By Zinnia B. Dela Peña Updated May 14, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines – In a move aimed at further fortifying its presence in Metro Manila, residential and shopping mall builder Robinsons Land Corp. (RLC) is spending P10 billion to develop the old site of the Magnolia ice cream plant in New Manila, Quezon City into a self-contained, fully-integrated community.
In a statement, RLC said the project, The Magnolia Town Square, will rise on a five-hectare lot bounded by Aurora Blvd., Doña Hemady Ave. and N. Domingo St.
The project involves the construction of four residential towers between 36 to 38 storeys high, as well as a retail area and leisure facilities.
Trina B. Cipriano, RLC assistant vice-president, said TheMagnolia Town Square is the first master-planned high-rise mixed-use complex in the upscale New Manila neighborhood, and is shaping up to be a choice destination for young couples and start-up families who have always made Quezon City their home.
Of the five-hectare property, 1.7 hectares are devoted to the residential component to be called The Magnolia Residences, which will house a total of 1,500 units. The first tower, consisting of 434 units, will be launched this year and is targeted for completion in June 2014.
A one-bed room unit will sell at a minimum of P2.8 million while a two-bedroom unit is priced at P4.6 million to P6.2 million. Three-bedroom units, on the other hand, will sell at P9.6 million.
The remaining three hectares of the New Manila property will be dedicated to a shopping center to address the lifestyle needs and interests of residents.
When completed, the whole community will be filled with all sorts of indoor and outdoor amenities and facilities, among which are swimming pools for children and adults, game rooms, multi-purpose rooms, a Zen garden, a library, a fitness center, and children’s indoor and outdoor playgrounds.
The construction of the second tower, according to Cipriano, will depend on the sales take-up of the first tower and prevailing market conditions.
“We’re very excited about the project’s great location. We think it’s a good product,” Cipriano said, adding that once completed, The Magnolia Town Square will not only enhance the market value of the property around it but also transform the New Manila landscape.
She said the project is strategically located and easily accessible to various transport services including the Light Railway Transit, as well as various schools and hospitals.
RLC has commissioned master-planner RTKL to draft conceptual drawings for the commercial complex and Asya Design Partners to draft designs for the residential component.
The Magnolia Town Square is RLC’s sixth mixed-use development after Robinsons Galleria in Ortigas, Robinsons Otis and Robinsons Ermita in Manila, Forum Robinsons Mandaluyong and Woodsville City in Parañaque.
RLC has so far delivered 11 residential condominium buildings, with three more to be turned over by yearend and 10 in various stages of construction. Another five towers are currently in the pre-selling stage.
To date, the RLC portfolio includes 29 residential buildings located in key urban cities in the metro, and four hotels. The company also owns and operates 24 shopping malls and will be opening five more this year while its housing and land development division continues to expand in the regions, bringing its total to 33 developments.
There are currently seven office buildings located in various RLC mixed-use developments.
RLC is the real estate unit of the Gokongwei-owned JG Summit Holdings Inc., one of the country’s largest conglomerates with diverse interests in branded consumer foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.