Robinsons forms new unit

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ROBINSONS Land Corp. (RLC) has established a new property unit, it told the stock exchange on Wednesday.

The Gokongwei-led property developer said in a disclosure that the Securities and Exchange Commission has approved the incorporation of Bonifacio Property Ventures, Inc. The newly formed unit will be fully owned by RLC.

“We created the subsidiary to engage in real estate projects,” a company representative said when sought for comment.

RLC has several residential projects in Bonifacio Global City, including the Trion Towers, Fifth Avenue Place, McKinley Park Residences, and The Fort Residences.

It operates five business segments, namely commercial centers, residential, office buildings, hotels, and infrastructure and integrated development.

This year, RLC plans to further increase its GLA to 1.61 million sq.m., with the opening of Robinsons Place in San Pedro and Antipolo, in addition to the expansion of Robinsons Magnolia in Quezon City.

On a nine-month basis, RLC’s attributable profit climbed 43% to P6.55 billion. Revenues, meanwhile, stood at P21.8 billion, 31% higher year on year.

Incorporated in 1980, RLC serves as the real estate investment arm of JG Summit Holdings, Inc., which also has investments in food, agro-industrial and commodities, air transportation, banking, and petrochemicals.

Shares in RLC dropped by 2.69% or 65 centavos to close at P23.50 each at the stock exchange on Wednesday. — Arra B. Francia