Robinsons Land Corp. (RLC) has signed an agreement with the SM Group’s Banco De Oro (BDO) for home financing to be made available to the buyers of the Gokongwei-owned property firm’s residential condominium projects.
In a disclosure to the Philippine Stock Exchange, RLC said the loan facility will have terms of up to 20 years, subject to bank approval.
Joaqui Ng, assistant vice-president for RLC’s banking and mortgage division, said the facility will be initially available to these projects: Trion Trowers in Bonifacio Global City; Woodsville Viverde Mansions in Merville, Parañaque; One Adriatico Place, Two Adriatico Place and Three Adriatico Place (all in Malate, Manila); Gateway Garden Ridge in Pioneer, Mandaluyong City; Mckinley Park Residences in Bonifacio Global City; and Fourth Residences, also in Bonifacio Global City.
Ng said this is the company’s second tie-up with a non-Gokonwei-owned bank. RLC earlier teamed up with the Ayala-controlled BPI Family to provide home financing to its clients and it expects more banks to follow suit.
“We are in talks with other banks for similar financing arrangements,” Ng said.
He said this financing program is part of the company’s efforts to make it easier for people to own a home by offering fixed interest rates and payment terms that are among the most competitive in the market.
RLC presently has 20 shopping malls, 23 residential condominiums, five office buildings, 27 housing and land developments, and three hotels.
It is the real estate arm of JG Summit Holdings Inc., one of the Country’s largest conglomerates with diverse interest in branded consumers foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.