Robinsons Land Corp., the property unit of JG Summit Holdings Inc., said Friday it will turn the one-hectare old Medical City lot in the Ortigas business district into a high-end, mixed-used development to cater to a wide range of market.
"We are pleased with the recent acquisition – the strategic location is all anchored on our strategy to strengthen our presence in the heart of Ortigas Center and to complement with our very successful Galleria complex nearby," Ferdinand Adriano, RLC High-rise Buildings Division Director for Marketing, said in a statement.
Adjacent to Shangri-La Hotel and mall, the development will comprise a deluxe hotel, office building, residential condominiums and retail outlets.
The residential condos will house one-bedroom, two-bedroom and three-bedroom units designed to address the tastes of residents in the metro, Filipino-Americans and expatriates, among others.
RLC said it is commissioning a foreign master planner to determine the optimal design of the property.
RLC at present has several big ticket properties in Ortigas including Robinsons Galleria, the five-star Crowne Plaza Hotel, Holiday Inn Galleria Manila, Galleria Regency, Robinsons Equitable Tower, Galleria Corporate Center and East of Galleria Residences, which is soon to be built.
The company said it will raise P15 billion to fund its projects over the next two years. Half of the amount will be spent this year.
Earlier, it acquired a 9,118-sqm lot at the corner of McKinley Drive and Fifth Avenue in Fort Bonifacio Global City for the construction of a high-end luxury condominium.
