums and hotels across the country.
The property developer’s residential condominium division launched upscale projects: Trion Towers in Fort Bonifacio Global City and Sonata Private Residences in Ortigas during the first quarter.
Last month, Robinsons Land announced plans to build 15 malls in the next five years to beef up its malls and retail business.
Last year, net income rose by 41.8% to P2.44 billion with the residential condominium and shopping mall divisions driving growth.
The firm’s portfolio includes 20 shopping malls, 27 residential condominiums, six office buildings, 27 housing and land developments and three hotels. -
Lovely Nica P. Lee, BusinessWorld