Japanese property giant Mitsui Fudosan and Rockwell Land, a local mid-size real estate developer, are partnering on a condominium project in the Philippines.
Mitsui Fudosan, which is entering the Philippine real estate sector for the first time, will be involved in the development of three residential towers as part of Rockwell’s The Arton project in northeastern Metro Manila.
The partnership will give Mitsui Fudosan a 20% equity stake in the 9 billion pesos ($177.5 million) mixed-use project, according to a statement announcing the signing of a joint venture over the weekend.
The Arton is on a 1.9 hectare site. The three towers, which range from 24 to 34 floors, will have a total of 1,700 residential units. The first tower will be launched later in July.
Japanese real estate companies are looking for opportunities abroad, particularly in Southeast Asia, where economic growth is faster. Mitsui Fudosan has projects in Malaysia, Singapore, Thailand and Indonesia, as well as in other markets such as China, the U.S. and U.K.
The Rockwell-Mitsui Fudosan partnership is the second link-up by Japanese and Filipino developers within a week. On July 10, Federal Land, the real estate unit of conglomerate GT Capital Holdings, unveiled a $400 million commercial and residential project in Metro Manila with Nomura Real Estate Development and Isetan Mitsukoshi Holdings.
Source and image: Nikkei
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