Real estate giant Ayala Land Inc. (ALI) has confirmed the forging of a joint venture of its unit with the largest trading company in Japan, for the development of the Ortigas Center into a mixed-used lifestyle community.
A unit of ALI, Alveo Land Corp., has entered into a joint venture agreement with Mitsubishi Corp. to develop the more than 3.6 hectares of prime property land in Ortigas Center in Mandaluyong City.
In a letter to the Philippine Stock Exchange, the Philippine real estate company stated that, “We confirm that our subsidiary Alveo Land Corp. has entered into a 60 [percent]-40 percent joint venture agreement with Mitsubishi Corp. for the development of more than 3.6 hectares of prime land in Ortigas Center into a mixed-used lifestyle community.”
Mitsubishi Corp., the largest trading company in Japan, is a global enterprise with business operations across several industries including environmental and infrastructure, industrial finance, energy, metals machinery, chemicals and food.
With an estimated total project cost of about P18.5 billion, the proposed development is envisioned to enhance the value proposition of one of the country’s most highly- urbanized zones into a integrated business and lifestyle district.
Mitsubishi Corp. is expanding into property development in Southeast Asia including the Philippines.
Earlier reports said that in 2014, the company will start building an apartment complex with more than 1,000 units in the Philippines with a total cost of about P405 million.