SUMMARY
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MANILA, Philippines – The Gokongwei group’s real estate unit Robinsons Land Corp. announced it is buying a two-hectare property in Quezon City it plans to transform into a mixed-use development.
The lot located in Libis area currently hosts the warehouse of glass manufacturer Republic Glass Holdings Corp.
“Republic Glass today (November 28) announced that it signed with Robinsons Land an agreement under the terms of which Republic Glass will sell its two-hectare property in Libis, Quezon City,” the holding firm said in a disclosure on November 29.
Robinsons Land confirmed this in a separate disclosure. Both did not mention how much the deal’s worth is.
“The sale shall be on installment basis with payments to be made over two years,” the seller said without elaborating.
Implications
This new acquisition increases the land bank of the Gokongwei group and allows the real estate unit to ride on the aggressive expansion of rival firms.
The Gokongwei group’s P14.7 billion bid for the privatization of sprawling 74-hectare agroindustrial Food Terminal Inc (FTI) lost to the Ayala group’s P24.3 billion bid.
The FTI property in Taguig City allows Ayala to further beef up its landbank meant for future development. Rivals Megaworld, SM Development Corp. and Vista Land & Lifescapes have been buying parcels of land in the capital and in the provinces amid the boom in real estate industry in the Philippines.
On the other hand, manufacturing firm Republic Glass have been disposing its assets in various locations nationwide, the BusinessWorld noted.
Aside from its Quezon City property, it has also sold its 191,905 sqm vacant lot in Batangas last April. It owns properties in Cagayan de Oro City, Tagaytay City, and Palawan it could dispose or develop in the future. – Rappler.com
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