VISTA LAND & Lifescapes, Inc. (VLL) is partnering with Japanese real estate developer Mitsubishi Estate Co., Ltd. to develop a mixed-use condominium in Taft Avenue, Manila.
The Villar-led homebuilder said in a statement yesterday it signed an agreement with Mitsubishi Estate to form a 60-40 joint venture for the project. The deal involves VLL’s vertical development arm Vista Residences, Inc. and Mitsubishi Estate’s subsidiary Mitsubishi Estate Residence Co., Ltd.
The joint venture company will build a high-rise condominium with 32 floors for residential units, seven floors for parking and one floor for commercial space.
The yet-unnamed project is scheduled to be launched within the first half of 2020. It is targeted to be turned over to tenants by the second half of 2024.
“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,” VLL President and Chief Executive Officer Manuel Paolo A. Villar said in the statement.
The project will be Mitsubishi Estate’s initial venture into residential development in the Philippines. Mitsubishi Estate Director and Senior Managing Executive Officer Yutaro Yotsuzuka said the company is looking for other projects for possible partnerships with VLL.
“[W]e 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,” Mr. Yotsuzuka was quoted in the statement as saying.
Mitsubishi Estate currently has operations in Singapore, Vietnam, China, New York in United States, and London in United Kingdom.
VLL is allocating P40 billion for capital expenditures this year.
The Villar-led property developer posted an attributable net income of P8.83 billion in the nine months to September, up 12% year on year, as consolidated revenues increased 9% to P34.36 billion.
Shares in VLL at the stock exchange dipped 0.02 points or 0.26% to P7.67 apiece on Tuesday. — Denise A. Valdez