Robinsons Land eyes Fort Boni property
An article published in The
BusinessWorld, April 24, 2006
By: Jennee Grace U. Rubrico
Publicly listed Robinsons Land Corp. is in
talks with a property owner in Fort Bonifacio, Taguig for either a purchase
or a joint venture agreement to develop a property in the area into a
residential condominium project..
In a talk with reporters last Friday, RLC High Rise Division General Manager
Danilo E. Ignacio said the site is located near The Fort, Fort Bonifacio's
food and entertainment strip.
"The property is very neart the entertainment area. We are now negotiating
with the owner," he said.
He declined to divulge details about the property, saying this might
jeopardize ongoing negotiations.
But he said the property, currently vacant, is privately owned and that it
is of "standard size." "It's a typical lot for Fort Bonifacio. A typical lot
would be around 1,600 square meters," he said.
Mr. Ignacio said RLC is hoping to develop the property into a high rise
condominium project that will cater to the Filipino-American market.
"We hope to acquire it within the quarter," he said.
He noted RLC's units in Fort Bonifacio are running out. The company has two
projects in Fort Bonifacio - Fifth Avenue Place, and McKinley Park
Residences.
RLC officials earlier said Fifth Avenue Place has been sold out. McKinley
Park Residences, for which the company is doing a roadshow abroad, is down
to its last few units, Mr. Ignacio said.
"It's not sold out yet but we only have few units left, which is why we're
looking at a negotiating for the acquisition property in Fort Bonifacio," he
said.
Bases Conversion
Besides the privately owned lot that RLC is trying to secure, the firm is
also set to bid for the lots that the Bases Conversion Development Authority
plans to auction by June.
The lots, covering over 15 hectares of property, are raw lands located north
of Fort Bonifacio and on the North Central Business District. Of the 15
hectares, 66,621 square meters comprise the North Bonifacio lots, which
start at the North Gate of the former military base, while another 85,138
square meters are on the North Central Business District lots.
As this developed, RLC is set to develop the Jardine Davis Investments Inc.
property it acquired early this year into a residential project for overseas
Filipino workers. The property is located at Merville, Parañaque City.
Mr. Ignacio said the 9.3 hectare property will be used for mid-rise
condominiums with units priced at P2 million and sized at 45 square meters.