Robinsons Land acquires Ft. Boni lot
By Zinnia B. Dela Peña
The Philippine Star 04/20/2007
Robinsons Land Corp. (RLC), the property unit
of Gokongwei flagship holding firm JG Summit Holdings Inc., has just
acquired a 9,118-square meter lot in Fort Bonifacio Global City — its fourth
property within the former military complex.
RLC president Frederick Go said: "The newest acquisition reflects our
continued confidence in the Global City, the real estate industry and the
Philippine economy as well."
Go said the property, located along the millionaire’s row at the corner of
Mckinley Drive and Fifth Avenue, will be developed into an upscale twin
tower residential project.
He said the company is now drawing up the overall master plan for the
project which it intends to develop in the latter part of the year.
RLC has been aggressively beefing up its presence in Fort Bonifacio through
acquisition of properties.
Other properties within the Global City are the two sold projects — the
38-story Fifth Avenue Place and the 43-story McKinley Park Residences, and
the recently-launched The Fort Residences.
RLC has earmarked around P15 billion in the next two years for the
development of new malls, office buildings, and housing projects, and
acquisition of new properties. About 40 percent of the programmed capital
budget will be used to build new malls in Dumaguete, Bulacan, Paco in
Manila, Tagaytay and Davao as well as to refurbish existing shopping centers
in Ermita, Manila and Bacolod.
RLC said 30 percent of the budget will go to the establishment of new office
buildings catering to business process outsourcing firms. RLC is currently
constructing seven residential Condominium buildings, namely Fifth Avenue
Place and McKinley Park Residences in Fort Bonifacio Global City, Gateway
Garden Ridge and One Gateway Place in Robinsons Pioneer Complex, One
Adriatico Place, Two Adriatico Place, andOtis 888 Residences in Manila; and
two office buildings Robinsons Cybergate 2 and Robinsons Cybergate 3.
As for its mall expansion, RLC is redeveloping a portion of Robinsons
Galleria mall, called West Wing, which is expected to be completed before
the end of the year. It is also expanding Robinsons Place Manila by
constructing The Midtown Wing and constructing Robinsons Place Otis 888, a
strip mall fronting its residential development project in Paco, Manila.