ROBINSONS Land Corp. (RLC) and DoubleDragon Properties Corp. (DDPC) are partnering to develop a prime commercial lot adjacent to the former’s Bridgetowne township in Quezon City.
In separate disclosures to the stock exchange, RLC and DoubleDragon said they signed an agreement for the joint development of the 10,032-square meter (sq.m.) commercial lot along E. Rodriguez Avenue in Libis. The two companies will share the buildable gross floor area on a 50-50 basis.
RLC told the stock exchange it is investing P644 million for the property acquisition.
DoubleDragon did not give financial details, but said the joint venture company will build Robinsons DoubleDragon Square, which will have retail and office components.
“The rationale for the joint venture is to build office buildings for lease to corporations, BPOs (business process outsourcing), and retail outlets. The joint venture is expected to be beneficial to both RLC and DDPC and shall strengthen the leasable portfolio of both companies,” RLC said.
The Gokongwei-led property company said the new project will be part of Bridgetowne, which will have residential condominiums, office buildings, shopping malls, and a 5-star hotel, as well as a transport terminal and park.
“We are glad to have this joint venture with Robinsons Land as we see the great potential of Bridgetowne to become one of the most relevant business parks in Metro Manila. We believe this partnership between DoubleDragon and Robinsons Land will bring about long-term fruitful gains to both companies,” DoubleDragon Chairman Edgar “Injap” Sia II said in a statement.
A hotel will also rise on the site, but this will be developed solely by DoubleDragon’s Hotel of Asia, Inc. The Hotel 101 — Libis is set to be the company’s eighth hotel in the country, after branches in Manila, Fort Bonifacio, Davao, Boracay, Bohol, Palawan and Cebu.
The joint venture between RLC and DoubleDragon will still require approval from the Philippine Competition Commission (PCC).
Bridgetowne is the RLC’s first township project, which covers a total of 30.61 hectares. The company will develop the property within the next 10 to 15 years.