Gokongwei, Consunji in 11-B Las Piñas condo joint venture

The Gokongweis’ Robinsons Land Corporation and Consunji’s DMCI Project Developers Inc. have forged a 11 billion joint venture to develop a multi-tower residential condominium in Las Piñas City.

In a disclosure to the Philippine Stock Exchange, RLC said the incorporation of their joint venture firm RLC DMCI Property Ventures Inc. has been approved by the Securities and Exchange Commission.

RLC DMCI Property Ventures shall purchase, lease and develop real estate properties in Las Piñas. The proposed project is intended to be a multi-tower residential condominium and may include commercial spaces.

“This joint venture between RLC and DMCI PDI will combine the experience and expertise of two of the leading real estate developers in the country,” noted RLC.

It added that, “furthermore, the combination of the vision of RLC and DMCI PDI’s construction expertise is expected to result into a well-planned residential development.”

RLC and DMCI PDI have agreed to put in an initial capitalization of 1500 million each. Profit sharing shall be in accordance with the shareholding of each party.

Meanwhile, DMCI Homes has expressed optimism on the future of the residential market in Metro Manila with the bright prospects presented by the construction of the country’s first intercity underground railway.