Iris Gonzales (The Philippine Star)
MANILA, Philippines – Rockwell Land Corp., the listed property developer of the Lopez family, has partnered with Mitsui Fudosan Co. Ltd., said to be Japan’s largest real estate company, for the development of a P9 billion residential project in Quezon City.
The partners signed recently a joint venture agreement for The Arton, a three-tower project in Katipunan Avenue.
The partnership would give Mitsui Fudosan a 20 percent equity stake in the project, which would be launched as early as the latter part of the month for the first tower.
Rockwell Land president Nestor Padilla said this is Mitsui’s first foray in the Philippines.
“We are honored that Mitsui Fudosan chose to partner with us in their first foray in the Philippines and we hope that this will be the beginning of a long and fruitful partnership with them,” he said.
The Arton is a high-end residential community that will rise on a 1.9- hectare property in Katipunan.
It will have three towers at 24, 28, and 34 storeys, respectively.
The development will have 1,700 units comprised of studios up to three-bedroom units with unit sizes ranging from 27 square meters to 103 sqm.
The first tower, Arton West, will officially be launched on July 29, 2017, the company said.
“The Arton by Rockwell is set to elevate quality living within the area, as there is no existing development that offers the complete package of comfort, convenience and peace of mind for the end-user segment,” Rockwell said.
It will also feature as much as 80 percent open space, which will be exclusively enjoyed by its residents.
The Arton is also Rockwell’s first project that will have co-working spaces as an amenity for each tower, enabling residents to convene at their convenience without having to go elsewhere.
Mitsui Fudosan Group, which has its headquarters in Tokyo’s historic Nihonbashi district, is focused on developing, leasing, selling, and managing a diverse portfolio in various asset categories including retail, office, residence, hotel, and logistics.
It will bring its expertise to the Arton project as it is targeting the overseas business as one of its growth areas.
As published in Philstar on July 16, 2017: https://www.philstar.com/business/2017/07/16/1724930/rockwell-japan-property-giant-partner-p9-b-condo-project