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Manila Bulletin devider Business devider The Stock Market devider RLC buying P3.5 billion land for Taguig project

RLC buying P3.5 billion land for Taguig project

Published Sep 18, 2024 01:14 am

The Gokongwei Group’s Robinsons Land Corporation (RLC) is investing P3.5 billion this quarter to acquire land for an integrated development in Taguig City.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the investment will be reallocated from funds it raised from the transfer of assets to its real estate investment trust RL Commercial REIT Inc.

“In view of certain changes brought about by opportunities arising in the market and economic environment, RLC hereby submits its Amended Reinvestment Plan, which outlines the adjustments and changes in the order of priority of projects in building and property development and land,” the firm said.

It added that, under its Amended Reinvestment Plan, projected disbursements for RLX Taytay, RLX San Fernando, RLX Calamba, RLX Montclair, Bridgetowne, Sierra Valley, and Montclair were reduced.

On the other hand, additional land acquisition for Integrated Development-B in Taguig City was included in the plan, and this calls for RLC’s disbursement of P3.5 billion through its wholly-owned subsidiary, Bonifacio Property Ventures Inc.

RLC and Bonifacio Property Ventures are also set to spend P3 billion for land acquisition in the fourth quarter for Integrated Development–A in Taguig City, but this was already included in the previous reinvestment plan.

From the second quarter of 2024 to the first quarter of 2025, RLC is set to invest P206.65 million in logistics facility RLX Taytay, P117.94 million in RLX San Fernando, P249.73 million in RLX Calamba, P102.21 million in RLX Montclair, P342.89 million for the continued development of Bridgetowne, P136.08 million in Sierra Valley, and P342.32 million in Montclair.

In August 2024, RLC announced a partnership with the Bases Conversion and Development Authority (BCDA) to develop the mixed-use Bonifacio Capital District in Taguig City.

Located beside the New Senate Building now under construction, the project will combine residential, commercial, office, hotel, and recreational spaces into one seamless and sustainable community.

Rising on a prime 61,761-square-meter property in Taguig City, the Bonifacio Capital District will be carefully master-planned and will incorporate smart technology and sustainability solutions.

Utilities, such as power, internet, and communications lines, will be located underground to preserve the aesthetic appeal and functionality of the area.

"This landmark project is part of the BCDA's initiative to create sustainable communities for businesses, residents and commuters, while also maximizing our assets' economic potential," said BCDA President and CEO Joshua M. Bingcang.

“With the help of RLC, we hope to create a model development for areas surrounding subway and railway stations to be developed within the BCDA's economic zones and properties," he added.

Related Tags

Bases Conversion Development Authority RL Commercial REIT Robinsons Land Corporation
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