Robinsons Land Corp. (RLC), the real estate arm of the Gokongwei Group, announced that it will use the P7.66 billion in net proceeds from the sale of shares of RL Commercial REIT Inc. (RCR) to fund several ongoing and proposed property projects across the Philippines.
The largest portion of the proceeds, amounting to P1.82 billion, will go to the redevelopment of The Forum in Mandaluyong. The project, already 43 percent complete, will transform the former structure into a high-end lifestyle and mixed-use complex called The Jewel, which will feature a new six-storey mall and four office towers.
RLC will also channel P834 million into the development of Malolos Bayan Park in Bulacan, P638 million into Robinsons Pangasinan, and P562 million into Robinsons Tanay. Other key projects include Cybergate Apo 1 in Davao, which will receive P362 million, and Fili Hotel in Bridgetowne, with a budget of P327 million. The company is also allocating P302 million for Grand Summit Panglao in Bohol, P288 million for Robinsons Bacolod, P282 million for its Cebu hotel developments (including Nustar Hotel and Grand Summit Cebu), and P260 million for Robinsons Antipolo.
Robinsons Manila is set to receive P238 million, while P148 million will go to the nearly completed Tower 2 of the GBF Center in Quezon City. BF Homes in Parañaque will be allotted P56 million, and Grand Summit Pangasinan will receive P4 million.
In addition to project funding, RLC will allocate P6 billion for property acquisitions in Luzon and P1.65 billion for land acquisitions in the Visayas and Mindanao. These transactions will be handled by its wholly owned subsidiary, Bonifacio Property Ventures Inc.
Pending deployment, the company said the proceeds may be temporarily invested in short-term liquid instruments such as government securities, bank deposits, and money market placements that offer competitive interest rates and can be withdrawn on demand.
The funds were raised from the sale of RCR shares at P7.75 each.
Separately, RLC also announced the opening of GBF Center 2, a new 30-storey office tower in Bridgetowne, Quezon City. The building, which follows the completion of GBF Center 1 two years ago, offers a gross leasable area of 60,000 square meters—20 percent more than its predecessor. While both buildings have 21 office floors and eight parking levels, GBF Center 2 features larger floor plates of 2,800 square meters, compared to 2,500 square meters in Center 1.
According to RLC president and CEO Mybelle V. Aragon-Gobio, the building’s inverted silhouette is a “bold architectural statement,” with premium upper-floor office spaces that offer panoramic views of Ortigas and the Sierra Madre. She added that the progressive design reflects the company’s commitment to innovation in shaping workspaces.
