GOKONGWEI-LED Robinsons Land Corp. (RLC) on Wednesday said that it was planning to acquire more land in Taguig City for P6.5 billion under an amended reinvestment plan.
The plan covers the use of the P8.35 billion in net proceeds from the sale of RL Commercial REIT Inc. (RCR) shares last April.
“In view of certain changes brought about by opportunities arising in the market and economic environment, RLC hereby submits its amended reinvestment plan, which outlines the adjustments and changes in the order of priority projects in building and property development and land,” the company said in a filing.
“The amended reinvestment plan covers different projects lined up for RLC. Changes are as follows: Projected disbursements for RLX Taytay, RLX San Fernando, RLX Calamba, RLX Montclair, Bridgetowne, Sierra Valley, and Montclair were reduced,” it added.
“All disbursements for such projects are intended to be completed within one year from receipt of the proceeds from the sale of RCR shares,” the company explained.
Under the new plan, RLC is set to disburse P3.5 billion this quarter and another P3.0 billion by the fourth quarter of this year for the Taguig land investments, with the acquisitions to be made through wholly owned subsidiary Bonifacio Property Ventures Inc.
Last month, RLC and the Bases Conversion and Development Authority (BCDA) announced plans to develop the Bonifacio Capital District, a mixed-use, master-planned development in Taguig touted to “elevate urban living” in Metro Manila.
The roughly 62,000-square-meter development is located across the construction site of the New Senate Building and is said to be conveniently near Lawton Station of the Metro Manila Subway project, which is already under construction.
Shares of RLC on Wednesday rose 48 centavos, or 3.08 percent, closing at P16.08 apiece, while RCR shares added 1 centavo, or 0.17 percent, to P5.75 each.
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