By Elizabeth Sanchez-Lacson
Philippine Daily Inquirer
Tuesday, August 14, 2007

MANILA, Philippines -- The property companies of tycoons George Ty and John Gokongwei Jr. have teamed up to develop a two-hectare lot in Metro Manila’s Mandaluyong City, one of the companies announced.

Ty ’ s Federal Land Inc. of and Gokongwei ’ s Robinsons Land Corp. will jointly develop a lot at the back of a Robinsons-owned office complex on Pioneer Street into a premier residential condominium, Robinsons Land said in a statement.

Inquirer sources said the project would be covered by Robinsons Land’s P10-billion capital spending budget in 2008.

The lot is owned by Federal Land, the sources said. They added that the joint venture would open doors for Robinsons Land to the Ty group’s large land bank.

The new condominium complex, to be named “The Links,” will consist of five residential towers and will be launched in the third quarter.

The project site is close to the Ortigas, Makati and Fort Bonifacio business districts.

The first phase of development, consisting of the first two towers, is being drawn-up by the architecture firm of Recio + Casas.

Federal Land , the real-estate arm of Ty’s Metropolitan Bank and Trust Co., started operating in 1972. It now has more than 30 projects.

Federal Land president Alfred Ty earlier told the Inquirer that the company would spend P5 billion this year for development projects.

Robinsons Land started in 1980, and is now one of the country’s biggest property developers, with 18 malls, 23 residential subdivisions, 22 residential condominiums, six office buildings and four hotels.