Robinsons Land acquires 2-ha Libis property

MANILA, Philippines - Gokongwei-led property  development firm Robinsons Land Corp. is acquiring a two-hectare property in Libis, Quezon City for conversion  into a mixed-use complex.

In a disclosure to the Philippine Stock Exchange, RLC said it acquired the property from Republic Glass Holdings Corp. for a still undisclosed amount.

Payment will be made on installment basis over a two-year period.

RLC president Frederick Go said the property will be developed into a residential and office complex with a retail component.

The purchase is part of the company’s landbanking program to ensure sustained growth, he said.

RLC is on the hunt for more properties to expand its portfolio of office buildings and ensure a pipeline of projects.  It  expects to complete Cyberscape Alpha and Cyberspace Beta in the middle of next year which will increase the company’s  total net leasable area to 274,000 sqm. from 194,000 sqm.

The company is also cautiously expanding in the residential construction business.  It is building a four-tower residential project that will form part of a new lifestyle block development in the Ortigas central business district.

The first two residential buidlings will offer a total of 890 units with sizes ranging from 30 square meters to 97 sqm.

RLC is also expanding its retail portfolio that will expand  the group’s total mall leasable area to a little over one million square meters in two years.

The group is building seven new shopping malls and expanding three of its existing malls in 2012-2013 to capitalize on strong consumer spending and a growing business process outsourcing industry.  Of the seven, three will be built this year while the other four will rise in 2013.