Upscale property developer Rockwell Land Corp. has signed a deal giving Mitsui Fudosan Co. Ltd., Japan’s largest real estate company, a 20-percent stake in its P9-billion residential condominium project in Quezon City.
This marks Mitsui Fudosan’s first venture in the Philippines.
The new project, The Arton by Rockwell, is a high-end residential community located in Katipunan. The 1.9-hectare property will have three towers with 24, 28 and 34 storeys respectively. The Arton will have a total of 1,700 units composed of studios up to three-bedroom units with unit sizes ranging from 27 square meters (sq m) to 103 sq m.
The first tower, Arton West, will be launched on July 29 this year.
“We are honored that Mitsui Fudosan chose to partner with us in its first foray in the Philippines and we hope that this will be the beginning of a long and fruitful partnership with them,” Rockwell Land president Nestor Padilla said in a statement on Saturday.
About 80 percent of The Arton will be devoted to open space for the exclusive use of residents.
The Arton will also be Rockwell’s first project that will offer co-working spaces as amenity for each tower, enabling residents to convene at their convenience without having to go elsewhere.
Tokyo-based Mitsui Fudosan Group, is focused on developing, leasing, selling, and managing a diverse portfolio in various asset categories including retail, office, residence, hotel, and logistics. With overseas business as one of its growth areas, it currently has residential projects in the US, UK, Taiwan, China, Malaysia, Singapore, Thailand and Indonesia.
The buy-in deal is subject to regulatory approvals, including that of the Philippine Competition Commission.
As published in business.inquirer.net on July 17, 2017: http://business.inquirer.net/233299/rockwell-takes-japanese-investor