Vista Land, Mitsubishi Estate form joint venture

BUSINESS
November 22, 2019

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VISTA Land & Lifescapes, Inc. (VLL) has teamed with Japanese real estate developer Mitsubishi Estate Co., Ltd (MEC) to develop a mixed-use, high-rise condominium along Taft Avenue, Manila.
    
The partnership is being formed through a 60:40 joint venture company between VLL’s vertical development arm Vista Residences, Inc. (VRI) and MEC’s subsidiary Mitsubishi Estate Residence Co., Ltd. (MER).
    
VLL President and Chief Executive Officer Manuel Paolo Villar said “This joint venture is a testament to the increasing trust and confidence of customers and investors alike in Vista. It highlights our growing profile not just with buyers but also with existing and potential partners, both here and abroad.”
    
This will be the MEC Group’s first residential development project in the Philippines.
    
“We are confident that this collaboration shall bring about a skillfully engineered and beautifully designed tower at the heart of the university cluster in Taft, and we hope to explore more opportunities with Vista Land to develop the rich potential of the real estate industry in Asia. We believe this joint venture is only the beginning, paving the way for a long-term and fruitful partnership,” MER Director and Senior Managing Executive Officer Yutaro Yotsuzuka said.
    
VLL is a recognized authority in homebuilding and community development with established presence all over the Philippines, while the MEC Group boasts of a diversified portfolio that has expanded to international markets including the US, UK, Australia, and other countries in Asia.
    
This joint venture is an opportunity for both companies to combine their architectural, engineering, and technological expertise for a project that will address the rising demand of the student population in Taft.
    
The condominium offers over 1,000 residential units spanning 32 stories, plus seven floors of parking spaces and one ground floor featuring various commercial establishments.
    
It is set to be launched in the first half of 2020, with turnover targeted in the second half of 2024. (PR)

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