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Commission Decision No. 014-M-015/2018 Joint Venture between Robinsons Land Corporation and Ideal Land Limited
Commission Decision No. 014-M-015/2018
Joint Venture between Robinsons Land Corporation and Ideal Land Limited
ABSTRACT:
Robinsons Land Corporation (“Robinsons Land”), Ideal Realm Limited (“Ideal Realm”) and Hongkong Land International Holdings Limited, the latter two companies both wholly-owned subsidiaries of Hongkong Land Holdings Limited (“Hongkong Land’) entered into a joint venture agreement. The parties have agreed to form a joint venture corporation with a planned capitalization of over Two Billion Pesos with RLC owning sixty percent (60%) of the shareholding.
The joint venture is for purpose of acquiring an Eighteen Thousand Thirty-Seven (18,037) square meter property in Pasig City within the Bridgetowne Township, and to develop it into a four (4) tower residential condominium and undertake the sale and/or lease of the built condominium units. This joint venture undertaking is projected reach a development cost in excess of P 10 Billion; geared towards enhancing the landscape of Pasig City.
Robinsons Land is listed in the Philippine Stock Exchange and is in the business of developing real estate in key cities and urban areas nationwide. Robinsons Land is a subsidiary of the JG Summit Holdings, Inc. one of the Philippines leading and diversified conglomerates Robinsons Land is one of the leading real estate developers in terms of revenues, number of projects and total project size.
On the other hand, Hongkong Land is a leading property investment, management and development group in Asia. The group has interests in key Asian cities, principally in Hong Kong and Singapore. Hongkong Land’s presence in the Philippines dates back to 1996, maintaining minority interests in select development project in the country.