Robinsons Land buys 9.3-ha property of Jardine Davies
An article published in The
Philippine Star, February 24, 2006
By: Zinnia B. Dela Pena
Robinsons Land Corp. (RLC), the property unit
of Gokongwei-owned JG Summit Holdings Inc., signed an agreement with Jardine
Davies Investments, Inc., for the purchase of the latter's 9.3-hectare
property in Merville, Paranaque City .
RLC, however, did not disclose how much it acquired the property, which is
close to the border of two major central business districts (CBDs) – Makati
and Bonifacio Global City .
The purchase of the property marks RLC's entry to the Southern part of
Manila .
RLC said the property will be developed into a mixed-use type development
with several residential-gated enclaves consisting of affordable mid-rise
condominium units and townhouses in the P2million and higher category.
For this project, the company is targeting the mid-level to senior
executives, entrepreneurs, medical professionals, expatriates, young couples
or start-up families and OFWs.
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 CBDs but not at the price of current
CBD properties.
Currently one of the most active real estate developers, RLC also won in the
recent government bidding for the four-hectare Manila Gas property valued at
P573 million. Said property is scheduled for turnover by next month.
For its fiscal year ending September 2005, RLC posted a net income of P1.2
billion on total revenues of P 5.08 billion.
In the first quarter of its fiscal year 2006, RLC reported a net income of
P419 million or an increase of 28 percent from the previous level's P328
million. Revenues likewise went up 38 percent to P1.72 billion compared with
only P 1.25 billion a year earlier.
RLC is the flagship property development arm of JG Summit Holdings Inc., one
of the country's largest conglomerates with diverse interests in branded
consumer foods, agro-industrial and commodity food products, textile,
telecommunications, petrochemicals, air transportation and financial
services.
The company has four core businesses: commercial center development and
operation, hotel development and management, quality high-rise office and
residential building development, and housing and land development.