Property developers DoubleDragon Properties Corp. and Robinsons Land Corp. have teamed up to jointly acquire and develop a prime one-hectare commercial property in Libis, Quezon City that formerly housed a commissary of bakeshop chain Red Ribbon.
DoubleDragon and RLC are jointly investing P2 billion in the 50-50 percent partnership, which will create about 103,000 additional gross floor area of retail and office space, thereby boosting the recurring income portfolio of both parties, DoubleDragon chair Edgar Sia II said in an interview on Monday.
Since the property is adjacent to RLC’s first township development, Bridgetowne, this will effectively expand the master-planned estate of the Gokongwei group’s property arm.
To be built on the said site will be Robinsons DoubleDragon Square, where the land and building will be jointly owned by RLC and DoubleDragon. This will occupy about two-thirds of the property. –Doris Dumlao-Abadilla INQ