MANILA - Robinsons Land Corp said Tuesday it formed a P5.6 billion joint venture with Hong Kong Land Group to build a residential enclave in Pasig City.
The Gokongwei-led developer will own 60 percent of the joint venture company, while the remaining 40 percent will be held by Hong Kong Land, Robinsons Land told the told exchange.
The Philippine Competition Commission approved the deal last May 4, Robinsons Land said.
"This collaboration combines the experience, vision and financial capability of RLC and HKLG; bringing together local expertise and international design that stand as landmarks in key Asian cities," according to the disclosure.
The Gokongweis' retail arm recently acquired Rustan Supercenters while its snack food business is expanding in Southeast Asia and Australia.
Shares of Robinsons Land were up nearly 3 percent in early trading after the joint venture was announced, compared to a 0.7-percent rise in the main index.