REAL estate companies Robinsons Land Corporation (RLC) and Shang Properties Incorporated will jointly develop condominium buildings, serviced apartments and commercial spaces at the Bonifacio Global City (BGC) in Taguig City, Metro Manila.
The Philippine Competition Commission announced Wednesday, March 21, that it has approved the joint venture between the two companies.
The joint venture, which will be equally owned by RLC and Shang, will develop the 9,118-square meter property of Robinsons Land Corporation located at McKinley Parkway corner 5th Avenue in BGC.
Among the planned developments are two luxury residential condominium buildings, potentially with serviced apartments and commercial spaces.
RLC is the real estate investment arm of the Gokongwei-owned JG Summit Holdings Inc. while Shang is a property development company engaged in the lease of commercial and office spaces and hotels, among others.
Read: Commission Decision
The commission, headed by former Socioeconomic Planning secretary Arsenio Balisacan, is a quasi-judicial body aimed at ensuring fair competition in the market. (MVI/SunStar Philippines)