ROBINSONS Land Corp. (RLC) and Shang Properties, Inc. (SPI) will be pouring at least P10 billion into the development of a condominium project in Bonifacio Global City (BGC), Taguig.

In a disclosure to the stock exchange on Friday, RLC said it will be forming a 50-50 joint venture company with SPI for the project. The companies plan to develop a 9,118-square meter property owned by RLC at McKinley Parkway corner 5th Avenue in BGC.

RLC said the development will feature a mix of residential condominium units, serviced apartments, and commercial retail outlets.

Revenues from the property will be split equally between RLC and SPI. Both firms will each nominate three directors for the joint venture company’s board.

The Philippine Competition Commission, mandated to review mergers and acquisitions valued at over P2 billion, cleared the deal earlier this week.

The Gokongwei-led property developer said it intends to pursue other development projects with SPI through the joint venture firm in the future.

RLC is the property arm of JG Summit Holdings, Inc. The property developer raised P20 billion through a stock rights offering last February, which it intends to use for the expansion of its commercial, residential, office, and hospitality businesses.

Shares in RLC gained 45 centavos or 2.25% to finish at P20.45 apiece at the stock exchange on Friday, while shares in SPI were down by two centavos or 0.6% to close at P3.32 each. — Arra B. Francia

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