By James A. Loyola
Vista Land & Lifescapes, Inc. (VLL), the largest homebuilder in the Philippines, and Japanese real estate developer Mitsubishi Estate Co., Ltd (MEC)have partnered up to develop a mixed-use, high-rise condominium along Taft Avenue, Manila.
In a statement, Vista Land said 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).
“This joint venture is a testament to the increasing trust and confidence of customers and investors alike in Vista,” VLL President and CEO Manuel Paolo A. Villar said.He noted that, “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 high-rise residential development project in the Philippines. It is also Vista Residence’s fourth project in the Taft area and is part of its rapidly growing University Series, a line of vertical developments in high-density, student-oriented locations.
The condominium offers over one thousand residential units spanning 32 stories, plus 7 floors of parking spaces and 1 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.
VLL Chairman Manuel B. Villar, Jr. said “this joint venture brings together two of the largest real estate firms from different parts of Asia.”
He added that, “our strong track record of over 40 years in residential and commercial development nationwide, together with the MEC Group’s comprehensive spectrum of businesses in diverse fields related to real estate, will create a high-rise condominium which reinforces our vision of offering homes that foster good relationships and building communities that answer the needs of Filipino families.”
MER Director and Senior Managing Executive Officer Yutaro Yotsuzuka said “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.”