Robinsons Land buys 9.3-ha property of Jardine Davies

By Zinnia B. Dela Pena
The Philippine Star

Robinsons Land Corp. (RLC), the property unit of Gokongwei-owned JG Summit Holdings Inc., signed an agreement with Jardine Davies Investments, Inc. for the purchase of the latter's 9.3-hectare property in Merville, Paranaque City.

RLC, however, did not disclose how much it acquired the property, which is close to the border of two major central business districts (CBDs) - Makati and Bonifacio Global City.

The purchase of the property marks RLC's entry to the Southern part of Manila. RLC said the property will be developed into a mixed-use type development with several residental-gated enclaves consisting of affordable mid-rise condominium units and townhouses in the P2million and higher category.

For this project, the company is targeting the mid-level to senior executives, entrepreneurs, medical professionals, expatriates, young couples or start-up families and OFWs.

With its sheer size and prime location, RLC said the Merville acquisition will help answer the needs of various target markets looking for an attractive address that are close to CBDs but not at the price of current CBD properties.

Currently one of the most active real estate developers, RLC also won in the recent government bidding for the four-hectae Manila Gas property valued at P573 million. Said property is scheduled for turnover by next month.

For its fiscal year ending September 2005, RLC posted a net income of P1.2 billion on total revenues of P5.08 billion.

In the first quarter of its fiscal year 2006, RLC reported a net income of P419 million or an increase of 28 percent from the previous level's P328 million. Revenues likewise went up 38 percent to P1.72 billiob compared with only P1.25 billion a year earlier.

RLC is the flagship property of development arm of JG Summit Holdings Inc., one of the country's largest conglomerates with diverse interests in branded consumer foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.