Vista Land & Lifescapes, Inc. (VLL), a leading integrated property developer and the largest homebuilder in the Philippines, and Mitsubishi Estate Co., Ltd (MEC), a leading comprehensive real estate developer in Japan, have partnered up to develop a mixed-use, high-rise condominium along Taft Avenue, Manila. The partnership is being formed through a 60:40 joint venture company between VLL’s vertical development arm Vista Residences, Inc. (VRI) and MEC’s subsidiary Mitsubishi Estate Residence Co., Ltd. (MER).
VLL President and CEO Manuel Paolo A. Villar said, “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.” This will be the MEC Group’s first residential development project in the Philippines. It is also Vista Residences’ 4th project in the area of Taft and is part of the company’s rapidly growing University Series, a line of vertical developments in high-density, student-oriented locations.
The condominium offers over one thousand residential units spanning 32 stories, plus 7 floors of parking spaces and 1 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 caters 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 in close proximity to various schools, hospitals, commercial centers, and public transportation including the Vito Cruz LRT station.
VLL Chairman Manuel B. Villar, Jr. said in a statement, “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.”
MER Director and Senior Managing Executive Officer Yutaro Yotsuzuka added, “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.”
VLL is a recognized authority in homebuilding and community development with established presence all over the Philippines, while the MEC Group boasts of a diversified portfolio that has expanded to international markets including the US, UK, Australia, and other countries in Asia. This joint venture is an opportunity for both companies to combine their architectural, engineering, and technological expertise for a project that will address the rising demand of the student population in Taft.