Robinsons spending P3.5 billion for Taguig property

MANILA, Philippines — Gokongwei-led Robinsons Land Corp. (RLC) is spending P3.5 billion to acquire a property in Taguig City for a planned integrated development.

In a stock exchange filing, RLC submitted its amended reinvestment plan from the proceeds from an earlier sale of RL Commercial REIT Inc. (RCR) shares.

The amended reinvestment plan outlines the adjustments in the order of priority of projects in building and property development as well as covers different projects lined-up for RLC.

Under the amended reinvestment plan, the projected disbursements for RLX Taytay, RLX San Fernando, RLX Calamba, RLX Montclair, Bridgetowne, Sierra Valley and Montclair were reduced.

Additional land acquisition amounting to P3.5 billion for an integrated development in Taguig City, meanwhile, was included.

The amended reinvestment plan sets forth the planned use of the net proceeds received by RLC from the sale of 1.73 billion RCR shares at P4.92 apiece.

The company originally submitted a reinvestment plan covering about P8.35 billion for investment in building and property development and land last April.

RLC said the amended reinvestment plan is “in view of certain changes brought about by opportunities arising in the market and economic environment.”

Last month, RLC said it is joining forces with the state-run Bases Conversion and Development Authority (BCDA) to develop a new mixed-use project in Taguig City.

Called the Bonifacio Capital District, the new RLC-BCDA project is aimed at elevating urban living in Metro Manila by combining residential, commercial, office, hotel and recreational spaces into a sustainable community.

It will be developed on a prime 61,761-square meter in Taguig City.

Since its incorporation in 1980, RLC has built a stellar portfolio of residential, commercial and retail real estate developments.

The company’s portfolio of premium mixed-use developments include Bridgetowne Destination Estate in Pasig and Quezon City, Sierra Valley Gardens in Rizal and Montclair Destination Estate in Pampanga.