Robinsons Land Corp., the property arm of the Gokongwei group, said Tuesday it formed a joint venture with Hong Kong Land Group to develop a P5.6-billion residential project in Pasig City.
RLC said in a disclosure to the stock exchange it signed an agreement with HKLG to form a 60:40 joint venture company that would acquire an 18,037-square-meter property in Bridgetown. The joint venture will build four tower residential condominiums on the site.
The partners also plan to pursue other development projects.
“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,” RLC said.
“The Bridgetown 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,” it said.
The planned joint venture was approved by the Philippine Competition Commission on May 4.
HKLG is a leading property investment, management and development group in Asia. The group has interests in key Asian cities such as Hong Kong and Singapore. Hong Kong Land’s presence in the Philippines started in 1996 with minority interests in select development projects in the country.
This is the second joint venture partnership signed by RLC this year.
RLC teamed up with upscale property developer Shang Properties Inc. in March for a P10-billion residential complex with commercial component in Bonifacio Global City, Taguig.
RLC budgeted P24.6 billion in capital expenditures in 2018 primarily for construction of new malls offices and hotels.
It said 56 percent of the P24.6-billion capex would be allocated for the development of malls, offices and hotels while 12 percent would go to mixed-used developments and masterplanned communities.