Robinsons Land buys 2,200-sq. m. lot in Global City

Robinsons Land Corp. has acquired a 2,200 square meter property within Fort Bonifacio Global City for about P220 million.

Danilo Ignacio, head of RLC’s high-rise buildings division, said the property will be developed into a residential condominium building. This project will be the company’s third in the former military complex.

Development of the project is slated within the next two years, Ignacio said.

Among the company’s two other projects within Bonifacio Global City are Fifth Avenue Place and Mckinley Park Residences.

Bonifacio Global City is emerging as the burgeoning battleground for developers such as RLC, Ayala Land Inc., Megaworld Corp., and Century Properties.

RLC is the real estate development arm of listed flagship holding company JG Summit Holdings Inc. of the Gokongwei family.

The company has set aside P7 billion this year for the development of new malls, office buildings for business process outsourcing firms, residential projects, and landbanking activities.

Funding will come from RLC’s share offering scheduled this month and internally generated cash.

RLC is building seven new malls in Davao, Tagaytay, Dumaguete, Sucat, Manila, Pangasinan, and General Santos. These new malls, he said, are expected to be completed next year or in 2008.

The company is also completing the redevelopment of a portion of Robinsons Galleria mall to be called West Wing, and Robinsons Ermita.

RLC remains focused on the lucrative middle-market residential housing as it aims to launch at least three projects this year including East of Galleria, a high-rise residential condominium located in Ortigas business district.

As for its office buildings, RLC expects to complete the construction of Robinsons Cybergate Center Tower 2, an office-building complex designed for call centers and business process outsourcing firms.

As for the housing segment, RLC intends to focus on the middle-income market for lots with options for housing priced at a range of P600,000 to P2 million.

RLC is stepping up efforts to acquire properties via joint venture in key cities where there is big potential for mid-market real estate property sales and it will aggressively tap the overseas Filipino workers market in Europe and in the Middle East.