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Friday, March 29, 2024

Gokongwei, Consunji form Las Piñas joint venture firm

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The Gokongwei and Consunji groups have formed a P1-billion joint venture company to build a multi-tower residential condominium project in Las Piñas City.

Robinsons Land Corp. of industrialist John Gokongwei said in a disclosure to the stock exchange the Securities and Exchange Commission approved the incorporation of RLC DMCI Property Ventures Inc., the joint venture company between RLC and Consunji-led DMCI Project Developers Inc. 

The joint venture company will purchase, lease and develop real estate properties situated in Las Piñas City. The proposed project in Las Piñas City is a multi-tower residential condominium that may include commercial spaces.

RLC and DMCI PDI have agreed to put in an initial capitalization of P500 million each to the joint venture company.

“This joint venture between RLC and DMCI PDI will combine the experience and expertise of two of the leading real estate developers in the country. Furthermore, the combination of the vision of RLC and DMCI PDI’s construction expertise is expected to result into a well-planned residential development,” RLC said.

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The joint venture company will be managed by the board of directors composed of six three directors from each RLC and DMC PDI.

RLC in 2018 formed two joint venture partnerships, one with Shang Properties Inc and the other with Hong Kong Land Group.

The joint venture with Shang Properties involves the development of a 9,118-square meter property situated at McKinley Parkway corner 5th Avenue and 21st Drive at BGC, Taguig.

The project is intended to be a mixed-use development and may include residential condominium units, serviced apartments and commercial retail outlets. 

The joint venture with Hong Kong Land Group, meanwhile, involves the acquisition and development of a 18,037-square meter property in Bridgetowne East for residential development.

HKLG is a leading property investment, management, and development group in Asia.

RLC earlier reported a net income of P8.23 billion in 2018, up 40 percent from P5.9 billion from 2018, on the strong revenue contribution of leasing and residential businesses.

Consolidated revenues rose 31 percent to P29.44 billion from P22.52 billion, while overall EBITDA grew 30 percent to P16.20 billion from P12.48 billion in 2017.

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