ROBINSONS Land Corp. (RLC) has partnered with Hongkong Land Group (HKLG) for the development of real estate projects in the country, starting with a P5.6-billion residential property in Pasig City.
The Gokongwei-led property developer disclosed to the stock exchange on Tuesday that it has signed an agreement with HKLG through its representatives Hongkong Land International Holdings Ltd. and its subsidiary Ideal Realm Ltd.
RLC and HKLG have agreed to invest approximately P5.6 billion.
RLC will have a 60% stake in the joint venture (JV) company, which will develop a residential project located in Block 4 of Bridgetowne East in Pasig City. To note, Bridgetown East is a business park developed by RLC that houses office buildings occupied primarily by business process outsourcing firms.
Aside from developing the property, the JV company will also be in charge of the marketing and sale of the residential units. It will also be used for other projects in the future.
HKLG is a property investment, management, and development group based in Hong Kong with around 850,000 square meters of prime office and luxury retail property under its portfolio. In Hong Kong’s Central district, the company has around 450,000 sq.m. of prime property, as well as a luxury retail mall in Beijing and a stake in an office complex in Jakarta. It also has 165,000 sq.m. of office space in Singapore, mainly through joint ventures.
“This collaboration combines the experience, vision and financial capability of RLC and HKLG; bringing together local expertise and international design that stand as landmarks in key Asian cities. The project is envisioned to transform the landscape of Pasig City, adding to it a well-planned township of mixed-use development with skyscrapers imbued with international appeal,” RLC said.
The JV firm will be governed by a board of directors composed of three nominees from RLC and two nominees from HKLG.
RLC said it has already received clearance from the Philippine Competition Commission for the project last May 4.
This is the listed property developer’s second joint venture for the year. Last March, RLC announced its partnership with Shang Properties, Inc. for a P10-billion mixed-use project in Bonifacio Global City, Taguig. The two firms plan to develop residential condominium units and serviced apartments in the area. — Arra B. Francia