Vista Land & Lifescapes Inc., the real estate arm of the Villar group, said it teamed up with Mitsubishi Estate Co. Ltd., a leading comprehensive real estate developer in Japan, to develop a mixed-use condominium project along Taft Avenue in Manila.
Vista Land said in a statement the partnership was being formed through a 60:40 joint venture company between vertical development arm Vista Residences Inc. and MEC’s subsidiary Mitsubishi Estate Residence Co. Ltd.
“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,” Vista Land president and chief executive Manuel Paolo Villar said.
This will be the MEC Group’s first residential development project in the Philippines.
It is VRI’s fourth project in the Taft Ave. area and is a part of the company’s rapidly growing university series”•a line of vertical developments in high-density, student-oriented locations.
“This joint venture brings together two of the largest real estate firms from different parts of Asia. 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,” Vista Land chairman Manuel Villar, Jr. said.
The planned 32-story condominium offers more than 1,000 units, plus seven floors of parking spaces and a 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.
The project would cater primarily to the expanding academic community in the Taft University Belt or “U-Belt”, home to 100,000 collegiate and post-graduate students, faculty members and administrative personnel and a total of 13 universities and colleges over a 4-kilometer stretch.
The project is also strategically located close to various schools, hospitals, commercial centers and public transportation including the Vito Cruz LRT station.
MER director and senior managing executive 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.”