Robinsons Land to build 3-story townhouse, lifestyle mall
in Paco
An article published in The
Philippine Star, April 24, 2006
By: Zinnia B. Dela Peña
Robinsons Land Corp. (RLC) will start
construction in June of a three-story townhouse and lifestyle mall in Paco,
Manila as part of efforts to address the demands of the growing
Filipino-Chinese families in the Binondo-Chinatown area.
RLC general manager Danilo Ignacio said the residential project, dubbed Otis 888 Residences, will occupy three hectares of the four-hectare property it
acquired through a bidding arranged by the state-run National Development
Co. The remaining hectare, he said, has been set aside for the development
of a lifestyle mall similar to Rockwell Center in Makati, and office areas
for call centers and business process outsourcing (BPO) firms.
Ignacio said a total of 200 townhouse units will be built, comprising three
to four bedroom units with floor areas of 138, 168 and 188 square meters.
All these units will have a two-car garage and an interior pocket garden
space, Ignacio said.
The 138-square meter townhouse unit is priced at P6.6 million, the
168-square meter unit (P8 million), and the 188-square meter unit (P9.5
million).
The first cluster units are expected to be turned over to buyers by December
2007. The others are up for delivery by June 2008.
Ignacio said the company has received reservations for 36 units already and
expects to sell out all 200 units in two years time.
"Otis 888 Residences is suited for families who require bigger space. It is
close to schools and leading medical institutions," Igancio said.
The townhouse project will have an adult swimming pool, children's swimming
pool and playground, clubhouse, and fitness center.
Ignacio said the project will be limited to just three storys given the
requirement of the government to ensure the security of the area which is
near the seat of executive power.
He said the mall will house a supermarket as well as a mix of retail, dining
service outlets.
Around 10,000 square meters of the property has been allotted for the
establishment of office space for BPOs which can occupy between 1,500 to
2,000 seats.
As for the recently acquired 9.3-hectare property located in Merville,
Parañaque City, Ignacio said the company is planning to convert it into a
mixed-use type development with several residential gated enclaves
consisting of affordable mid-rise condominium units and townhouses in the
range of P2 million and up.
The purchase of the property marks the entry of the Robinsons Land brand to
south of Manila.
With its sheer size and prime location, RLC said the Merville acquisition
will help answer the needs of various target markets looking for an
attractive address that are close to commercial business districts.
RLC is also bidding for the 4.8-hectare Makati property formerly occupied by
the International School. The government has set a floor price of about P1.2
billion or P23,000 square meters.
As it aims to be a leading player in the real estate industry, RLC has
doubled to P7 billion its capital expenditures this year which include the
development of new malls, office buildings for BPOs, residential projects,
and landbanking activities.
Funding will come from internally generated cash, a planned preferred share
offering, and possibly new borrowings.
RLC president Lance Gokongwei said the company is building seven new malls
in and outside Metro Manila, namely Davao, Tagaytay, Dumaguete, Sucat,
Manila, Pangasinan, and General Santos. These new malls, he said, are
expected to be completed next year or in 2008.
For this year, RLC is completing the redevelopment of a portion of Robinsons
Galleria mall to be called West Wing, and Robinsons Ermita.
Gokongwei said the company remains focused on the lucrative middle-market
residential housing as it aims to launch at least three projects this year
including East of Galleria, a high-rise residential condominium located in
Ortigas business district.