|
Japan’s Orix eyes RP condo market |
|
|
|
|
Written by Darwin G. Amojelar
|
|
Wednesday, 21 November 2007 |
 FEDERAL LAND INC., the property development arm of the Metrobank group, on Tuesday said it has formed a joint venture with the Japanese real-estate firm Orix Corp. to develop a multibillion upscale condominium project in the Philippines’ business district. In a briefing, Alfred Ty, Federal Land president, said the new company will be called Federal Land Orix Corp., with the Philippine company holding a 60-percent interest, and its Japanese partner the remainder. The P4-billion project, called “The Grand Midori Makati,” has two towers with 500 units in 35 storeys and will occupy 3,900 square meters on Legazpi Village, Makati City.
Construction will begin in 2009 and completion seen by 2011.
“Orix Corp.’s contribution to the project includes expertise from years of experience in engineering, architectural design, interior design and project management,” Ty said.
“We will be offering a product with a unique selling proposition to capture the need of the high-end market,” he said, adding the company plans to tap the growing number of Japanese nationals in the country.
Hisao Namiki, director of Orix Metro Leasing and Finance Corp., said the company’s venture in the Philippine real-estate market is anchored on the recent renewed interest in the sector due to the improving economic and business outlook of the country.
Namiki said Orix’s interest in the Philippines stems from the rising real-estate demand from overseas Filipino workers and the increasing foreign investment in business process outsourcing (BPO).
Ty also said the partnership with Orix will be the first in a series of joint ventures that Federal Land will strike with multinational corporations. “These prospective partnerships will be in the field of residential, office building and hotel development, among others,” he said. The Federal Land executive said the next partnership will be announced in the first quarter next year.
For next year, the company is planning to spend about P5 billion for three to four residential projects.
Among the possible projects is a middle-market subdivision in Cavite. This will be Federal Land’s first horizontal project. Besides residential projects, the company is also embarking on a BPO development in Pasay City and a three-tower complex in the Bay Garden community in the same city.
The company will spend P4 billion for the BPO development.
[The Manila Times]
|
|
Last Updated ( Wednesday, 21 November 2007 )
|
Real Estate News