MANILA, Philippines—Robinsons Land Corp., the property arm of conglomerate JG Summit Holdings Inc., announced a joint venture with Davao-based Lapanday Prime Development Corp. through which it would develop a 12.9-hectare lot owned by Lapanday Prime in Davao City into a middle-income housing project.

It described the property in the Tigatto and Waan areas of Davao City as accessible from public areas and landmarks, including a public market, the Davao International Airport, the Victoria Plaza and Gaisano malls and the Ateneo de Davao College.

Lapanday Prime is headed by Tomas Lorenzo as president.

Robinsons Land’s portfolio includes shopping centers, high-rise residential condominiums and townhouses, middle- to low-cost housing and subdivisions, office buildings, and hotels. It has 20 malls, 25 residential condominiums, six office buildings, 30 housing and land developments, and three hotels.

Robinsons Land has reported a 12.2-percent jump in net income in its fiscal first quarter (October-December 2007) to P681.9 million from P607.8 million in the same period in 2006.

Its said its high-rise buildings division accounted for P1.02 billion, 43 percent, of the revenues. Elizabeth Sanchez-Lacson; edited by INQUIRER.net