Robinsons Land Corp. (RLC) and Shang Properties, Inc. (SPI) will be pouring in at least P10 billion for the development of a residential condominium project in Bonifacio Global City, Taguig.
In a disclosure to the stock exchange on Friday, March 23, RLC said it will be forming a 50-50 joint venture company with SPI for the project. The companies look 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.
The Philippine Competition Commission, mandated to review merger and acquisition transactions valued at over P2 billion, cleared the deal earlier this week. — Arra B. Francia