A Japanese company will infuse about P600 million for the two real estate project in the country.
Leading real-estate developer CDC Holdings Inc. received close to P600 million from Philippines Foreland as the Japanese affiliate gathers investors to infuse financing in CDC Holdings.
In a statement, Elsie Chua, president and chief executive officer of CDC Holdings, said that, “The support of Philippines Foreland to our projects definitely sets a very positive momentum for our company.”
She added that, “Our track record precedes us, and Foreland’s support is just a proof that our projects is being entrusted not only by our Filipino buyers but the foreign market as well.”
Philippines Foreland, an affiliate of Foreland Holdings, established by eminent property guru Yozo Hasegawa, is the foremost realty broker for foreign properties for sale to Japanese investors residing in Japan and to those based overseas. It has offices in Singapore, Malaysia and now in the Philippines.
Under an agreement signed recently, Philippines Foreland will assemble and manage Japanese investors who will put in a total of P300-million worth of investment in Rivergreen Residences, which will have 200 units.
In addition, Philippines Foreland is also set to arrange the purchase of four floors, or 60 units in total, from the Citadines Millennium Ortigas property of CDC Holdings.
The additional acquisition will further give close to P300 million in investment to CDC Holdings’ project at the Ortigas Center in Pasig City.
Also in a statement, Yoshimi Hirooka, president of Philippines Foreland, said that, “CDC Holdings has an outstanding track record in property development and management. This is evident in the success of its Somerset Millennium Makati property.”
According to Hirooka, Japanese investors are getting more interested in investing in Philippine properties lately, because of the depreciating value of the Japanese yen and the steady exchange rate of the Philippine peso.
Rivergreen Residences is one of the upcoming projects developed by CDC Holdings that embodies history, nature and accessibility.
CDC Holdings’ new project in Ortigas carries the Citadines Apart’hotel name, the serviced residences brand under the Ascott Ltd. Group, which is a member of CapitaLand.
“We are very excited about this new project. Citadines brings the highlights of the city right to its doorstep, which is fitting for those who value an independent way of living,” said Charlene Chua-Sy, executive vice president for sales and marketing, CDC Holdings.
CDC Holdings and Philippines Foreland have joined forces to bring Citadines Millennium Ortigas to Singapore.
“Our company has an established network across Asia. We have seen how CDC Holdings is able to maintain the success of Somerset and we want to affiliate our company with an organization like CDC Holdings,” Hirooka said.