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RLC putting up 2nd biz center in Metro Mla Neil

By Jerome C. Morales (The Philippine Star) | Updated April 20, 2013 - 12:00am
MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of the Gokongwei Group, is putting up its second business center in Metro Manila at a cost of about P30-billion.
The Bridgetown Business Park will form part of the firm’s aggressive expansion of its recurring income portfolio.
“We are planning a major business park along the C-5 area, very close to the Ortigas central business district,” said RLC president and CEO Frederick Go.
Construction of the first office building in Bridgetown Business Park, which will primarily cater to business process outsourcing (BPO) firms, will start in the second half, Go said.
“Over time, I think that is easily a P30-billion project.”
RLC’s sole business center in Metro Manila is the Robinsons Cybergate complex in Mandaluyong City composed of the 18-story Robinsons Cybergate Center Tower 1, 27-story Robinsons Cybergate Center Tower 2, 27-story Robinsons Cybergate Center Tower 3 and 12-story Robinsons Cybergate Plaza.
RLC’s Office Buildings Division has so far completed eight office buildings in Metro Manila and Cebu City. Office leasing revenues rose to P1.4 billion in fiscal year 2012 that ended in September, up from P1.33 billion a year ago due mainly to new office space available for lease in Robinsons Cybergate Tower 3 and completion of Cybergate Plaza.
Go said in the long run, Bridgetown Business Park can help triple or quadruple RLC’s gross leasing area.
Aside from office buildings, RLC will also provide retail support in the business complex. particularly in the form of a full-scale shopping center, Go said.
RLC is also expanding its recurring income portfolio through new shopping centers.
The property firm set aside at least P6 billion for four new malls that will start commercial operations this year. RLC’s Commercial Centers Division launched four new shopping centers located in Malolos, Bulacan; Santiago, Isabela; Roxas City and Butuan that will allow the company to reach one million square meters of net leasable area.
Aside from its core property businesses, RLC is entering the gaming business. Late last year, the firm sealed a deal with the group of Japanese billionaire Kazuo Okada to jointly develop a $2-billion hotel and casino complex in the 100-hectare Entertainment City along Roxas Blvd.
“When you agreed to negotiate there’s no deadline,” Go said regarding the closing of the partnership with Okada.
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