This involves an 18,037-square-meter property at Bridgetowne East in Pasig City, where 4 condominium towers will be built.
Robinsons Land Corporation, the property arm of the Gokongwei group, partnered with Hong Kong Land Group (HKLG) to develop a P5.6-billion residential project in Pasig City.
Robinsons Land told the Philippine Stock Exchange (PSE) on Tuesday, May 8, that it signed an agreement with HKLG to form a 60:40 joint venture firm, which will acquire an 18,037-square-meter property at Bridgetowne East in Pasig City. On that lot, 4 condominium towers will be built.
Robinsons Land said it plans to pursue other development projects with HKLG.
“This collaboration combines the experience, vision, and financial capability of [Robinsons Land] and HKLG, bringing together local expertise and international design that stand as landmarks in key Asian cities,” the disclosure reads.
The planned joint venture was approved by the Philippine Competition Commission (PCC) last Friday, May 4.
HKLG is among the top property investment, management, and development groups in Asia.
It has interests in key Asian cities, mainly in Hong Kong and Singapore. Its presence in the Philippines dates back to 1996, maintaining minority interests in select development projects.
This marks the 2nd joint venture partnership signed by Robinsons Land this year.
Back in March, Robinsons Land also partnered with upscale property developer Shang Properties Incorporated for a P10-billion residential complex with some commercial space in Bonifacio Global City, Taguig.
For 2018, Robinsons Land has budgeted P24.6 billion in capital expenditures, mainly for construction of new malls, offices, and hotels.
Approximately 56% of the P24.6 billion will be allocated for the development of new and existing malls, offices, and hotels, while around 12% will be for mixed-use developments and masterplanned communities.
Another 13% of its capital spending budget will go to the completion of ongoing residential property developments, while the remaining 19% will be spent on replenishing its landbank.
Funding for 2018’s programmed spending will be internally generated from operations and borrowings, said Robinsons Land.