Saturday, May 10, 2008 [ manilatimes.net ]
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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