Robinsons Land, Shang Properties to pour P10 billion into BGC joint venture

Robinsons Land Corp. and Shang Properties Corp. are investing at least P10 billion in a joint venture company to build a mixed-use development in Bonifacio Global City in Taguig.

In a regulatory filing submitted by Robinson Land corporate secretary Rosalinda Rivera on Friday, the Gokongwei-led property developer said the total investment in the joint venture company amounts to P10 billion.

The announcement came days after the Philippine Competition Commission (PCC) approved the joint venture between Robinsons Land and Shang Properties.

The joint venture company will develop a 9,118-square meter property at McKinley Parkway corner 5th Avenue and 21st Drive at BGC.

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

Robinsons Land and Shang Properties have agreed to subscribe to shares of stock in the joint venture company, which will result in a 50:50 equity structure.

“Profit sharing shall be in accordance with shareholding of each party. The joint venture company shall be managed by a board of directors composed of six members and Robinsons Land and Shang Properties shall each nominate three directors,” Robinsons Land said. —Ted Cordero/VDS, GMA News