Robinsons Land—the real estate arm of the billionaire Gokongwei family’s JG Summit—plans to inject 25 billion pesos ($442 million) of properties into unit RL Commercial REIT (RCR) as improved contributions from its shopping malls and hotels helped boost the developer’s profits to record levels in 2023.
RL Commercial REIT raised about 8.5 billion pesos from the sale of 1.72 billion shares at 4.92 pesos each to help fund the acquisition of the properties, Robinsons Land said in a statement on Friday.
Under the plan, Robinsons Land said it will transfer office buildings, shopping malls, hotels and warehouses into RL Commercial this year, boosting the REIT’s total gross leasable area by about 60%. RL Commercial’s portfolio consists of 16 prime commercial assets across the Philippines with gross leasable space of 480,000 square meters.
“Being the majority shareholder of RCR, Robinsons Land shall continuously fuel the growth of RCR by infusing yield-accretive and high-quality assets that will complement the predominantly office portfolio of RCR in order to maximize both Robinsons Land and RCR shareholder value,” Lance Gokongwei, chairman, president and CEO of Robinsons Land, said in the statement.
Robinsons Land—one the country’s biggest developers—said last month net profit in 2023 climbed 24% to an all-time high of 12 billion pesos, fueled by the success of uts shopping malls and hotels. The company owns 1.6 million square meters of shopping mall space, 270,000 square meters of offices, 227,000 square meters of logistics facilities and 26 hotels with more than 4,200 rooms.
Its parent JG Summit also has interests in airlines, food and beverage, banking, petrochemicals and utilities. The business was founded by the late billionaire John Gokongwei in 1954 as a corn starch factory. After Gokongwei passed away in 2019, his six children—Lance, Robina, Lisa, Faith, Hope and Marcia—inherited his fortune. The siblings had a combined net worth of $3 billion, placing them at No. 7 on the list of the Philippines’ 50 Richest when it was last published in August last year.
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Vasat Vita Office and Residence / Vuumaatra Consultants
Text description provided by the architects. Built-in the rapidly growing urban settings of Aftabnagar, an area of eastern Dhaka, the project represents the true aesthetics of a contextual, cultural landscape incorporating local materials and artisans with a blend of sustainable design features. The building serves as both a residence and a design studio for the architect, spanning three stories and nestled in a modest plot of approximately 200 square meters. Despite space constraints, the challenge was embraced as an opportunity to create a serene haven amidst the urban chaos.
As visitors step inside, they are greeted by a humble yet inviting open space. This design choice reflects the client’s dual role as both visionary and architect, driven by a personal dream of preserving a patch of land for family sports, e.g., badminton matches during winter. Spatial distribution unfolds gradually, transitioning from more public realms to intimate, private spaces as one ascends vertically and sideways parallelly.
Drawing Inspiration from the principles of Vaastu Shastra, the layout unfolds within 9 square grids, with the central grid serving as an open-to-sky courtyard to enhance positive energy flow. This courtyard, along with a waterbody, also functions as a micro-climatic passive cooling feature, ensuring a comfortable living environment with ample natural light and ventilation throughout the space. The ground floor houses the architect’s design studio with an open workspace. The ceiling incorporates a waffle slab construction method, integrating traditional clay pots as fillers. An open entryway welcomes the building and a visually interesting protruded volume is cantilevered from the main building.
The architectural approach incorporates passive cooling strategies, utilizing energy transfer to achieve temperatures lower than those in the surrounding environment. The selection of building materials was guided by cultural appropriateness, local availability and sustainable factors. Brick was most suitable for this and concretes were used for structural members.
The building is enveloped in a simple perforated façade, inspired by the designer’s nostalgic memories of the architectural motif found in his childhood. These perforations offer a personal touch while also efficiently managing solar heat, ensuring abundant natural light and ventilation. Glass surfaces are consciously brought inside as the secondary layer to the perforated brick façade. So the sun cannot directly hit the glass surface. As a result, the inside temperature is cooler than the outside in summer. A layer of greenery planted between the brick façade and glass windows provides a calming element for the occupants. Adding a layer of nature in the interior was intentional since it enhances both the environmental performance and the well-being of the building’s occupants. Focus was given on integrating nature into the project and it highlights the importance of designing spaces closely connected to nature for sustainable living.
In conclusion, the project demonstrates a commitment to sustainable design principles, integrating local materials, passive cooling strategies, and innovative structural solutions. The sensitively crafted use of space, emphasis on energy efficiency, and consideration for cultural, historical, and environmental factors showcase a holistic approach to sustainable architecture.
Miami-Dade County Aviation Department landed a Park ‘N Fly and car rental facility near Miami International Airport.
The aviation department paid $45 million for the 198,500-square-foot, two-building facility spanning 11.5 acres at 2800 Northwest 39th Avenue in unincorporated Miami-Dade, east of the airport, according to records. An entity led by Michael and Ronald Simkins was the seller.
Alan Leon of Keller Williams and David Kreps brokered the off-market deal.
Although the county bought the property to accommodate potential future MIA growth, Miami-Dade will keep the Park ‘N Fly and car rental business on the site for now. According to a November staff memo, the county will continue to lease 172,000 square feet to Budget Rent a Car until May for $41,700 a month. The county has the option to renew the lease. Park ‘N Fly will continue managing its property under a five-year agreement with two one-year extension options. The county will pay Park ‘N Fly a $40,000 management fee and 5 percent of revenue.
The Miami-Dade Airport and Economic Development Committee approved the purchase in October. Commissioners blessed the deal in November.
In the long term, MIA needs the property to “accommodate the airport’s terminal support facility needs as part of” future growth, the memo says, although it doesn’t elaborate.
The property is separated from the airport by Le Jeune Road, meaning the county is more likely to use the buildings for ancillary purposes such as parking rather than expanding MIA terminals that are across the street.
Miami-Dade has been trying to beef up its real estate portfolio in recent months, but another planned purchase didn’t pan out. In December, Mayor Daniella Levine Cava deferred from a commission agenda a controversial proposal for the county to pay $365 million for office buildings where Miami-Dade departments can consolidate.
Levine-Cava said her administration will continue negotiations, following concerns that the price was $133 million more than market value. The county wants to buy the Flagler Corporate Center, a mostly vacant complex at 9250 West Flagler Street in Fontainebleau, as well as the Assurant Center at 11222 Quail Roost Drive in South Miami Heights.