Robinsons buys 1-ha lot, eyes mixed-use
complex
Phil. Daily Inquirer, June
18, 2007
By Elizabeth Sanchez-Lacson
property developer Robinsons Land Corporation
(RLC) said it has signed an agreement with Professional Services Inc. (PSI)
to purchase a one-hectare lot at the old site of The Medical City in
Mandaluyong City.
RLC said in a disclosure to the stock exchange that it plans to transform
the lot into a mixed-use complex comprising of high rise residential towers,
a commercial center and a hotel.
The company did not disclose how much it paid for the lot.
For the residential condos, units may be available in one, two and
three-bedroom cuts to target Fil-Americans, professionals, investors and
expatriates, RLC said in a statement.
The site offers access to malls, major five-star hotels, exclusive schools,
restaurants, gyms, banks, business establishments and major city
thoroughfares.
The latest acquisition signals the continuous strategic land banking for the
highly diversified conglomerate – particularly in central business
districts.
RLC has several prime properties in Ortigas led by its flagship mall, the
Robinsons Galleria, five-star Crowne Plaza Hotel, Holiday Inn Galleria
Manila, Galleria Regency, Robinsons Equitable Tower, Galleria Corporate
Center and the soon to be erected East of Galleria Residences.
RLC is the real-estate arm of the JG Summit Holdings Inc., (JGSHI), one of
the country’s largest conglomerates with interests in branded consumers
foods, agro-industrial and commodity food products, textile,
telecommunications, petrochemicals, air transportation and financial
services.