RLC Acquires 3rd lot at Fort Bonifacio from ALI

An article published in The Manila Bulletin, September 4, 2006
By James A. Loyola

Robinsons Land Corporation has acquired its third lot in the Fort Bonifacio Global City from Ayala Land Inc. for development into a high-end residential condominium.

RLC high rise buildings general manager Danilo Ignacio said in an interview reporters that it is a 2,000-square meter prime property with a great view as it covers three corners and faces the rotunda.

Ignacio declined to reveal the price of the property since they acquired it from ALI at a "good discount" since RLC is a repeat buyer. "They may not want other developers to know how much we got it for," he said.

At the going rate of about R120,000 per square meter in the area, the lot would have a market rate of around 240 million.

Ignacio said the lot is ideal for an upscale residential development which enjoys strong demand from Filipinos in the United States.

He said they will probably launch the project and start pre-selling the units early next year with target turnover of the first unit by 2008.

RLC has acquired one lot at Fort Bonifacio for development every year and would consider acquiring anther lot next year — depending on the performance of this latest project, Ignacio said.

He said they are also interested in the large tract of land adjacent to the Ayala development in Fort Bonifacio that is being sold by the Bases Conversion Development Authority (BCDA).

Meanwhile, Ignacio said they are studying the market for retirement homes to determine the ideal site and facilities sought by prospective retirees as part of the group of developers tapped by the Philippine Retirement Authority.

"I have hired someone to spearhead this new segment and he is going around to look into both the demand and supply side of the business," said Ignacio adding that his point man will report on the requirements of retirees as well as ideal sites for development.

He noted that retirement homes and villages overseas are a mix of luxurious single-detached units to medium rise developments. "They do not have to be next to a hospital as long as they have access to good medical facilities and are easy for doctors to visit regularly," Ignacio said.
 

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