Robinsons Land eyes to buy more properties in Global City

Robinsons Land Corp. (RLC), the property arm of Gokongwei firm JG Summit Holdings Inc., is planning to acquire more lots in the burgeoning Bonifacio Global City.

Fresh from the success of its residential condominium projects – Fifth Avenue Place and Mckinley Park Residences, RLC is looking to acquire new properties in the area to take advantage of the strong demand for residential space particularly from overseas Filipino workers.

Property developers have been enjoying brisk sales that they plan to put up more projects in Bonifacio Global City.

Just recently, RLC launched its third residential condominium building in Bonifacio Global City, known as Fort Residences. The project involves a 28-storey modern residential tower that will have flat and loft types units.

RLC president Frederick Go said the flat concept is a time-tested product that caters specifically to the balikbayans and Fil-Am retirees due to the living convenience and freedom of a one level setting. Units cost from P3.4 million to P12 million each.

Bullish on the property market, RLC will spend between P7 billion and P8 billion for the construction of new malls, office buildings for outsourcing firms, residential units and a hotel.Of the total, P3 billion will go to the development of new shopping centers, P2 billion for the construction of high-rise buildings while the balance will be used to beef up the company’s landbank.

Funding will come from internally-generated cash and proceeds from the company’s recent share offering.

The new malls will rise in Dumaguete (Negros Oriental), Tagaytay (Cavite), Manila, Davao, and Bulacan, and are set for completion in 2008.

RLC is expanding Robinsons Place Manila’s presence in Ermita by another 29,000 square meters along Pedro Gil and M. Adriatico Streets, complementing its high-rise condominium project, One Adriatico. The new areas will house high-end boutiques, restaurants, a variety of specialty food outlets, amusement centers, and wellness centers. The expansion will be completed by the end of 2007.

Other projects in the pipeline are a retail and lifestyle complex in Sucat, Parañaque City and a mall in Tagaytay. The new malls will add 130,000 square meters in terms of gross floor area to the company’s existing 18 malls with a total floor area of 1.2 million square meters.

The company will also build a 100-room hotel in Tagaytay. The hotel will be developed over a period of two or three years.

As for its office buildings, RLC will construct Robinsons Cybergate Center Tower 3, which will rise on a 43,000-square meter property.