P.A. Alvarez Properties & Development Corp. (P.A. Properties) is expanding its partnership with Japan’s Hankyu Hanshin Properties Corp. (HHPC) with new projects in Cavite and Batangas.
In a statement, P.A. Properties said it signed its second and third joint venture (JV) agreements with the Osaka-based HHPC worth a combined P2.9 billion.
The second JV includes the expansion of Idesia Dasmariñas in Cavite into a mixed-use development, while the third JV will involve the launch of Idesia Lipa.
Located in Lipa City, Batangas, the 17-hectare mixed-use township Idesia Lipa is set to be launched by June 2019. Sixteen hectares will be allocated for 1,144 housing units, while 0.9 hectares will be for commercial space.
“The joint venture’s location strategy focuses on sites in mature submarkets benefiting from expanding infrastructure and stable economic growth as well as a significant growing, unfulfilled demand for housing in promising neighborhoods,” P.A. Alvarez said.
The new joint venture deals are part of the two firms’ plans to launch between two to three projects annually until 2023.
“We are excited to continue our partnership with P.A. Properties in this endeavor. We have been closely watching the Philippine residential market for quite some time, and are pleased to bring the experience we have acquired in developing high-quality houses across Japan, to this venture,” said Masahiko Toda, overseas business division general manager of HHPC, in a statement.
The first partnership between the two companies was the Phase 1 of the 11-hectare Idesia Dasmariñas last December 2017. — Vincent Mariel P. Galang
