By James A.Loyola
Robinsons Land Corporation and Double Dragon Properties Corporation (DD) have teamed up to develop a ₱2-billion office building on a lot that will be merged to form part of RLC’s Bridgetowne mixed-use estate.
In a disclosure to the Philippine Stock Exchange, RLC said it has signed an agreement with DD to form a corporation for the joint development of a property located along E. Rodriguez Jr. Avenue, Libis, Quezon City.
The 50-50 joint venture shall develop part of a 10,032.10 sqm. property into the Robinsons DoubleDragon Square which will be an office building with a retail component.
“The rationale for the joint venture is to build office buildings for lease to corporations, BPOs, and retail outlets. The joint venture is expected to be beneficial to both DD and RLC and shall strengthen the leasable portfolio and recurring income of both companies,” RLC said.
It added that each firm’s investment for the property acquisition is estimated to be ₱644 million inclusive of taxes.
The project will form part of the integrated development of Bridgetowne which features residential condominiums, office buildings, shopping centers, and a 5-star hotel.
The township also features a one hectare park, an iconic public art installation and a transport terminal.
The joint venture between DD and RLC is subject to the Philippine Competition Commission (“PCC”) and other regulatory approvals when applicable.