Robinsons Land Eyeing 15-hectare Fort Boni Lot
An article published in
BusinessWorld, February 07, 2006
By: Jennee Grace U. Rubrico, Senior Reporter
Robinsons Land Corp. is eyeing for its next
acquisition the 15-hectare property the bases Conversion Development
Authority (BCDA) is set to auction this year.
In an interview, Danilo E. Ignacio, general manager for the high-rise
buildings division of the Gokongwei-led firm, said Robinsons Land is
interested in bidding for the undeveloped lands.
The 15 hectares are located north of Fort Bonifacio in Taguig. Of the 15
hectares, the North Central Business District lot comprises 8.5 hectares.
The lot is beside the 10-hectare property of the Metropolitan Bank & Trust
Co. (Metrobank). The North Bonifacio lots comprise the remaining 6.6
hectares.
“We are interested in BCDA's tender for the Northern area [of Fort Bonifacio].
We're interested in the whole thing,” Mr. Ignacio told BusinessWorld.
He said Robinsons Land is just waiting for the BCDA to release the terms of
reference for the bidding.
“We want to acquire it at the right price, and the right terms,” he said.
He said the firm will embark on a mixed-use project for the area if it wins
in the auction.
“For a property that large, it will be mixed-use. That's our model. We
pioneered in the mixed-use concept.”
BCDA Vice-President Aileen Anunciacion R. Zosa told BusinessWorld the
bidding is scheduled for the middle of this year.
She said the government agency is prioritizing the re-planning of the area.
“Because Metrobank already has the 10 hectares that is beside the 8.5
hectares we need to coordinate with them on the master planning. Right now,
we are into joint planning. We might finish this in the second quarter.” she
said.
The master plan, she said, will need the approval of a number of government
agencies, including the local government and the Housing and Land Use
Regulatory Board.
She said that issues on financing the construction of common roads and
access roads are currently being threshed out.
BCDA, she said has the option to pass on the cost of the road construction
to the winning bidder.
Ms. Zosa said the terms of reference for the bidding will be released “when
we are ready to bid it out.”
BCDA expects to raise P4 billion in revenues from the sale of the 15
hectares in Fort Bonifacio .
Robinsons Land, which acquires land on an as-needed basis, is looking at
acquiring the 15 hectares in Fort Bonifacio shortly after it won the bid for
the Manila Gas property.
As part of the company's plan to expand its presence in Fort Bonifacio , Mr.
Ignacio said the firm is also in talks with other landowners in Fort
Bonifacio for either acquiring their property or entering into joint-venture
agreements.
Currently, Robinsons Land's projects in Fort Bonifacio include Fifth Avenue
Place, which is sold out, and McKinley Park Residences.
Mr. Ignacio said the firm is preparing to develop the Manila Gas property.
“We expect the government to turn it over early March. We're doing the
master plan and once it is approved, we will start,” he said.
Robinsons Land recently reported a 30.43% increase in net income for its
fiscal year. The high-rise division is one of four divisions of the publicly
listed company, which also has shopping mall, hotel, and residential
subdivision operations.