Property developer Robinsons Land Corporation (RLC) said it has signed an agreement with Professional Services Inc. (PSI) to purchase a one-hectare lot at the old site of The Medical City in Mandaluyong City.
RLC said in a disclosure to the stock exchange that it plans to transform the lot into a mixed-use complex comprising of high rise residential towers, a commercial center and a hotel.
The company did not disclose how much it paid for the lot.
For the residential condos, units may be available in one, two and three-bedroom cuts to target Fil-Americans, professionals, investors and expatriates, RLC said in a statement.
The site offers access to malls, major five-star hotels, exclusive schools, restaurants, gyms, banks, business establishments and major city thoroughfares.
The latest acquisition signals the continuous strategic land banking for the highly diversified conglomerate – particularly in central business districts.
RLC has several prime properties in Ortigas led by its flagship mall, the Robinsons Galleria, five-star Crowne Plaza Hotel, Holiday Inn Galleria Manila, Galleria Regency, Robinsons Equitable Tower, Galleria Corporate Center and the soon to be erected East of Galleria Residences.
RLC is the real-estate arm of the JG Summit Holdings Inc., (JGSHI), one of the country’s largest conglomerates with interests in branded consumers foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.
