RLC, HK group forge joint venture deal

Gokongwei-led property developer Robinsons Land Corp. (RLC) has teamed up with Hong Kong Land Group to jointly invest around P5.6 billion to develop a residential enclave in fast-rising IT park Bridgetowne East in Pasig City.

In a disclosure to the Philippine Stock Exchange on Tuesday, RLC announced the signing of a deal creating a joint venture corporation that will be 60-percent owned by RLC and 40-percent owned by Hong Kong Land Group (HKLG).

“This collaboration combines the experience, vision and financial capability of RLC and HKLG; bringing together local expertise and international design that stand as landmarks in key Asian cities. The project is envisioned to transform the landscape of Pasig City, adding to it a well-planned township of mixed-use development with skyscrapers imbued with international appeal,” the disclosure said.

Hong Kong Land is represented in this property deal by Hong Kong Land International Holdings Ltd. and its subsidiary, Ideal Realm Ltd.

The joint venture will initially undertake the purchase of a piece of property in Block 4 of Bridgetowne East, “develop the property into a residential enclave and likewise carry out the marketing and sales of the residential units.”

RLC president Frederick Go said in a text message that the property to be acquired by the joint venture would span 1.8 hectares.

The joint venture also plans to pursue other development projects.

The deal between RLC and Hong Kong Land has been cleared by the country’s antitrust agency, Philippine Competition Commission.

The joint venture will be managed by a five-member board, with RLC nominating three directors and HKLG nominating two.