RLC, Shang investing P10B in BGC property venture
Gokongwei-led Robinsons Land Corp. (RLC) and upscale developer Shang Properties Inc. are jointly investing P10 billion to build an upscale residential complex with some commercial space in BGC.
RLC and Shang will develop a 9,118-square meter property of RLC located at McKinley Parkway corner 5th Avenue, Bonifacio Global City, Taguig. The development will feature two luxury residential condominium, with the potential of converting a portion of the development into serviced apartments and commercial spaces.
RLC and Shang will each own 50 percent of the outstanding shares in the joint venture corporation to be formed, according to a disclosure to the Philippine Stock Exchange.
The joint venture corporation also plans to pursue other development projects.
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