Vol. XXI, No. 205 [ Business World Online ]
Tuesday, May 20, 2008 | MANILA, PHILIPPINES
ROBINSONS LAND Corp. has tied up with PHINMA Property Holdings for its second mid-cost residential subdivision in Cagayan de Oro City in a bid to strengthen its presence in the province.
In a telephone interview, Robinsons Land President and Chief Operating Officer Frederick D. Go said PHINMA Properties would donate the property, while his company, through its housing and land development division, would be the developer.
The project, named Fresno Parkview, will span a 14.98-hectare property located in the village of Lumbia, Cagayan de Oro.
"The mid-cost residential subdivision sells lots only with an option for housing. The development includes a commercial strip," Robinsons Land said in a disclosure.
PHINMA Properties is a subsidiary of Philippine Investment-Management, Inc., or PHINMA, and has built close to 5,000 condominiums.
Robinsons Land is the real estate unit of Gokongwei-owned JG Summit Holdings. Its housing and land development division has launched more than 30 projects and is present in seven regions nationwide.
Robinsons Land has 20 shopping malls, 25 residential condominiums, six office buildings and three hotels.
It posted a 27% growth in its net income to P776.5 million for the second quarter of the fiscal year ending in March, as revenues jumped by a third to P2.9 billion. — Lovely Nica P. Lee
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