We believe this partnership between DoubleDragon and Robinsons Land will bring about long-term fruitful gains to both companies.
Robinsons Land Corp. (RLC) and DoubleDragon Properties Corp. (DDPC) are in joint venture to develop office buildings in Quezon City seen to beef up their respective leasing portfolio.
The listed property firms said the joint venture will facilitate the establishment of a corporation which will handle the development of a 10,032.10-square meter commercial lot in E. Rodriquez Jr. Avenue in Libis, Quezon City.
“The rationale for the joint venture is to build office buildings for lease to corporations, BPO and retail outlets.
The joint venture is expected to be beneficial to both RLC and DDPC and shall strengthen the leasable portfolio of both companies,” RLC disclosed to the stock exchange on Monday.
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Under the agreement signed on 9 November, RLC and DDPC will be constructing a building dubbed Robinsons DoubleDragon Square, which will consist of retail and office components.
The lot will also include a Hotel 101, to be developed by DDPC’s Hotel Asia Inc.
The project will form part of RLC’s integrated development in the city, Bridgetowne. The township features residential condominiums, office buildings, shopping centers a five-star hotel, a one-hectare park and a transport terminal.
The property’s buildable gross floor area will be shared by RLC and DDPC on a 50-50 basis, DDPC said.
“We are glad to have this joint venture with Robinsons Land as we see the great potential of Bridgetowne to become one of the most relevant business parks in Metro Manila,” DDPC chairman Edgar “Injap” Sia II was quoted as saying.
“We believe this partnership between DoubleDragon and Robinsons Land will bring about long-term fruitful gains to both companies,” he added. DDPC is targeting to complete a leasable portfolio of 1.2 million square meters by 2020.
The transaction is subject to approval by the Philippine Competition Commission and other regulatory bodies.
