RLC, Hong Kong Land form joint venture vehicle

MANILA, Philippines — Robinsons Land Corp. (RLC) has entered into a joint venture agreement with the Hong Kong Land Group for the purchase and development of real estate properties.

In a disclosure yesterday, RLC said the joint venture shall  invest about P5.6 billion in its projects.

The joint venture corporation shall initially acquire a property located in Block 4 of Bridgetowne East, Pasig City which it plans to develop into a residential enclave.

The Philippine Competition Commission, the government’s anti-trust body, gave its approval to the joint venture last May 4.

“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 sky scrapers imbued with international appeal,” RLC said.

The JVC shall be managed by a board of directors composed of three RLC directors and two HKLG directors.

 As the Gokongwei Group’s property arm, RLC operates malls, hotels and offices, among others.