The company informed the Philippine Stock Exchange that the entire project, strategically situated on a 3.3-hectare area at the corner of EDSA and Pioneer St., will have a mall, residential and office condominium components.
RLC officials said the project is expected to break ground next year at the earliest and will take about three years to complete. The mall component will be first on the line as this will be operational in two years’ time.
The company purchased the property in 1985 and is currently leasing its single-story shopping center which has as tenants several commercial establishments and corporate offices.
The residential component, on the other hand, will feature a 28-story, four-tower complex to be named Gateway Residences. The first tower, One Gateway Place, will consist of 435 units for the middle-income market.
RLC added the units, which will be offered on monthly payments of as low as P18,000, will mostly be studio-type and one-bedroom units with the limited top-floor units composed of two, three and four-bedroom residences.
The area is also located adjacent to the Robinsons Apartelle, a 75-room service apartment complex rented on daily, weekly or monthly basis. Completed in 1989, the building features mini-kitchen facilities in the rooms and has amenities such as a swimming pool, gymnasium and coffee shop.
The Gokongwei-controlled RLC, one of the country’s biggest mall and hotel developers, is expected to draw on its intenally-generated funds for the project.