ROCKWELL Land Corp. said over the weekend it had inked a joint venture agreement with Japanese property firm Mitsui Fudosan Co. Ltd. for the construction of a P9-billion residential project in Quezon City.
Rockwell will have an 80 percent stake and Mitsui 20 percent in the residential development project dubbed “The Arton by Rockwell.”
“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,” Rockwell Land President Nestor Padilla said.
The Arton will be a high-end residential development in Katipunan, Quezon City. It will have three towers of 24, 28, and 34 stories, respectively.
The development will comprise a total of 1,700 units, featuring studios with up to three-bedroom units with unit sizes ranging from 27 square meters (sqm) to 103 sqm. The first tower, Arton West, will officially be launched on July 29 this year.
“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,” the company said.
“It will feature as much as 80 percent open space which will be exclusively enjoyed by its residents,” it added.
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.
The signing of the agreement and the consummation and implementation of the transaction shall be subject to approvals, which include the clearance of the Philippine Competition Commission.
Headquartered in Tokyo, Mitsui Fudosan is focused on developing, leasing, selling, and managing a diverse portfolio in various categories including retail, office, residence, hotel, and logistics.