Property developer Robinsons Land Corp. said Friday it teamed up with Shang Properties Inc. to invest P10 billion in transforming a property in Bonifacio Global City into a high-end mixed-use project.
RLC said in a disclosure to the stock exchange it signed an agreement with SPI to form a joint venture company to build and develop a 9,118-square-meter property at McKinley Parkway corner 5th Ave. and 21st Drive in Taguig City.
Both parties said they obtained an approval from the Philippine Competition Commission for the joint venture.
RLC and SPI will equally own a 50-percent stake in the joint venture company.
Under the plan, the property will be developed into a mixed-use project and may include two luxury residential condominium buildings, with the potential of converting a portion of the development into serviced apartments and commercial spaces.
RLC said aside from the planned development, both parties would also pursue other development projects.
The Philippine Competition Commission on March 20 approved the joint venture between RLC and SPI, saying transaction would not result in substantial lessening of competition.
“There are enough existing competitive constraints on the parties after the transaction,” the decision read.
RLC is a publicly-listed corporation that operates as the real estate investment arm of JG Summit Holdings Inc. while SPI is a publicly listed real estate property engaged in hotels, lease of commercial and office spaces, development and sale of luxury residential condominiums and property management.