Robinsons Land Corp. (RLC), the property development arm of Gokongwei flagship firm JG Summit Holdings Inc., has forged a deal with the Lorenzo family’s Lapanday Prime Development Corp. to jointly develop a middle-cost residential subdivision in Davao City.
In a disclosure to the Philippine Stock Exchange, RLC said the project will rise on a 12.9-hectare property in the Tigatto and Waan districts.
RLC said the property is accessible to public areas and landmarks such as the Davao International Airport, Victoria Plaza Mall, Gaisano Mall and Ateneo de Davao College.
The property is owned by Lapanday and will be developed by RLC’s Land & Housing Division.
RLC, a major real estate player in the country, did not provide other details on the project.
To date, RLC has 20 shopping malls, 25 residential condominiums, six office buildings, 30 housing and land developments and three hotels.
For this year, the company is budgeting P10 billion for its capital expenditure program to sustain its growth momentum.
RLC has 27 ongoing housing projects and intends to launch at least three projects per year to capitalize on the huge housing backlog and continuing growth in the number of households. These projects include Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights, Wellington Courtyard, Brighton Parkplace, Blue Coast Residences, Brighton Parkplace North and Montclair Highlands.
The company also has a pipeline of 29 residential condominiums for construction, with an aim to launch at least three projects per year and tap new overseas markets which include Europe and the Middle East.
To drive the future growth of its residential condominium division, RLC acquired several prime properties including two hectares in Fort Bonifacio and one hectare in the Ortigas central business district.