VILLAR-LED Vista Land and Lifescapes Inc. has partnered with Mitsubishi Estate Co. Ltd. to develop a mixed-use, high-rise condominium along Taft Avenue in Manila.
The partnership is being formed through a 60-40 joint-venture company between Vista Land’s vertical development arm Vista Residences Inc. and Mitsubishi’s unit 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 CEO Manuel Paolo A. Villar said.
Thiswill be the Mitsubishi group’s first residential development project in the Philippines and Vista Residences’s fourth project in the area of Taft Avenue. It 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 1,000 residential units spanning 32 stories, plus seven floors of parking spaces and the 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, 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.
“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 Mitsubishi 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 B. Villar Jr. said in a statement.
“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,” Mistubishi Estate Director and senior managing executive officer Yutaro Yotsuzuka said.