ArthaLand, Mitsubishi Estate Join Together For First Philippine Venture
ArthaLand Corporation (ALCO) entered an agreement with Mitsubishi Estate Company, Ltd. (MEC) for a joint venture. MEC, which is one of the largest Japanese real estate developers, will also experience their first foray in the Philippine market. MEC will also acquire a 40 percent stake in ALCO's ownership of the Savya Land Development Corporation.
The Savya Land Development Corporation is currently working on the Savya Financial Center in ARCA South, Taguig City, Inquirer Business reported. Yutaro Yotsuzuka, MEC managing director, said that the company is excited to join the Philippine real estate market and is especially excited with joining up with ALCO, which they look at as a good partner.
The terms of the partnership have ArthaLand taking the lead in managing the project - particularly the operations aspect of the project. Mitsubishi Estate, meanwhile, will be providing its expertise and experience to help the project gain more value.
For its part, Jaime C. Gonzales, vice chairman, president, and CEO of ArthaLand, said that they are honored to be chosen by Mitsubishi Estate in its first-ever Philippine venture. They also said that it works both ways and they are ready to learn from the 100-year-old company.
Mitsubishi Estate has a project in Japan that it's focusing on as well. The construction company is focusing on competing with Mori Building Co., which is spending more than $5 billion on a real estate project - dubbed as "massive" - in Tokyo. The project is expected to provide everything from offices to vegetable gardens as well as the tallest building in Japan, according to MSN.
The tallest building, yet to have an official name, will also be comprised of three high-rise towers. These will provide room for about 3,500 residents as well as 20,000 office workers. The main tower will have 64 floors and will also reach 330 meters (1,080 feet), dwarfing the 300-meter Abeno Harukas in Osaka.
That is until Mitsubishi Estate gets started on their project. The country's future tallest building will have its production started around 2027. It will have a height of 390 meters and is a high-rise structure, part of the company's Tokiwabashi project near the Tokyo station.
This partnership is highly strategic in ArthaLand's part. It stands to learn a lot from MEC's development experience and a global perspective. This will also allow the company to improve more in its quality as well as with techniques in design and sustainability.